MGMT3000 - Test 2 Review

The overall planning process begins with a ___________________ and goals for the organization as a whole

mission statement

For each description of managerial decision making, identify the type of bias at work. When ordering inventory, Elizabeth always remembers her first month on the job. That month, she ordered inventory based on the previous month's sales, but then the city started a construction project in the street right in front of her store. Because it wasn't easy for people driving by to pull into the parking lot, sales were much lower than expected, and many of the perishable items had to be thrown out. Ever since, Elizabeth has ordered less inventory than the store could sell. A. seeing what you want to see B. Anchoring bias C. Justifying past decisions D. Overconfidence What could Elizabeth do to overcome this bias? A. Ask a manager from a different store how much inventory she should order B. Look at inventory and sales data for the last several months to determine a new amount of inventory to order C. Order the same amount of inventory that she ordered her first month on the job D. Continue to order the same amount of inventory

Anchoring bias; look at inventory and sales data for the last several months to determine a new amount of inventory to order

When making a decision, Josie likes to talk to people one on one to find out how the decision will affect them. Element of Culture: Directive Style, Behavioral Style, Conceptual Style, or Analytical Style

Behavioral style

Kyle prefers to base decisions on lots of data, both objective data from information systems and qualitative data from people. Element of Culture: Directive Style, Behavioral Style, Conceptual Style, or Analytical Style

Conceptual style

Defines company responses to be taken in the case of emergencies, setbacks, or unexpected conditions...

Contingency planning

Preparing organization, managers, and employees to cope with catastrophic events that could destroy the firm...

Crisis planning

Bill prefers simple, clear-cut solutions to problems. Element of Culture: Directive Style, Behavioral Style, Conceptual Style, or Analytical Style

Directive style

You are trying to figure out whether or not you should move your business to Austin, Texas. To do this, you ask eight of your employees to get together and create a list of pros and cons for such a move. You want the group to generate as many ideas as possible. Which of the following techniques is going to get you the greatest numbers of pros and cons? Premortem analysis, Electronic brainstorming, postmortem analysis, or traditional brainstorming?

Electronic brainstorming

Means the ability to step back and see the bigger picture of one's own learning activities

Metacognitive awareness

Bob is the manager of Motorola that has lost eight employees in the last year. He needs to decide how to retain his current employees. He recently took a class on decision making and plans to use the six-step process he learned. What issue might he face during the "evaluation and feedback" step? A. Satisficing, or choosing the first solution that works, not the best solution B. Considering only "tried and true" solutions without creating new possibilities C. Jumping to solutions before understanding the problem D. Neglecting to gather information on whether or not the plan was successful

Neglecting to gather information on whether or not the plan was successful

Larry's company has decided to no longer lease office space and instead have all employees work from home. Larry needs to make a ____________________ as he figures out how the newly dispersed workforce can cost-effectively order office supplies. (non programmed or programmed decision)

Nonprogrammed decision

Kanha is a student at the University of Tennessee who recently got his first F. Now he has to make a decision about how to get his grades back up. Having recently taken a class on decision making, Kanha decides to follow the six-step process for deciding what to do. What problem is Kanha most likely to face during the recognition of decision requirement step in the decision-making process? A. Not being aware enough of things going on around him to see where problems and opportunities exist B. Considering only "tried and true" solutions without creating new possibilities C. Satisficing, or choosing the first solution that works, not the best solution D. Not having the time to take all of the steps outlined in his plan

Not being aware enough of things going on around him to see where problems and opportunities exist

forecasting technique that looks at current trends and discontinuities and visualizes future possibilities

Scenario planning

Suppose that you work as a gutter cleaner. You have been doing your job for years, and you go up and down ladders every day. But today, as you put the ladder up against the house for your next job, you have a feeling that says, "Don't get on it." You look at the ladder several times, and you don't see anything wrong with it, but the feeling persists, so you put your ladder on your truck and do the job with another ladder. When you come home, you start to remove the first ladder from the truck, and the third rung breaks off in your hand. If you had stepped on it, you would have had a nasty fall. This is an example of _______________ decision making process, guided by ___________ (a rational, a political, an administrative?) (analysis, intuition, or feedback?)

an administrative; intuition

Before approving a new drug, the U.S. Food and Drug Administration requires that companies submit the results of rigorous scientific testing on the drug's effectiveness. These results are reviewed by physicians, statisticians, chemists, pharmacologists, and other scientists who use logic to determine whether or not a drug is safe. These researchers are using the ___________model of decision making. (classical, political, or administrative?)

classical

Managers cannot predict the....

future

You have a budget of $50,000, and you want to remodel your kitchen. Fortunately, you know a number of different contractors, but all of them have different ideas about the best way to remodel a kitchen. Your decision about which contractor to use is a: programmed or nonprogrammed decision

nonprogrammed decision

Managers cannot predict the future, nor can they prevent all problems that might occur, but proper ___________ can enable them to prioritize goals and respond swiftly and effectively to unexpected events

planning

Of the four management functions - planning, organizing, leading, and controlling- ____________ is considered the most fundamental

planning

The front office staff at Marriott Hotels has a preshift meeting at 7:00 AM every morning. As general manager, you are expected to attend these meetings. The decision you make every day about what time you will arrive at work is a: programmed or nonprogrammed decision

programmed decision

The VP of marketing knows that the organization wants to increase sales by 10% and knows there are two ways to do this. In this decision involving __________, either option might fail, but the VP can estimate their chance of failure Ambiguity, risk, uncertainty, or certainty?

risk

Goals are ________ ____________ that is they are defined by an individual or group

socially constructed

Reasonable yet highly ambitious and compelling goals that energize people and inspire excellence are called ______ goals.

stretch

The role of the ______________________ is to get people thinking as a team and negotiating about which goals are the important ones to pursue

top executive

Selim is a sales manager for the Bratney Companies, a company that manufactures equipment used in the processing of grains and other produce. Every year, Selim must submit a request for the number of new sales representatives to be hired in the next year. Selim's goal is clear—he must have enough sales reps to service all of Bratney's customers—but it is often difficult to predict how many customers the company will have. Sales are dependent on the economy, weather, farming trends, and a large number of other environmental factors. Selim's decision about how many sales reps to hire is being made under conditions of _________ , because: (ambiguity, risk ,certainty, or uncertainty?); the goal is not clear, and neither is the solution, the goal is clear but there is no clear solution to the problem, the probabilities of the decision's outcomes are known, the decision is routine and follows rules

uncertainty; the goal is clear but there is no clear solution to the problem