mgt 340 Ch. 2 Quiz

A sign in the college bookstore states that students can return a textbook only if it is still​ shrink-wrapped and returned within the first 10 days of the semester. This is an example of​ a(n) _______. A.rule B.unstructured problem C.procedure D.policy E.nonprogrammed decision

A

Alicia is convinced that she can tell more about a job applicant in a​ 5-minute interview than through​ pre-employment tests or reference checks and insists that her gut instincts are never wrong. Alicia is using​ _______. A.intuitive decision making B.a linear thinking style C.rational decision making D.​evidence-based management​ (EBMgt) E.heuristics

A

Andrew must buy a new office copier. He lists the features the copier must​ have, such as a​ built-in scanner, color​ copying, and an automatic document​ feeder, along with how much he can spend. Which step of the​ decision-making process does this​ represent? A.Identifying decision criteria B.Identifying the problem C.Selecting an alternative D.Developing alternatives E.Allocating weights to the criteria

A

The gap between an existing state and a desired state is referred to as​ _______. A.a problem B.heuristics C.bounded rationality D.a decision E.uncertainty

A

More people will buy ground beef advertised as​ "80% lean" instead of​ "20% fat" even though the meaning is the same. Which​ decision-making bias does this​ reflect? A.Availability bias B.Framing bias C.Hindsight bias D.Confirmation bias E.Overconfidence bias

B

The office manager has to place another order for copy​ paper, so he checks the office supply​ company's website to see if either of his preferred brands is on sale before placing the order. This is an example of​ a(n) _______. A.unstructured problem B.programmed decision C.policy D.nonprogrammed decision E.nonlinear thinking style

B

A manager can make the most accurate decision under a situation of​ _______ because the outcome of every alternative is known. A.uncertainty B.risk C.certainty D.probability E.ambiguity

C

Cashiers at the supermarket are allowed to adjust the price of an item up to a maximum of​ $5.00 without getting the​ manager's approval. This would best be described as​ a(n) _______. A.unstructured problem B.rule C.policy D.procedure E.nonprogrammed decision

C

In order to make exchanges or returns at a clothing​ retailer, customer service representatives must follow an established series of​ steps, such as checking the​ receipt, inspecting the item for​ damage, and issuing a store credit. This is an example of​ a(n) _______. A.rule B.policy C.procedure D.unstructured problem E.nonprogrammed decision

C

What is the first step in the​ decision-making process? A.Analyze alternatives. B.Allocate weights to the decision criteria. C.Identify a problem. D.Develop alternatives. E.Identify decision criteria.

C

After looking at several​ copiers, Andrew decides to buy one. He knows other models might be available​ elsewhere, but he​ doesn't have time to keep​ looking, and the one he is buying seems to meet his needs. This is an example of​ _______. A.maximizing B.evidence-based management​ (EBMgt) C.design thinking D.satisficing E.escalation of commitment

D

Andrew goes to the office supply store and talks to a sales​ representative, who shows him several copiers that can meet his needs. Which step of the​ decision-making process does this​ represent? A.Selecting an alternative B.Identifying the problem C.Identifying decision criteria D.Developing alternatives E.Allocating weights to the criteria

D

Heidi is the marketing manager at a large winery. The expensive ad campaign she planned has flopped so​ far, but instead of scrapping it and trying something​ else, Heidi decides to invest more money in the campaign and run ads in even more publications. This is an example of​ ________. A.rational decision making B.a linear thinking style C.design thinking D.escalation of commitment E.satisficing

D

Instead of identifying and evaluating alternatives with logic and deductive​ reasoning, a manager using​ _______ would try to envision and entertain new and innovative solutions to a problem. A.bounded rationality B.big data C.linear thinking D.design thinking E.​evidence-based management

D

Managers who use​ facts, logic, and rational thinking to guide their decisions and actions are using​ _______. A.a nonlinear thinking style B.the selective perception bias C.intuitive decision making D.a linear thinking style E.heuristics

D

The​ data-driven, systematic use of the best available facts and information to improve management practice is referred to​ as: A.bounded rationality B.nonlinear thinking C.design thinking D.​evidence-based management​ (EBMgt) E.intuitive decision making

D

Whenever Gabriela needs to book a hotel room in an unfamiliar​ city, she always stays at a​ Marriott, because​ she's familiar with the brand. This is an example of​ ________. A.the randomness bias B.a procedure C.a rule D.a heuristic E.the hindsight bias

D

Which of the following managers is using big data in decision​ making? A.A customer service manager examines attendance data from the last 12 months. B.The department chair at a​ medium-sized university reviews enrollment data for the past 3 years to determine what classes to offer during the fall semester. C.A sales manager analyzes changes in sales as a result of an advertisement placed in the local newspaper. D.A large retailer uses software to adjust prices in real time for​ 70+ million items based on demand and inventory. E.A supermarket analyzes customer transactions to determine how many customers used​ cash, how many used credit​ cards, and how many wrote checks.

D

Which​ decision-making bias refers to a decision​ maker's tendency to assess how likely something is to happen or how closely it resembles other events or sets of​ events? A.Selective perception bias B.Anchoring effect C.Hindsight bias D.Representation bias E.Availability bias

D

​Brandi's Bakery has received its first major commercial​ order, and the owner needs to determine if she can fill this order on her own or if she needs to hire an employee. This is an example of​ _______. A.a procedure B.certainty C.a programmed decision D.an unstructured problem E.satisficing

D

​__________ refers to the concept that many managers lack the time and the ability to process all of the alternatives to solve a problem. A.Rational decision making B.Intuition C.Heuristics D.Bounded rationality E.Design thinking

D

Alberto is a manager who trusts his hunches when making decisions. He is more apt to follow his instincts than use facts or data. This is an example of​ _______. A.a linear thinking style B.the hindsight bias C.heuristics D.​evidence-based management​ (EBMgt) E.a nonlinear thinking style

E

Factors that are important or relevant to resolving a problem are referred to as​ _______. A.rules B.heuristics C.big data D.decisions E.decision criteria

E

In making​ decisions, global managers need to consider the​ values, beliefs and attitudes of the people involved. Which guideline for effective decision making does this​ represent? A.Consider all available and viable options. B.Know when​ it's time to move on. C.Require only as much information and analysis as is necessary to resolve a particular dilemma. D.Decisions should not create conflicts of interest. E.Understand cultural differences.

E

The​ saying, "Throwing good money after​ bad," meaning that you continue to waste money on a losing​ proposition, best describes​ __________. A.design thinking B.intuitive decision making C.bounded rationality D.satisficing E.escalation of commitment

E