Management Quiz #7

The predisposition in which people's subjective confidence in their decision making is greater than their objective accuracy is ____.

overconfidence bias

The tendency of people to view events as being more predictable than they really are known as _____.

hindsight bias

The process of studying large amounts of data of a variety of types to uncover hidden patterns, unknown correlations, and other useful information is known as ____.

Big Data analytics

A decision tree is ____.

a graph of decisions and their possible consequences

Satisficing is the tendency of ____.

a group to settle on a decision that is "good enough"

The Delphi technique is a group process that uses physically dispersed experts who fill out questionnaires to ____.

anonymously generate ideas

The idea that proposes that the ability of decision makers to be rational is limited by numerous constraints, such as complexity, time, cognitive capacity, values, skills, habits, and unconscious reflexes, is known as _____.

bounded rationality

The rational model of decision making is also called the ____ model.

classical

When people seek information to support their point of view and discount data that do not, this is ______ bias.

confirmation

A choice made from among available alternatives is a ____.

decision

The prospect theory suggests that ____.

decision makers find the notion of an actual loss more painful than giving up the possibility of a gain

A computer-based information system that provides a flexible tool for analysis and helps managers focus on the future is known as a(n) _____.

decision support system

The combination of how an individual perceives and responds to information reflects his or her ____.

decision-making style

Difficulties that inhibit the achievement of goals are known as _____.

problems

With defensive avoidance, a manager can't find a good solution and follows by ____.

procrastinating, passing the buck, or denying the risk of any negative consequences

The model of decision making that explains how managers should make decisions, assuming managers will make logical decisions that will be the optimum in furthering the organization's best interests, is known as the ____.

rational decision-making model