Managing People & Work Ch. X & 7 Quiz

When confronted with a decision, managers should utilize ________, which includes these four questions: "Is the proposed action legal? If yes, does the proposed action maximize shareholder value? If yes, is the proposed action ethical? If no, would it be ethical to take the proposed action?"

Bagley's ethical decision tree

________ are difficulties that inhibit the achievement of goals. For example, the lack of parking may be the main reason why a new restaurant is failing.

Problems

Luana is the owner of a small business that sells smoked meats and cheeses. The trendiest restaurant in a nearby city approached Luana about serving her products on its menu. Luana knows that seizing this opportunity could

allow her to grow her business much faster than she expected.

James and En-Chi are selling their home. They listed their house three months ago at an extremely high selling price, a price they randomly chose. They do not want to reduce the price to reflect what the market shows their home is really worth. James and En-Chi are participants in ________ bias.

anchoring and adjustment

Seamus, the manager of a kitchen supply store, is stressed that his store may soon be closed by corporate. Seamus has not been sleeping well, and his anxiety and irritability are quite severe. On several occasions this month, Seamus has missed important details in his job. Today the district manager is coming to Seamus's store to perform a quarterly review. Seamus is worried the district manager may show an availability bias by

focusing on performance data from only the last few weeks.

The purpose of a business plan is to answer questions such as

"What opportunities will my business take advantage of?"

Ryan is preparing for a job interview at a local hospital. Based on what you know about decision-making related career readiness competencies, which of these questions should Ryan be most prepared to respond to?

Describe the process you use to make decisions.

________ is a technique used to predict future outcomes based on historical data and analytics techniques.

Predictive analytics

In which scenario do firms see the greatest performance increases?

Humans leverage leadership and teamwork alongside machines that enhance speed.

Akio is evaluating the alternatives that might solve his company's problem. One alternative would be an excellent outcome, but Akio is considering if he has enough time and resources to achieve it. Akio is asking himself:

Is it feasible?

A decision tree is

a graph of decisions and their possible consequences.

Who is least likely to describe herself as self-employed and most likely to self-identify as an entrepreneur?

a scientist who developed a process for converting landfill garbage into useful energy and licenses this process to municipalities across the country

Predictive Health, a fast-growing medical research firm, has accumulated so much patient information that conventional database management systems cannot handle its needs. Therefore, Predictive Health purchased very sophisticated analysis software and supercomputing-level hardware to leverage the power of

big data.

Santiago is the vice president of operations for a company that manufactures floor cleaning robots. The company's largest factory recently burned down, though thankfully no one was harmed. Now Santiago must decide the best course forward to replace that manufacturing capacity. He is considering rebuilding in the same location, moving to another city or state, or even another continent. In making this decision, Santiago will likely encounter ________ due to the countless locations, timelines, contractors, and demand pressures he must consider.

bounded rationality

In the Management in Action case, it is apparent that Juul's CEO is unable to make a rational decision because of imperfect information, conflicting goals, and the complexity of the problem. There barriers are associated with

bounded rationality.

Which of the following is an approach that increases creativity by limiting social cues and encouraging an uninterrupted flow of ideas?

brainwriting

The ________ model assumes managers will make logical decisions that are the optimal means of furthering the organization's best interests.

classical

Based on what you read in the Management in Action case, assume law enforcement only sought to seek data that affirms their position that Juul is breaking the law, and discounted information showing the company was not doing so. This means that law enforcement is most likely suffering from the ________ bias.

confirmation

A ________ is a legal structure that can sell rights of ownership in the form of stocks or shares.

corporation

Hunter is the R&D manager at a technology company. He started a project for a new operating system that has shown evidence of difficulties in implementation. However, Hunter can't admit that his project will not work, and continues to invest his team's time and budget to the project. Finally, the CEO calls Hunter to her office to ask him to ditch the project and to tell him he suffers from ________ bias.

escalation of commitment

In 2007, Joe Gebbia and Brian Chesky realized they could not afford the rent on their pricey San Francisco apartment, so they decided to put an air mattress in their living room and offer people an alternative to an expensive hotel room. This is the story of how Airbnb got started. In other words, Airbnb began when Gebbia and Chesky ________; the company grew because they ________.

identified a problem or frustration; identified an opportunity or need

Isaiah knows that what his boss has asked him to do is not in the best interest of the company. He also knows that if he does not do what he was asked to do, he will be written up and put on disciplinary action. He decides instead to do what his boss wants, just slower than his boss may have liked. Isaiah is using the principle of

if all else fails, slow the spread of bad practice.

An advertising firm wants to begin using AI to sort through lists of customers, verify contact information, and segment names by target demographics. The leaders of the advertising firm know that

implementation is the biggest AI challenge.

After three summers working for a local landscaping business, Scott suggested that his boss add snow removal as an extra service. With this holistic hunch, Scott was acting on ________ that snow removal might be a good addition to the service offerings.

intuition

Between 2008 and 2018, the ________ quadrupled.

number of CEOs fired for ethical lapses

Who are the usual sources of love money for entrepreneurs?

parents, friends, and other relatives

In general, a company that starts with a business plan is ________ to succeed than a company that does not start with a business plan.

somewhat more likely

As the director of human resources, Azhar convinced the company to spend a large sum of money on a new training program. After spending thousands of dollars implementing the training and almost four months of employee work time, they feel that there has been little improvement. The training is scheduled to continue for two more months, and Azhar feels that too much money has been spent to simply abandon the training. Azhar is experiencing

sunk-cost bias.

Artificial intelligence is defined as

the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent human beings.

Noted physicist, Stephen Hawking, warned about the dangers of ________, such as autonomous weapons or deep-fake videos.

weaponized AI