MGMT 303 chapter 7

Which of the following business needs are typically supported by artificial intelligence?

Analyzing data Automating business processes Engaging customers and employees

Successful implementation of major decisions requires which of the following?

Careful planning Sensitivity to those affected by the decision

Which one of the following best describes the decisions made by a person with an analytical style?

Carefully considers lots information and alternatives

Which of these are reasons for the increase in ethical violations among business leaders in the 21st century?

Companies are expanding operations into developing countries where ethical risks may be higher and laws less protective. Digital communications increase exposure to risk from both hackers and whistle-blowers.

Which of the following career-readiness competencies relate to evidence-based decision making?

Computational thinking Information technology application Critical thinking and problem solving

Which of the following are examples of what can function as the first stage in rational decision making by managers?

Customer complaints Poor product quality Sales shortfalls

Which of the following are the top challenges associated with AI?

Data issues Implementation Cost

A recent survey of U.S. companies showed that most companies use AI to do which of the following?

Enhance current offerings Optimize internal processes Make more effective decisions

What is the third stage of the rational model of decision making?

Evaluate alternatives and select a solution.

People with a conceptual decision-making style are likely to do which of the following?

Find creative solutions Take risks Rely on intuition

______ are strategies such as "rules of thumb" that simplify decision making.

Heuristics

Which of the following questions would you use to evaluate alternatives in the third stage of the rational model of decision making?

Is it feasible? Is it ultimately effective? Is it ethical?

Which of these describe how knowledge of decision-making styles affects managers' work?

It gives managers an understanding of how different people reach different conclusions. It allows managers to better identify personal strengths and weaknesses.

Knowledge of decision-making styles can assist managers in many ways except for which one of the following?

It increases the biases of the manager toward their favorite style.

Which of these assumptions are made in the rational model of decision making?

Managers are able to make logical decisions without prejudice or emotional blind spots. Managers have complete, error-free information about alternative courses of action and their consequences. Managers will always select the course of action that they know will most benefit the organization.

Evidence-based management attempts to introduce which factor into the decision-making process?

Rationality

Which of the following are examples of big data?

Social network communications Data in corporate databases Surveillance data Web-browsing data trails

Value orientation reflects the extent to which an individual focuses on which of the following dimensions?

Technical concerns or social concerns

Which of the following is an accurate description of decision making?

The process of identifying and choosing alternative courses of action

Which model of decision making explains how managers should use logic to determine the optimal means of furthering the organization's best interests?

The rational model

When Kendra's manager asked the team to come up with new ideas for attracting people to their trade show booth, Kendra suggested installing a video game in the booth. Which part of the rational decision-making process does Kendra's idea exemplify?

Think up alternative solutions.

Which of these are examples of business analytics?

Time-series forecast Portfolio analysis

Which of the following is a primary use of AI among U.S. companies?

To gain competitive advantage

Decision-making styles vary along which two dimensions?

Value orientation Tolerance for ambiguity

When making decisions for her department, Ellie tends to take a long time because she takes into consideration a large amount of information. What type of decision-making style does Ellie demonstrate?

analytical

An online retailer uses complex data-mining software to evaluate the preferences and buying habits of its customers and makes decisions based on these findings. This is an example of the use of ______ in the decision-making process.

analytics

Rather than holding formal meetings in the board room, Kevin prefers meeting with his group over lunch at a restaurant. He feels that his group opens up more during these lunches and opinions are openly exchanged. Which style of decision making does Kevin use?

behavioral

Which decision-making style is the most people oriented of the four styles?

behavorial

Stores of data that are so large or complex that it is difficult to process them using traditional database management applications are known as ______.

big data

Which decision-making style is characterized by a high tolerance for ambiguity and the consideration of many options together with a willingness to take risks?

conceptual

A _____ is a choice made from available alternatives.

decision

A graph of decisions and their possible consequences used to create a plan is known as a(n) ______.

decision tree

Jackson likes to hear the facts of a situation and make a quick decision based on these facts. His employees say he likes to focus on the here and now and doesn't consider future repercussions of his decisions. What type of decision-making style does Jackson use?

directive

People with a(n) ______ decision-making style have a low tolerance for ambiguity and are task oriented. They are efficient, logical, and practical in their approach to solving problems and making decisions. Which style do they use?

directive

People with the ______ style of decision making are action oriented and like to focus on facts. They also tend to be autocratic-type managers.

directive

What is the most valuable competitive resource for a manager who needs alternative solutions to a problem?

employees with ideas

True or false: Overconfidence bias is the tendency of decision makers to be influenced by the way a situation or problem is presented to them.

false

True or false: Soft skills do not have a role in evidence-based decision making.

false

A person's decision-making style is a combination of how a person perceives something as well as ______.

how they respond to it

The first stage in the rational decision-making process involves ______.

identifying the problem

In the fourth stage of rational decision making, managers will ______.

implement and evaluate the chosen solution

The most cited challenge to artificial intelligence (AI) is:

implementation.

Bagley's decision tree is specifically designed for use when ______.

making ethical choices

As a manager, Colin realizes that there is no single formula for making easy decisions. In reality, business decisions he has to make involve uncertainty and risk. This describes the ______ model of decision making.

nonrational

Which model of decision making acknowledges that uncertainty and risk make it difficult for managers to make optimal decisions?

nonrational

Evidence-based decision relies on ______.

observations about what actually works

The ______ bias occurs when people's positive feelings about their own decision-making ability is greater than their objective accuracy.

overconfidence

You fall prey to the overconfidence bias when you ______ your knowledge or expertise in a decision situation.

overestimate

The rational model of decision making is considered ______ in that it describes how managers should make decisions rather than how they actually make them.

prescriptive

Heuristics are strategies that ______ the process of making decisions.

simplify

True or false: CEOs are at a higher risk of being fired for ethical violations than ever before because the public has become less forgiving of unethical behavior.

true

Kendall is frustrated with her co-worker Jill. She feels that Jill doesn't care that their manager seems to be showing favoritism toward the two other members of their team. Jill just focuses on the work she is supposed to do, which demonstrates her ______.

value orientation