Management Ch.7

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

Big Data

What is the recommended step you should take after making a decision?

Observe the results then conduct a post-mortem.

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

how they respond to it

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

making ethical choices

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

Carefully considers lots of information and alternatives

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

Employees with ideas

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

Evaluate alternatives and select a solution.

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

Heuristics

What is the best way to develop a ready-made solution?

Identify best practices and turn them into standard operating procedure.

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

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

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.

Which of the following are true regarding the second stage in the rational model of decision making?

Once you have identified a problem or an opportunity and diagnosed its causes, you need to come up with both obvious and creative alternative solutions. Creativity precedes innovation and has been described as the source of all intellectual property.

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

Rationality

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

Rely on intuition Find creative solutions Take risks

Successful implementation of major decisions requires which of the following?

Sensitivity to those affected by the decision Careful planning

True or false: A decision tree is an analytical tool that can help managers to understand the possible consequences of their decisions and to create a plan to reach a goal.

True

Which questions should you ask when developing ready-made solutions based on past experiences?

What lessons can you derive from this experience? What was the problem? What was the solution?

A _____ is a choice made from available alternatives.

decision

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

Analytical decision makers:

may overanalyze a situation take time to make decisions

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

overconfidence

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

Which of the following are examples of Big Data?

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

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

Which of the following are aspects of critical thinking?

Using reason to analyze situations, make decisions, and solve problems Using qualitative and quantitative information to solve problems creatively

_____________ reflects the extent to which a person focuses on either task and technical concerns or people and social concerns when making decisions.

Value orientation

Decision-making styles vary along which two dimensions?

Value orientation Tolerance for ambiguity

All the following are characteristics of group decision-making EXCEPT _____.

groups make decisions quickly

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

Evidence-based decision relies on ______.

observations about what actually works

Even though not everyone in the meeting agreed with the final decision, the group decided to proceed and replace all existing machine parts in the warehouse. In this situation, the group had _____.

reached a consensus

All of the following are advantages to group decision making EXCEPT _____.

superiors can dominate or intimidate the group

All of the following are advantages to group decision making EXCEPT _____. Multiple choice question.

superiors can dominate or intimidate the group

What are three characteristics that affect decision making by a group?

the efficiency of the group the size of the group the knowledge of group members

People with a behavioral decision making style are more likely to:

avoid conflict have a hard time saying no

Turbine Manufacturing uses artificial intelligence in its factories to automate basic tasks, freeing human employees to perform more high-level finishing and quality assurance tasks. Which area of artificial intelligence does this illustrate?

Assisted intelligence

Which of these are areas in which experts believe AI can be applied to decision making? (Select all that apply.)

Assisted intelligence Autonomous intelligence Augmented intelligence

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

Behavioral

What is the name of a technique used to help groups generate multiple ideas for solving problems in which potential ideas or solutions are collected (sometimes anonymously) and written on a board or flip chart? Multiple choice question.

Brainstorming

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

Which steps are recommended for establishing a process or method for making decisions?

Consider whether the decision is consistent with your values. Analyze the situation. Conduct a cost-benefit analysis.

What is the main difference between critical thinking and the moment-to-moment thinking that we use in our everyday lives? Multiple choice question.

Critical thinking requires deliberate mental processes, whereas moment-to-moment thinking is automatic and prone to bias.

Which of the following function as the first stage in rational decision making by managers? (Select all that apply.)

Customer complaints Poor product quality Sales shortfalls

According to Kahneman, which of the following characteristics describe System 2 thinking?

Deliberate Analytical Conscious

Which of these are reasons for chief executive officers (CEOs) getting increasingly ousted for ethical violations in the 21st century?

Digital communications are more susceptible to hackers and whistleblowers. The 24/7 news cycle places more scrutiny on unethical behavior. Globalization allows businesses to operate in regions where ethical risks are greater.

Consulting firm Accenture predicts that by 2035 artificial intelligence will have which economic effect?

Economic growth will double.

What are common results of groupthink?

Failure to consider new information Loss of new 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

By 2035, artificial intelligence is expected to have what effect on labor productivity?

It will increase labor productivity by as much as 40%.

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

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

Which models are characteristic nonrational models of decision making?

Models that describe how managers actually make decisions

Which of these are examples of business analytics?

Portfolio analysis Time-series forecast

_____________ are difficulties that inhibit the achievement of goals.

Problems

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

Technical concerns or social concerns

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

The nonrational model

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

Sophisticated forms of business data analysis are known as business _________.

analytics

A consensus is reached when all members are able to express their opinions ______.

and reach agreement to support the final decision

An _____ intelligence system learns from human inputs in order to assist humans in making better decisions.

augmented

Michelle met with her five employees around a table and asked each of them to take five minutes to write down what they personally thought their new facility should include. She then collected the information and wrote it on the white board for all of them to view and decide upon. Michelle is using the _____ technique.

brainstorming

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 decision. Which style do they use?

directive

Which of the following is an advantage of group decision making?

intellectual stimulation

According to Kahneman, System 1 thinking is _____.

intuitive and largely unconscious

One thing groupthink teaches us is that cohesiveness:

isn't always a good thing.

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