Managerial Decision Making

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Question 1

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True/False

Not every decision situation can be organized on a scale according to the availability of information and the possibility of failure.

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Question 2

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True/False

A decision is a choice made from available alternatives.

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Question 3

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Programmed decisions involve situations that have occurred often enough to enable decision rules to be developed and applied in the future.

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Question 4

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True/False

Two employees in Stacey's department quit, which is normal for her department. She is faced with the decision to fill these positions. This would be considered a nonprogrammed decision.

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Question 5

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Gerald's Groceries and Marty's Market decided to merge their operations, something neither company has tried before. This would be considered a nonprogrammed decision.

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Question 6

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In the real world, few decisions are certain.

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Question 7

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There is a greater possibility of failure with uncertainty than with risk.

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Question 8

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Uncertainty means that a decision has clear-cut goals and that good information is available, but the future outcomes associated with each alternative are subject to some chance of loss or failure.

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Question 9

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A situation where the goals to be achieved or the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable refers to ambiguity.

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Question 10

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The classical model of decision making is most useful when applied to programmed decisions and to decisions characterized by certainty or risk because relevant information is available and probabilities can be calculated.

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Question 11

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The approach managers use to make decisions usually falls into one of three types-the classical model, the administrative model, or the political model.

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Question 12

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The growth of big data techniques has reduced the use of the classical approach.

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Question 13

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The administrative model of decision making describes how managers actually make decisions in difficult situations rather than how they should make decisions according to a theoretical ideal.

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Question 14

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Normative decision theory recognizes that managers have only limited time and cognitive ability and therefore their decisions are characterized by bounded rationality.

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Question 15

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The administrative model of decision making is considered to be normative.

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Question 16

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According to the classical model of decision making, managers' searches for alternatives are limited because of human, information, and resource constraints.

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Question 17

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According to the administrative model of decision making, most managers settle for a satisficing rather than a maximizing solution.

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Question 18

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Satisficing behavior occurs when we choose the first solution alternative that satisfies minimal decision criteria, even if better solutions are presumed to exist.

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Question 19

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Intuition represents a quick apprehension of a decision situation based on past experience but without conscious thought.

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Question 20

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The political model of decision making assumes that managers have the time, resources, and mental capacity to identify all dimensions of the problem and process all relevant information.

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