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Test your basic knowledge |
Management 101: Decision Making
Start Test
Study First
Subject
:
business-skills
Instructions:
Answer 26 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Describes choices that are logical and consistent and maximize value
Bounded rationality
Escalation of commitment
Intuitive decision making
Rational decision making
2. Criteria that define what's important or relevant to resolving a problem
Procedure
Problem
Decision criteria
Escalation of commitment
3. Overconfidence; Immediate gratification; Anchoring effect; Selective perception; Confirmation; Framing; Availability; Representation; Randomness; Sunk costs; Self-serving; Hindsight
Decision-making process
Rule
Decision-making errors and biases
Intuitive decision making
4. A repetitive decision that can be handled by a routine approach
Programmed decision
Procedure
Escalation of commitment
What is intuition?
5. The systematic use of the best available evidence to improve management practice
Risk
Procedure
Nonlinear thinking style
Evidence-based management (EBMgt)
6. An increased commitment to a previous decision despite evidence it may have been wrong
Escalation of commitment
Unstructured problems
Decision-making process
Certainty
7. A series of sequential steps used to respond to a well-structured problem
Unstructured problems
Procedure
Nonprogrammed decisions
Structured problems
8. A situation in which a manager can make accurate decisions because all outcomes are known
Certainty
Heuristics
Decision criteria
Linear thinking style
9. Making decisions on the basis of experience - feelings - and accumulated judgment
Intuitive decision making
Satisfice
Decision-making process
Decision
10. Decision style characterized by a person's preference for internal sources of information and processing this information with internal insights - feelings and hunches
Decision-making process
Rational decision making
Procedure
Nonlinear thinking style
11. Unique and nonrecurring decisions that require a custom-made solution
Decision
Nonprogrammed decisions
Structured problems
Decision-making process
12. A situation in which the decision maker is able to estimate the likelihood of certain outcomes
Satisfice
Risk
Programmed decision
Unstructured problems
13. A choice among two or more alternatives
Decision
Bounded rationality
Procedure
Problem
14. Decision making that's rational - but limited (bounded) by an individual's ability to process information
Rule
Bounded rationality
Nonprogrammed decisions
Risk
15. A guideline for making decisions
Programmed decision
Linear thinking style
Policy
Bounded rationality
16. Straightforward - familiar - and easily defined problems
Rule
Certainty
Intuitive decision making
Structured problems
17. Rules of thumb that managers use to simplify decision making
Decision-making process
Heuristics
Effective decision making in today's world
Rule
18. Decision style characterized by a person's preference for using external data and facts and processing this information through rational - logical thinking
Decision-making process
Rational decision making
Linear thinking style
Programmed decision
19. An obstacle that makes it difficult to achieve a desired goal or purpose
Uncertainty
Certainty
Problem
Decision criteria
20. An explicit statement that tells managers what can or cannot be done
Intuitive decision making
Heuristics
Rule
Problem
21. 1: Identifying a problem; 2: Identifying decision criteria; 3: Allocating weights to the criteria; 4 Developing alternatives; 5 Analyzing alternatives; 6: Selecting an alternative; 7: Implementing the alternative; 8: Evaluating decision effectiveness
Uncertainty
Decision-making process
Procedure
Linear thinking style
22. Problems that are new or unusual and for which information is ambiguous or incomplete
Certainty
Unstructured problems
Risk
Bounded rationality
23. Subconscious mental processing; Values or ethics-based decisions; Experience-based decisions; Affect-initiated decisions; Cognitive-based decisions
Bounded rationality
Heuristics
Rational decision making
What is intuition?
24. Accept solutions that are 'good enough'
Decision-making errors and biases
Uncertainty
Satisfice
Nonprogrammed decisions
25. A situation that a decision maker has neither certainty nor reasonable probability estimates available
Heuristics
Uncertainty
Evidence-based management (EBMgt)
Nonlinear thinking style
26. Understand cultural differences; Know when it's time to call it quits; Use an effective decision-making process; Build an organization that can spot the unexpected and quickly adapt to the changed environment
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