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Management 101: Decision Making

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. A series of sequential steps used to respond to a well-structured problem






2. Unique and nonrecurring decisions that require a custom-made solution






3. Criteria that define what's important or relevant to resolving a problem






4. Overconfidence; Immediate gratification; Anchoring effect; Selective perception; Confirmation; Framing; Availability; Representation; Randomness; Sunk costs; Self-serving; Hindsight






5. A situation in which a manager can make accurate decisions because all outcomes are known






6. Making decisions on the basis of experience - feelings - and accumulated judgment






7. Rules of thumb that managers use to simplify decision making






8. Decision style characterized by a person's preference for internal sources of information and processing this information with internal insights - feelings and hunches






9. Decision making that's rational - but limited (bounded) by an individual's ability to process information






10. A situation in which the decision maker is able to estimate the likelihood of certain outcomes






11. A choice among two or more alternatives






12. Straightforward - familiar - and easily defined problems






13. Describes choices that are logical and consistent and maximize value






14. A guideline for making decisions






15. Subconscious mental processing; Values or ethics-based decisions; Experience-based decisions; Affect-initiated decisions; Cognitive-based decisions






16. An obstacle that makes it difficult to achieve a desired goal or purpose






17. An explicit statement that tells managers what can or cannot be done






18. Decision style characterized by a person's preference for using external data and facts and processing this information through rational - logical thinking






19. Accept solutions that are 'good enough'






20. Problems that are new or unusual and for which information is ambiguous or incomplete






21. 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


22. A situation that a decision maker has neither certainty nor reasonable probability estimates available






23. The systematic use of the best available evidence to improve management practice






24. An increased commitment to a previous decision despite evidence it may have been wrong






25. A repetitive decision that can be handled by a routine approach






26. 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