Test your basic knowledge |

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. Straightforward - familiar - and easily defined problems






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






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






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






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






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






7. 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


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






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






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






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






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






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






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






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






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






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






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






19. A choice among two or more alternatives






20. A guideline for making decisions






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






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






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






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






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






26. Accept solutions that are 'good enough'