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






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






3. Accept solutions that are 'good enough'






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






5. Straightforward - familiar - and easily defined problems






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






7. A choice among two or more alternatives






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






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






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






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






12. 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


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






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






15. A guideline for making decisions






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






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






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






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






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






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






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






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






24. 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






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






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