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Management 101: Decision Making
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Avg score: 45% • Most missed: “A series of sequential steps used to respond to a well-structured problem”
Management 101: Decision Making
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20 Questions

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

2. 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

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

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

5. A choice among two or more alternatives

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

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

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

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

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

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

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

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

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

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

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

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

18. A guideline for making decisions

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

20. Straightforward - familiar - and easily defined problems

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