MGT 300 EXAM 2 SOLVED CORRECTLY TO PASS!!
decision making Answer - the process by which managers respond to
opportunities and threats by analyzing options and making determinations
about specific organizational goals and course of action. The essence of
management.
programmed decision making Answer - Routine, virtually automatic decision
making that follows established rules or guidelines.
non programmed decision making Answer - non-routine decision making that
occurs in response to unusual, unpredictable opportunities and threats.
Intuition Answer - feelings, beliefs, and hunches that come readily to mind and
require little effort and info gathering and result in on-the-spot decisions.
reasoned judgment Answer - A decision that requires time and effort and
results from careful information gathering, generation of alternatives, and
evaluation of alternatives.
optimum decision Answer - The most appropriate decision in light of what
managers believe to be the most desirable future consequences for the
organization.
, administrative model Answer - An approach to decision making that explains
why decision making is inherently uncertain and risky and why managers
usually make satisfactory rather than optimum decisions. Based on: bounded
rationality, incomplete information, satisficing.
bounded rationality Answer - Cognitive limitations that constrain one's ability
to interpret, process, and act on information.
risk Answer - The degree of probability that the possible outcomes of a
particular course of action will occur.
uncertainty Answer - unpredictability
ambiguous information Answer - Information that can be interpreted in
multiple and often conflicting ways.
satisficing Answer - Searching for and choosing an acceptable, or satisfactory,
response to problems and opportunities, rather than trying to make the best
decision.
heuristics Answer - rules of thumb that simplify a problem, allowing one to
solve problems quickly and easily.
systematic errors Answer - Errors that people make over and over and that
result in poor decision making
prior-hypothesis bias Answer - A cognitive bias resulting from the tendency to
base decisions on strong prior beliefs even if evidence shows that those beliefs
are wrong.
decision making Answer - the process by which managers respond to
opportunities and threats by analyzing options and making determinations
about specific organizational goals and course of action. The essence of
management.
programmed decision making Answer - Routine, virtually automatic decision
making that follows established rules or guidelines.
non programmed decision making Answer - non-routine decision making that
occurs in response to unusual, unpredictable opportunities and threats.
Intuition Answer - feelings, beliefs, and hunches that come readily to mind and
require little effort and info gathering and result in on-the-spot decisions.
reasoned judgment Answer - A decision that requires time and effort and
results from careful information gathering, generation of alternatives, and
evaluation of alternatives.
optimum decision Answer - The most appropriate decision in light of what
managers believe to be the most desirable future consequences for the
organization.
, administrative model Answer - An approach to decision making that explains
why decision making is inherently uncertain and risky and why managers
usually make satisfactory rather than optimum decisions. Based on: bounded
rationality, incomplete information, satisficing.
bounded rationality Answer - Cognitive limitations that constrain one's ability
to interpret, process, and act on information.
risk Answer - The degree of probability that the possible outcomes of a
particular course of action will occur.
uncertainty Answer - unpredictability
ambiguous information Answer - Information that can be interpreted in
multiple and often conflicting ways.
satisficing Answer - Searching for and choosing an acceptable, or satisfactory,
response to problems and opportunities, rather than trying to make the best
decision.
heuristics Answer - rules of thumb that simplify a problem, allowing one to
solve problems quickly and easily.
systematic errors Answer - Errors that people make over and over and that
result in poor decision making
prior-hypothesis bias Answer - A cognitive bias resulting from the tendency to
base decisions on strong prior beliefs even if evidence shows that those beliefs
are wrong.
