MGT 5500 Test Questions with Verified Answers 100% Solved
can humans always make rational decisions - Answers No
6 step model - Answers spock would follow, take all emotion out of it., purely evaluating information
bounded rationality - Answers humans cannot be rational 100% of the time, there is so much that goes
into how we make decisions. human brain has limitations
What is the 6 step decision making process? - Answers 1. problem identification
2. data collection
3. solution generation
4. solution test
5. solution selection
6. solution implementation
system 1 processing - Answers "First Reactions"
automatic, unconscious decision making. everyday decisions
fast, automatic, impulsive, emotional
heruistic - Answers Generalizations, rules of thumb.
can be wrong. Walks like a duck, talks like a duck. its a duck. 90% of time its correct.
Satisficing - Answers choosing a "good enough" alternative
system 2 processing - Answers 5%, conscious process. slow, conscious, effortful, analytical
cognitive biases - Answers systematic errors in thinking, human brain computer actually processes
information
- Answers
Avaliabilty bias - Answers going with whats comfortable
, Readily available information isn't always correct
confirmation bias - Answers "Google Bias", favor study that confirmed what they already believe in
framing bias - Answers the language used to present information, influences the type of decisions we
maken
representativeness bias - Answers the tendency to generalize from a small sample or a single event "its
going to happen to me too". Product reviews
anchoring bias - Answers a tendency to fixate on initial information, from which one then fails to
adequately adjust for subsequent information
overconfidence bias - Answers holding unrealistically positive views of oneself and one's performance
Sunk-Cost Trap (Escalation of Commitment) - Answers continuing to make negative choices vs fixing the
path
Failure to capitalize on diversity - Answers diversity of thought, how we approach a decision effects how
different groups acklowedge it
information silos - Answers exists when data are isolated in separated information systems
group think - Answers social pressure, people don't speak up
pattern recognition - Answers our brain searches past memory to see if we have been in similar
situations. we default w whats worked in the past
collaboration - Answers agent offers something to directly help the person complete 8
emotional tags - Answers emotions become the lens to view past patterns through. "how did we feel"
inappropriate self interest - Answers Biases the emotional importance we place on information.
Distorting attachments - Answers person, places, things, can impact decisions we make. (Not leaving
ohio because of grave)
Misleading memories - Answers we remember things incorrectly. (Eyewitness testimonies)
difference between power and influence? - Answers power is a potential, a state. Influence is a degree
of change
position power - Answers power associated with a job or position
(legitimate, reward, and coercive)
can humans always make rational decisions - Answers No
6 step model - Answers spock would follow, take all emotion out of it., purely evaluating information
bounded rationality - Answers humans cannot be rational 100% of the time, there is so much that goes
into how we make decisions. human brain has limitations
What is the 6 step decision making process? - Answers 1. problem identification
2. data collection
3. solution generation
4. solution test
5. solution selection
6. solution implementation
system 1 processing - Answers "First Reactions"
automatic, unconscious decision making. everyday decisions
fast, automatic, impulsive, emotional
heruistic - Answers Generalizations, rules of thumb.
can be wrong. Walks like a duck, talks like a duck. its a duck. 90% of time its correct.
Satisficing - Answers choosing a "good enough" alternative
system 2 processing - Answers 5%, conscious process. slow, conscious, effortful, analytical
cognitive biases - Answers systematic errors in thinking, human brain computer actually processes
information
- Answers
Avaliabilty bias - Answers going with whats comfortable
, Readily available information isn't always correct
confirmation bias - Answers "Google Bias", favor study that confirmed what they already believe in
framing bias - Answers the language used to present information, influences the type of decisions we
maken
representativeness bias - Answers the tendency to generalize from a small sample or a single event "its
going to happen to me too". Product reviews
anchoring bias - Answers a tendency to fixate on initial information, from which one then fails to
adequately adjust for subsequent information
overconfidence bias - Answers holding unrealistically positive views of oneself and one's performance
Sunk-Cost Trap (Escalation of Commitment) - Answers continuing to make negative choices vs fixing the
path
Failure to capitalize on diversity - Answers diversity of thought, how we approach a decision effects how
different groups acklowedge it
information silos - Answers exists when data are isolated in separated information systems
group think - Answers social pressure, people don't speak up
pattern recognition - Answers our brain searches past memory to see if we have been in similar
situations. we default w whats worked in the past
collaboration - Answers agent offers something to directly help the person complete 8
emotional tags - Answers emotions become the lens to view past patterns through. "how did we feel"
inappropriate self interest - Answers Biases the emotional importance we place on information.
Distorting attachments - Answers person, places, things, can impact decisions we make. (Not leaving
ohio because of grave)
Misleading memories - Answers we remember things incorrectly. (Eyewitness testimonies)
difference between power and influence? - Answers power is a potential, a state. Influence is a degree
of change
position power - Answers power associated with a job or position
(legitimate, reward, and coercive)
