QMB 3 Exam 1
What is exploration - Answer-type of research that is usually unstructured. Usually seeking info that
online search databases cant get. Have to use company records. etc..
Why should you use exploration - Answer-The cost of exploration is far less expensive as conducting new
research
Two options put into groups in exploration - Answer-1. Those that are feasible given company resources
2. Those that aren't feasible
research question - Answer-the hypothesis that best states the objective of the resource
How does research questions help with exploration - Answer-The answer must provide the manager
with desired info to help the manger make a decision with respect to the management dilemma.
Arriving at the research question involves additional exploration.
Decision Making trap - Answer-Traps that cause your decisions to not be made correctly bcuz you get
lost in thoughts and actions.
, What is Anchoring - Answer-What we see or hear first feels most important
Ex.
What is Status Quo - Answer-Stay the same even when better alternatives exist
What is Sunk Cost - Answer-Choosing off of past choices even when they no longer seem valid because
you put bunch of money into it
What is confirming evidence - Answer-using your existing POV and reject anything that doesn't relate
What is Framing - Answer-the way an issue is posed; how an issue is framed can significantly affect
decisions and judgments.
What is over confidence - Answer-Thinking we know more then we really do.
What is prudence - Answer-Playing it safe
What is recall-ability - Answer-Over-influenced by past events
How to avoid Anchoring traps - Answer-- Take different perspectives
- Think before asking
- Seek input (doesn't have to be from some1 else can be own research
-Avoid anchoring others also
How to avoid status quo traps - Answer-- consider your objectives
- Know you have options
What is exploration - Answer-type of research that is usually unstructured. Usually seeking info that
online search databases cant get. Have to use company records. etc..
Why should you use exploration - Answer-The cost of exploration is far less expensive as conducting new
research
Two options put into groups in exploration - Answer-1. Those that are feasible given company resources
2. Those that aren't feasible
research question - Answer-the hypothesis that best states the objective of the resource
How does research questions help with exploration - Answer-The answer must provide the manager
with desired info to help the manger make a decision with respect to the management dilemma.
Arriving at the research question involves additional exploration.
Decision Making trap - Answer-Traps that cause your decisions to not be made correctly bcuz you get
lost in thoughts and actions.
, What is Anchoring - Answer-What we see or hear first feels most important
Ex.
What is Status Quo - Answer-Stay the same even when better alternatives exist
What is Sunk Cost - Answer-Choosing off of past choices even when they no longer seem valid because
you put bunch of money into it
What is confirming evidence - Answer-using your existing POV and reject anything that doesn't relate
What is Framing - Answer-the way an issue is posed; how an issue is framed can significantly affect
decisions and judgments.
What is over confidence - Answer-Thinking we know more then we really do.
What is prudence - Answer-Playing it safe
What is recall-ability - Answer-Over-influenced by past events
How to avoid Anchoring traps - Answer-- Take different perspectives
- Think before asking
- Seek input (doesn't have to be from some1 else can be own research
-Avoid anchoring others also
How to avoid status quo traps - Answer-- consider your objectives
- Know you have options
