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UARK MGMT 2103 Exam 3 MILLS
Questions and Correct Answers/ Latest
Update / Already Graded
Identifying and choosing alternative
solutions that lead to a desired state of
affairs
Ans: Decision Making
Stage 1: Identify the problem
Stage 2: generate alternative solutions
Stage 3: evaluate alternatives and select a solution with consideration
for: ethics, feasibility, whether it solves the problem
Stage 4: Implement and evaluate the solution chosen
Ans: Rational Decision Making Process
represents the notion that decision makers are "bounded" or restricted
by a variety of constraints when making decisions
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Ans: Normative Model (Non-rational Decision Making)
Represents judgments, insights, or decisions that come to mind on
their own
Ans: Intuition Model (Non-rational Decision Making)
decisions are bounded or restricted by a variety of constraints when
making decisions
Ans: Bounded Rationality
accepting an available option as satisfactory
Ans: Satisficing
information that can be easily put into words
Ans: Explicit Knowledge
information that is gained through experience that is difficult to
express or formalize
Ans: Tacit Knowledge
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-Decision maker subconsciously decides something even
before investigating why it is the right decision, and then...
-Seeks information that supports that decision and discounts
information that does not
Ans: Confirmation Bias
When we are given factual questions and asked to judge the
probability that our answers are correct, we tend to be far too
optimistic
Ans: Overconfidence Bias
Tendency to base decisions on information readily available in memory
Ans: Availability Bias
Reflects tendency to assess the likelihood of an event occurring based
on one's impressions
about similar occurrences
Ans: Representativeness Bias
Occurs when decision makers are influenced by the first information
received about a decision, even if it is irrelevant.
All rights reserved © 2025/ 2026 |
UARK MGMT 2103 Exam 3 MILLS
Questions and Correct Answers/ Latest
Update / Already Graded
Identifying and choosing alternative
solutions that lead to a desired state of
affairs
Ans: Decision Making
Stage 1: Identify the problem
Stage 2: generate alternative solutions
Stage 3: evaluate alternatives and select a solution with consideration
for: ethics, feasibility, whether it solves the problem
Stage 4: Implement and evaluate the solution chosen
Ans: Rational Decision Making Process
represents the notion that decision makers are "bounded" or restricted
by a variety of constraints when making decisions
All rights reserved © 2025/ 2026 |
, Page |2
Ans: Normative Model (Non-rational Decision Making)
Represents judgments, insights, or decisions that come to mind on
their own
Ans: Intuition Model (Non-rational Decision Making)
decisions are bounded or restricted by a variety of constraints when
making decisions
Ans: Bounded Rationality
accepting an available option as satisfactory
Ans: Satisficing
information that can be easily put into words
Ans: Explicit Knowledge
information that is gained through experience that is difficult to
express or formalize
Ans: Tacit Knowledge
All rights reserved © 2025/ 2026 |
, Page |3
-Decision maker subconsciously decides something even
before investigating why it is the right decision, and then...
-Seeks information that supports that decision and discounts
information that does not
Ans: Confirmation Bias
When we are given factual questions and asked to judge the
probability that our answers are correct, we tend to be far too
optimistic
Ans: Overconfidence Bias
Tendency to base decisions on information readily available in memory
Ans: Availability Bias
Reflects tendency to assess the likelihood of an event occurring based
on one's impressions
about similar occurrences
Ans: Representativeness Bias
Occurs when decision makers are influenced by the first information
received about a decision, even if it is irrelevant.
All rights reserved © 2025/ 2026 |
