Satisficing Study guides, Revision notes & Summaries

Heuristic correct answer: Learns by acting Uses trial and error Values experience, effort reduction Relies on common sense Seeks satisficing solution Fast and frugal May lead to decision biases! analytics correct answer: developing actionable decisions or rec for action based on insights from histroical data -combo of computer tech, mgt sci techniques, and states to solve real problems -sports analytics, tinder descriptive correct answer: preliminary stage, create summar...

SRA 231 COMPREHENSIVE EXAM 2024 WITH 100% CORRECT ANSWERS false - correct answer (true/false) decision theory is multidisciplinary across one academic field true - correct answer (true/false) there is no single unifying decision theory and it is difficult to discern between the various forms true - correct answer (true/false) rational = normative normative theory - correct answer assumes individuals act RATIONALLY in trying to find the best solution to optimize outcome i.e. what we...

What does it mean to be a rational actor? - Answer-You are able to rank order preferences based on expected utility. -Stable and transative Bounded Rationality (Herbert Simon) - Answer-People dont have the capability to be perfectly rational -repeatable and predictable rather than random -Differs from pure becuase people will try their best and fall short of pure Prospect theory - Answer--Models built on assumptions of rational behavior assumes that actors make decsions based on maximi...

SRA 231 Comprehensive Exam Questions & Answers 2024/2025 false - ANSWERS(true/false) decision theory is multidisciplinary across one academic field true - ANSWERS(true/false) there is no single unifying decision theory and it is difficult to discern between the various forms true - ANSWERS(true/false) rational = normative normative theory - ANSWERSassumes individuals act RATIONALLY in trying to find the best solution to optimize outcome i.e. what we SHOULD do utility - ANSWERSov...

Optimizing and satisficing - ANSWER--organizations exist to achieve a goal by either optimizing or satisfying MECE a. Mutually exclusive: b. Collectively exhaustive: - ANSWER-1. Mutually exclusive: Is each issue a separate and distinct issue? 2. Collectively exhaustive: Does every aspect of the problem come under one, and only one, of the issues 3. One reason this is done is to guard against making an early selection of solutions before all the facts are known. Classical management a....

Leadership Exam | QUESTIONS & ANSWERS | ALREADY GRADED A+ | 2024 UPDATE Which objective is associated with creating urgency in Kotter's eight-step model? 1 To create short-term targets 2 To honor the people who helped complete a task 3 To create a culture with continuous improvement Correct4 To generate open dialogue about external and internal realities - The attribute of creating urgency is associated with generating open dialogue about external and internal realities. Short-term ...

Chapter 03 Managerial Decision Making True / False Questions 1. Important, difficult decisions tend to be nonprogrammed, and they demand creative approaches. True False 2. The manager of a burger restaurant faces conflict when she must decide whether to cut hours for all employees or layoff two employees. True False 3. Contingency plans should be developed only after a decision has been made and implemented. True False 4. Following all six stages of...

Chapter 11 OB Study Guide Test 2024. The process of identifying and choosing alternative solutions that lead to a desired state of affairs is known as: A. Intuition B. Heuristics C. Problem solving D. Decision making E. Brainwriting - ANSWER D. Decision making The _______ model of decision making explains how managers should make decisions. A. Intuition B. Satisficing C. Holistic D. Evidence-based E. Rational - ANSWER E. Rational The stages of rationa...

ARE 112 midterm exam questions & answers 2023/2024 bounded rationality - ANSWER-A set of BOUNDARIES or CONSTRAINTS that tend to complicate the rational decision-making process transaction costs - ANSWER-the expenses of negotiating and executing a deal (the cost of completing a sale/purchase) cost of uncertainty - ANSWER-chance that price of an asset will change; unstable stocks or bonds incomplete contracts - ANSWER-When a consumer or seller is not able to maximize the benefits of a...

Leadership Exam Questions & Answers 100% Verified by Experts Which objective is associated with creating urgency in Kotter's eight-step model? 1 To create short-term targets 2 To honor the people who helped complete a task 3 To create a culture with continuous improvement Correct4 To generate open dialogue about external and internal realities - The attribute of creating urgency is associated with generating open dialogue about external and internal realities. Short-term targe...