MNGT 361 TEST QUESTIONS WITH 100% CORRECT ANSWERS

MNGT 361 TEST QUESTIONS WITH 100% CORRECT ANSWERS What is a heuristic? - Answer-a shortcut or rule of thumb that is used for decision making The three main models that mangers use to make decisions are _____ - Answer-rational, bounded rational, intuitive Which of the following best describes a satisfice? - Answer-accepts a less than perfect solution Sticking to a decision despite evidence that it is a mistake is called - Answer-escalation of commitment Following the directions to put together an exercise machine is an example of which way to solve a problem? - Answer-procediure Which three decisions do decision makers face? - Answer-certainty, risk, uncertainty What tends to be the most successful group size? - Answer-5-15 One advantage of group decision making is that it usually provides - Answer-more information Which of the following is NOT a reason for managers to plan? - Answer-to establish responsibility for mistakes Which of the following is a frequently cited criticism of formal planning? - Answer-Plans lock organizations into rigid goals and timetables Formal planning leads to which of the following? - Answer-higher profits The first step in the strategic management process is to - Answer-identify the organization's mission An external analysis, the second step of the strategic management process , helps identify - Answer-a company's opportunities and threats