MGT 300 Exam -2 Questions With 100- Correct Answers

MGT 300 Exam #2 Questions With 100%
Correct Answers

anchoring and adjustment heuristic - CORRECT ANSWER✔✔--hint: type of
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heuristic
-A process whereby people base their decisions on the first piece of information
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they are given without taking other probabilities into account
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availability heuristic - CORRECT ANSWER✔✔--hint: type of heuristic
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-A rule of thumb for making judgments on examples and events that immediately
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|spring to mind
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bounded rationality - CORRECT ANSWER✔✔--hint: type of rationality
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-is the idea that we are restricted by a variety of constraints when making
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decisions


common-information bias - CORRECT ANSWER✔✔--hint: type of bias | | | | | | |




-the inclination to overemphasize information held by the majority of group
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members while failing to consider other perspectives held by the minority
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confirmation bias - CORRECT ANSWER✔✔--hint: type of bias
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-The tendency to seek out information that fuels our preexisting views and to
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discount information that conflicts with our worldview
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,decision making - CORRECT ANSWER✔✔--is the action or process of identifying a
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strategy to resolve problems
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-two types: programmed decisions and non-programmed decisions
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representativeness heuristic - CORRECT ANSWER✔✔--hint: type of heuristic | | | | | | |




-A shortcut that bases a decision on our existing mental prototype and similar
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stereotypes


ease-of-recall bias - CORRECT ANSWER✔✔-hint: type of bias
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-The propensity to over-rely on information recollected from memory when
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making a decision | |




hindsight bias - CORRECT ANSWER✔✔--hint: type of bias
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-The tendency to overestimate the ability to predict an outcome of an event
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projection bias - CORRECT ANSWER✔✔--hint: type of bias
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-The inclination to believe other people think, feel, and act the same way we do
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escalation of commitment - CORRECT ANSWER✔✔--The increased commitment
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to a decision despite negative information
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sunk cost bias - CORRECT ANSWER✔✔-hint: type of bias
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-The decision to continue an investment based on past investments of time,
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effort, and/or money
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, framing error - CORRECT ANSWER✔✔--hint: type of error
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-The tendency to highlight certain aspects of a situation depending on whether
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they are positive or negative to solve a problem while ignoring other aspects
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lack of participation error - CORRECT ANSWER✔✔--hint: type of error
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-The inclination to exclude certain people from the decision-making process
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randomness error - CORRECT ANSWER✔✔--hint: type of error
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-The tendency for people to believe they can predict the outcome of chance
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events based on false information or superstition
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ethical dilemma - CORRECT ANSWER✔✔--conflicts between two or more morally
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unpleasant alternatives |




-i.e. seeing a friend cheat on a test
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Heuristics - CORRECT ANSWER✔✔--are shortcuts or "rules of thumb" that allow
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us to make judgments and decisions quickly and efficiently
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intuition - CORRECT ANSWER✔✔-- is the unconscious process of making
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decisions based on imagination and possibilities
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justice approach - CORRECT ANSWER✔✔--hint: type of approach
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-A way to base decisions on the basis of the fairness
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