D312 Exam Prep-Questions with 100% correct
answers
rational or optimizing decision making model
based on a set of assumptions about how a decision should be made
1. problem definition
2. identify decision criteria
3. weight the criteria
4. generate the alternatives
5. evaluate the alternatives
6. select the optimal solution
limits to rationality
decision-makers often must deal with incomplete information about the problem, the decision
criteria, and even their own preferences
satisficing model
suggests that decision-makers forgo optimal solutions for ones that are acceptable
they do not evaluate all possible alternatives, but search for a solution that meets a minimally
satisfactory set of criteria
conflict model of decision making
suggests that decision-makers use one of four decision styles to cope with the psychological
stress of making a decision
1. vigilance
, 2. complacency
2. defensive avoidance
4. hypervigilance
vigilance
optimal decision style, a pattern consisting of carefully collecting facts and considering
alternatives
complancency
either ignoring the decision completely or simply taking the first available course of action
defensive avoidance
passing the decision off to someone else, putting off the decision, or devaluing the importance of
making a decision
hypervigilance
making a hasty, ill-conceived decision
also called panicking
heuristics
rules of thumb (cognitive tools) that people use to simplify decision-making
can result in biases in making decisions, but the omission of sometimes unreliable information
often outweighs the loss in decision quality
availability
answers
rational or optimizing decision making model
based on a set of assumptions about how a decision should be made
1. problem definition
2. identify decision criteria
3. weight the criteria
4. generate the alternatives
5. evaluate the alternatives
6. select the optimal solution
limits to rationality
decision-makers often must deal with incomplete information about the problem, the decision
criteria, and even their own preferences
satisficing model
suggests that decision-makers forgo optimal solutions for ones that are acceptable
they do not evaluate all possible alternatives, but search for a solution that meets a minimally
satisfactory set of criteria
conflict model of decision making
suggests that decision-makers use one of four decision styles to cope with the psychological
stress of making a decision
1. vigilance
, 2. complacency
2. defensive avoidance
4. hypervigilance
vigilance
optimal decision style, a pattern consisting of carefully collecting facts and considering
alternatives
complancency
either ignoring the decision completely or simply taking the first available course of action
defensive avoidance
passing the decision off to someone else, putting off the decision, or devaluing the importance of
making a decision
hypervigilance
making a hasty, ill-conceived decision
also called panicking
heuristics
rules of thumb (cognitive tools) that people use to simplify decision-making
can result in biases in making decisions, but the omission of sometimes unreliable information
often outweighs the loss in decision quality
availability
