MGMT 310 FIRST ASSESSMENT 2026
SOLUTIONS GRADED A+
⫸ Non-rational decision making.Answer: they assume that decision
making is nearly always uncertain and risky, making it difficult for
managers to make optimum
they describe how managers actually make decisions
⫸ tolerance for ambiguity.Answer: indicates the extent to which a
person has a high need for structure or control in his or her life
low tolerance for ambiguity: desire for a lot of structure
high tolerance for ambiguity: do not have a high need for structure
and can thrive in uncertain situations
⫸ levels of organizational culture.Answer: observable artifacts:
decor, behavior, rituals, clothing
espoused values: stated values and slogans
basic assumptions: deeply held beliefs or values
⫸ 4 types of organizational culture.Answer: 1. clan: Type of
organizational culture that has an internal focus and values flexibility
rather than stability and control
2. adhocracy: Type of organizational culture that has an external focus
and values flexibility
3. market: Type of organizational culture that has a strong external
focus and values stability and control
, 4. hierarchy: Type of organizational culture that has an internal focus
and values stability and control over flexibility
⫸ decision-making biases.Answer: 1. availability bias: The use of
information readily available from memory to make judgments
2. representativeness bias: The tendency to generalize from a small
sample or a single event
3. confirmation bias: Biased way of thinking in which people seek
information to support their point of view and discount data that do
not support it
4. sunk cost bias: Way of thinking in which managers add up all the
money already spent on a project and conclude it is too costly to
simply abandon it; also called the sunk-cost fallacy
5. anchoring and adjustment bias: The tendency to make decisions
based on an initial figure
6. overconfidence bias: Bias in which people's subjective confidence
in their decision making is greater than their objective accuracy
7. hindsight bias: The tendency of people to view events as being
more predictable than they really are
8. framing bias: The tendency of decision makers to be influenced by
the way a situation or problem is presented to them
9. escalation of commitment bias: When decision makers increase
their commitment to a project despite negative information about it
10. categorical thinking bias: Tendency of decision makers to classify
people or information based on observed or inferred characteristics
SOLUTIONS GRADED A+
⫸ Non-rational decision making.Answer: they assume that decision
making is nearly always uncertain and risky, making it difficult for
managers to make optimum
they describe how managers actually make decisions
⫸ tolerance for ambiguity.Answer: indicates the extent to which a
person has a high need for structure or control in his or her life
low tolerance for ambiguity: desire for a lot of structure
high tolerance for ambiguity: do not have a high need for structure
and can thrive in uncertain situations
⫸ levels of organizational culture.Answer: observable artifacts:
decor, behavior, rituals, clothing
espoused values: stated values and slogans
basic assumptions: deeply held beliefs or values
⫸ 4 types of organizational culture.Answer: 1. clan: Type of
organizational culture that has an internal focus and values flexibility
rather than stability and control
2. adhocracy: Type of organizational culture that has an external focus
and values flexibility
3. market: Type of organizational culture that has a strong external
focus and values stability and control
, 4. hierarchy: Type of organizational culture that has an internal focus
and values stability and control over flexibility
⫸ decision-making biases.Answer: 1. availability bias: The use of
information readily available from memory to make judgments
2. representativeness bias: The tendency to generalize from a small
sample or a single event
3. confirmation bias: Biased way of thinking in which people seek
information to support their point of view and discount data that do
not support it
4. sunk cost bias: Way of thinking in which managers add up all the
money already spent on a project and conclude it is too costly to
simply abandon it; also called the sunk-cost fallacy
5. anchoring and adjustment bias: The tendency to make decisions
based on an initial figure
6. overconfidence bias: Bias in which people's subjective confidence
in their decision making is greater than their objective accuracy
7. hindsight bias: The tendency of people to view events as being
more predictable than they really are
8. framing bias: The tendency of decision makers to be influenced by
the way a situation or problem is presented to them
9. escalation of commitment bias: When decision makers increase
their commitment to a project despite negative information about it
10. categorical thinking bias: Tendency of decision makers to classify
people or information based on observed or inferred characteristics
