Making Decisions & implemented in management today MCQ
During the _____ stage of the problem solving process, you select a course of action.
Answer
Correct Answer:
Choice
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High volume, high velocity, and high variety are terms that define which concept?
Answer
Correct Answer:
Big data
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When people continue to invest in failing courses of action to recoup their losses, hoping to show they have made the right decision all along is known as Sunk Costs Fallacy.
Answer
Correct Answer:
True
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Making a decision that is satisfactory and optimal is known as Satisficing.
Answer
Correct Answer:
False
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Evaluation of the likelihood that a damaging event might negatively affect an organization is known as ?
Answer
Correct Answer:
Risk Analysis
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If one of two alternatives is recognized, inferring that it has the Lower value on the criterion in question is known as Recognition Heuristic.
Answer
Correct Answer:
False
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A way of understanding the perceptions people have of risks when making decisions is known as ?
Answer
Correct Answer:
Prospect Theory
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The application of advanced _____ methods to make better decisions about business operations.
Answer
Correct Answer:
Analytic
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Management Analytics encompasses _____ analytics.
Answer
Correct Answer:
Behavioral and Operational
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Responses that are reached with little apparent effort, and typically without conscious awareness; they involve more conscious deliberation is known as Intuition.
Answer
Correct Answer:
True
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The urgent need to solve the problem faced, regardless of the monetary _____ expected is known as Intrinsic Motivation.
Answer
Correct Answer:
Rewards
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Heuristic entailing following best practices?
Answer
Correct Answer:
Limiting the Successful
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Heuristic entailing doing what most people do?
Answer
Correct Answer:
Limiting the Majority
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“The tendency for individuals with outcome knowledge to claim they would have estimated a probability of occurrence for the reported outcome that is higher than they would have estimated” before knowing the outcome (Hawkins & Hastie, 1990) is known as?
Answer
Correct Answer:
Both A and B
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Heuristics is a mental shortcut that allows people to solve problems and make judgments _____ .
Answer
Correct Answer:
Quickly and Efficiently
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The choice to present questions as gains or losses is called Framing.
Answer
Correct Answer:
True
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When the quickest decision is selected, as when there is a pressing need to bring a new product to market before competition enters, it is called Fluency.
Answer
Correct Answer:
True
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Expertise refers to knowledge of ?
Answer
Correct Answer:
All of Mentioned
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When individuals continue a failing course of action after receiving _____ that shows it is not working is known as Escalation of Commitment.
Answer
Correct Answer:
All of the Above
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Resources that should be allocated equally are called Equality Heuristic.
Answer
Correct Answer:
True
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_____ is generally thought of as a different but useful solution to a problem, or novel and effective ideas.
Answer
Correct Answer:
All of the Above
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Creative Thinking Skills refers to how adaptable and imaginative _____ are.
Answer
Correct Answer:
Individuals
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The use of data to help managers gain improved insight about _____ operations is called Business Analytics.
Answer
Correct Answer:
Business
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The context _____ used to simplify complex problems by limiting the amount of information-processing needed is known as Bounded Rationality.
Answer
Correct Answer:
Decision Makers
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Collections of large amounts of data; it has been defined in terms of
Answer
Correct Answer:
All of the mentioned
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The collection and analysis of data about human behavior, particularly its _____ is known as Behavioral Analytics.
Answer
Correct Answer:
Predictors and Outcomes
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The _____ of data about human behavior, particularly its predictors and outcomes is known as Behavioral Analytics.
Answer
Correct Answer:
Collection and Analysis
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Using ______ is an effective way for organizations to make routine decisions and better manage information.
Answer
Correct Answer:
heuristics
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Expertise, creative thinking skills, and ______ are parts of the three-component model of creativity.
Answer
Correct Answer:
intrinsic motivation
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When decision makers simplify complex problems to limit the amount of information processing, this is known as ______ rationality.
Answer
Correct Answer:
bounded
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Companies use business analytics to predict company performance in terms of ______, revenue, and shareholder return.
Answer
Correct Answer:
profitability
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When managers make a decision that is satisfactory, but not optimal, they engage in which practice?
Answer
Correct Answer:
satisficing
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Business analytics is considered to be a part of which of the following relationship areas?
Answer
Correct Answer:
business intelligence
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Which of the following definitions best describes High Velocity?
Answer
Correct Answer:
the rate at which data is created
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Daniel Kahneman and Amos Tversky won a Nobel Prize in economics for their work on which decision-making theory?
Answer
Correct Answer:
Prospect Theory
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The “lone genius” working in the lab is an example of a common myth about ______.
Answer
Correct Answer:
creativity
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How many steps are part of the Rational Decision Making Process?
Answer
Correct Answer:
eight
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Using money to foster creativity is an example of which creativity myth?
Answer
Correct Answer:
Incentive Myth
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A manager who continues a failing course of action after receiving negative feedback is engaging in ______ of commitment.
Answer
Correct Answer:
escalation
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The five critical decisions that could make or break a manager’s career include hiring, firing, clarifying and dealing decisively with ethics, navigating “fork-in-the-road
Answer
Correct Answer:
recognizing and responding to mistakes
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If managers are going to rely on ______ to help make decisions, they must be aware of the positive and negative effects.
Answer
Correct Answer:
intuition
Note: This Question is unanswered, help us to find answer for this one
When people continue to invest in failing courses of action to recoup their losses, hoping to show they have made the right decision all along is known as Sunk Costs Fallacy.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Making a decision that is satisfactory and optimal is known as Satisficing.
Answer
Correct Answer:
False
Note: This Question is unanswered, help us to find answer for this one
Evaluation of the likelihood that a damaging event might negatively affect an organization is known as ?
Answer
Correct Answer:
Risk Analysis
Note: This Question is unanswered, help us to find answer for this one
If one of two alternatives is recognized, inferring that it has the Lower value on the criterion in question is known as Recognition Heuristic.
Answer
Correct Answer:
False
Note: This Question is unanswered, help us to find answer for this one
A way of understanding the perceptions people have of risks when making decisions is known as ?
Answer
Correct Answer:
Prospect Theory
Note: This Question is unanswered, help us to find answer for this one
The application of advanced _____ methods to make better decisions about business operations.
Answer
Correct Answer:
Analytic
Note: This Question is unanswered, help us to find answer for this one
Management Analytics encompasses _____ analytics.
Answer
Correct Answer:
Behavioral and Operational
Note: This Question is unanswered, help us to find answer for this one
Responses that are reached with little apparent effort, and typically without conscious awareness; they involve more conscious deliberation is known as Intuition.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
The urgent need to solve the problem faced, regardless of the monetary _____ expected is known as Intrinsic Motivation.
Answer
Correct Answer:
Rewards
Note: This Question is unanswered, help us to find answer for this one
Heuristic entailing following best practices?
Answer
Correct Answer:
Limiting the Successful
Note: This Question is unanswered, help us to find answer for this one
Heuristic entailing doing what most people do?
Answer
Correct Answer:
Limiting the Majority
Note: This Question is unanswered, help us to find answer for this one
“The tendency for individuals with outcome knowledge to claim they would have estimated a probability of occurrence for the reported outcome that is higher than they would have estimated” before knowing the outcome (Hawkins & Hastie, 1990) is known as?
Answer
Correct Answer:
Both A and B
Note: This Question is unanswered, help us to find answer for this one
Heuristics is a mental shortcut that allows people to solve problems and make judgments _____ .
Answer
Correct Answer:
Quickly and Efficiently
Note: This Question is unanswered, help us to find answer for this one
The choice to present questions as gains or losses is called Framing.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
When the quickest decision is selected, as when there is a pressing need to bring a new product to market before competition enters, it is called Fluency.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Expertise refers to knowledge of ?
Answer
Correct Answer:
All of Mentioned
Note: This Question is unanswered, help us to find answer for this one
When individuals continue a failing course of action after receiving _____ that shows it is not working is known as Escalation of Commitment.
Answer
Correct Answer:
All of the Above
Note: This Question is unanswered, help us to find answer for this one
Resources that should be allocated equally are called Equality Heuristic.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
_____ is generally thought of as a different but useful solution to a problem, or novel and effective ideas.
Answer
Correct Answer:
All of the Above
Note: This Question is unanswered, help us to find answer for this one
Creative Thinking Skills refers to how adaptable and imaginative _____ are.
Answer
Correct Answer:
Individuals
Note: This Question is unanswered, help us to find answer for this one
The use of data to help managers gain improved insight about _____ operations is called Business Analytics.
Answer
Correct Answer:
Business
Note: This Question is unanswered, help us to find answer for this one
The context _____ used to simplify complex problems by limiting the amount of information-processing needed is known as Bounded Rationality.
Answer
Correct Answer:
Decision Makers
Note: This Question is unanswered, help us to find answer for this one
Collections of large amounts of data; it has been defined in terms of
Answer
Correct Answer:
All of the mentioned
Note: This Question is unanswered, help us to find answer for this one
The collection and analysis of data about human behavior, particularly its _____ is known as Behavioral Analytics.
Answer
Correct Answer:
Predictors and Outcomes
Note: This Question is unanswered, help us to find answer for this one
The _____ of data about human behavior, particularly its predictors and outcomes is known as Behavioral Analytics.
Answer
Correct Answer:
Collection and Analysis
Note: This Question is unanswered, help us to find answer for this one
