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Exam 8: Decision Making

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Question 1

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Which of the following is an assumption of the rational decision-making model?

A) The problem may be ambiguous.
B) Specific decision criteria may change over time.
C) Cost and time constraints can be assessed.
D) The rational decision maker will choose the alternative that yields the highest perceived value.

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Question 2

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Jane Burns needed help. Her insurance company's rapid growth was necessitating making some changes, but what changes? Should she add to the existing system? Buy a new system? She was given the responsibility of analyzing the company's information system and deciding what the company should do. She was confused and needed help in making the correct decision. -Because Jane cannot gather all the information needed nor can she determine all available alternatives, she bases her decision on a simplified model, which will help her make a decision that is good enough. Jane is operating under what model of decision making?

A) Perfect rationality.
B) Bounded rationality.
C) Marginal analysis.
D) Rationalized decision process.

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Question 3

Multiple Choice

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Jane Burns needed help. Her insurance company's rapid growth was necessitating making some changes, but what changes? Should she add to the existing system? Buy a new system? She was given the responsibility of analyzing the company's information system and deciding what the company should do. She was confused and needed help in making the correct decision. -According to the decision-making process, the first step Jane should take would be to:

If you were making a decision by selecting the alternative that is good enough, you would be relying on:

Sue is a manager at CYBER Company. As she looks at the latest numbers, she worries that she may not reach her sales objectives. However, she has decided to take action to correct the situation and has the resources to do so. As a manager, Sue is now facing a:

Jane Burns needed help. Her insurance company's rapid growth was necessitating making some changes, but what changes? Should she add to the existing system? Buy a new system? She was given the responsibility of analyzing the company's information system and deciding what the company should do. She was confused and needed help in making the correct decision. -Jane personally favors the decision-making process that seeks the optimum decision and maximized attainment of goals by a systematic search for the best possible decision. Jane favors the:

After several days without a decision, Sondra thinks of making a decision that is good enough. Sondra is likely to make her decision based on the principle of:

Which decision heuristic is demonstrated by the statement "We throw good money after bad?"

Sandy is the manager for TrucksRUs, a medium-sized hauling service located in the Southeast. She is responsible for scheduling trucks, initiating new routes, and staffing both existing and new routes. She is currently struggling with existing information about the profitability of existing and future truck routes. Sandy is determined to make a decision that yields the maximum payoff for herself and her company. Sandy is likely to make a _____ decision.