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Exam 9: Managerial Decision Making

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Question 21

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Groups have an advantage over individuals because they bring together a broader perspective for defining the problem and diagnosing underlying causes and effects.

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Question 22

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The ________________ technique uses face-to-face groups to spontaneously suggest a broad range of alternatives to decision making.

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Question 23

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Vincent,a product manager,wants to increase the market share of his product.He is unsure about how to go about it,not knowing for sure how costs,price,the competition and the quality of his product will interact to influence market share.Vincent is operating under a condition of:

A choice made from available alternatives is called a decision.

A manager with an analytical style prefers simple,clear-cut solutions to problems.

Under the administrative model,managers make decisions in situations characterised by programmed decisions and high levels of certainty.

In circumstances that are considered to be risky,a decision has key goals but the information required to achieve the goals is unavailable.

The two classifications of management decisions are programmed and unstructured.

The degree to which a decision maker is willing to accept a risk with the opportunity of gaining an increased payoff is known as risk propensity.

An informal alliance among managers who support a specific goal is known as a:

Briefly describe the assumptions underlying the classical model of decision making.

The recognition that people have limitations to how rational they can be is known as _____________________ (two words).

Once the desired alternative is selected,it should be:

When Wesfarmers decided to acquire Coles Supermarkets as part of its operations,it made a programmed decision.

Each of the following assumptions of the classical decision-making model,except:

People who tend towards a __________ of decision making also like to consider a broad amount of information.

The most important step in the managerial decision-making process is___________________(five words)

Normative decision theory recognises that managers have only limited time and cognitive ability and therefore their decisions are characterised by bounded rationality.

List the characteristics of the classical,administrative and political decision-making models described in the text.

______________________ involves overly supporting a strategy,decision or activity even though rational thought would indicate the contrary.