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Exam 7: Decision Making, Learning, Creativity, and Entrepreneurship

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Question 31

True/False

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Managers make decisions whenever they are engaged in planning, organizing, leading, or controlling.

A) True
B) False

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Question 32

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Eileen, a college professor, has to pick a textbook for an upcoming course. She has just enough time to review a few books from the many choices available. She settles for one of the books, even though the best book might be a book that she hasn't yet reviewed. What is this process called?

A) Optimizing
B) Brainstorming
C) Rationality binding
D) Satisficing
E) Cognitive biasing

F) A) and B)
G) B) and C)

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Question 33

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When paper supplies reaches a minimum level, Ethan makes a call to the supplier to order more paper. What type of decision does this represent?

The optimum decision is the most appropriate decision possible in light of what managers believe to be the most desirable consequences for the organization.

Which of the following is a characteristic of an entrapreneur?

Discuss the perils of groupthink.

The administrative model is based on three important concepts: bounded rationality, incomplete information, and satisficing.

Escalating commitment is the tendency of decision makers to overestimate their ability to control activities and events.

Discuss the four sources of bias that can adversely affect the way managers make decisions.

Steven, a marketing manager, wants to budget the advertising for a new product launch. He is trying to determine the amount of money that the company can afford to spend on advertising. Which criterion of decision-making is he focusing on?

Individual decision making is superior to group decision making in several respects.

A group of managers meets face-to-face and generates and debates a wide variety of alternatives from which to make a decision. This is called:

Based on guidelines established by the accounting manager, Jaime, the accounts payable clerk, makes payments to vendors in order to maximize discounts. What type of decision does this represent?

Which of the following is an advantage of group decision making?

Compare and contrast programmed and nonprogrammed decision-making in organizations.

Decision making in response to opportunities occurs when managers search for ways to improve organizational performance to benefit customers, employees, and other stakeholder groups.

What is the difference between entrepreneurs and intrapreneurs?

_____ refers to the loss of productivity in brainstorming sessions due to the unstructured nature of brainstorming.

_____ is a decision maker's ability to discover original and novel ideas that lead to feasible alternative courses of action.

WashUrCar, which operates five car washes, has to decide whether or not it should invest in the latest drying equipment. What type of decision does this represent for the organization?