Week 7 Notes
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May 6, 2024
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Week 7 Notes
Identify a true statement about programmed decisions.
They are developed for situations that occur frequently or repeatedly.
A(n)
decision
is a means to achieve some result or to solve some problem; it can also be defined as the outcome of a process that is influenced by many forces.
A garment manufacturing company plans to expand its product base by entering the beauty products market. Which of the following should be its manager's first step in the decision-making process as the company diversifies into a new market?
Establishing goals and measuring results
Identify a factor that leads to complications in detecting the problems of an organization.
Identifying symptoms as issues
Explaining problems in terms of solutions
In the context of the decision-making process, which of the following steps should an organization take immediately after identifying and analyzing a problem?
Formulating alternative solutions to the problem
Programmed
decisions are repetitive and routine, and a definite procedure is developed for them.
Identify the features of decisions in an organizational context.
They are an organizational response to an issue.
They are the outcomes of dynamic processes that are influenced by multiple forces.
They are the tools through which an organization attempts to achieve a desired state.
In the context of a rational decision-making process, which of the following is a consequence of adequately establishing objectives in an organization?
It dictates the results that must be accomplished.
Which of the following is done by the managers of an organization while developing alternative solutions to a problem in the decision-making process?
The internal and external environs of the organization are examined to determine if they have useful information to develop possible alternatives.
Identify a true statement about devil's advocacy.
It compels a decision maker to reconsider information and assumptions.
In a rational decision-making process, the selection of a particular solution should
Blank
______.
not be considered by the decision maker as a solitary act
In the
Blank
______, decision makers of an organization are assumed to have a limited or incomplete view of the problems or opportunities facing them.
bounded rationality approach
Why does intuitive decision making take place frequently in organizations?
Because a large number of alternatives can be challenging to examine thoroughly
Because of the intensity of time pressure
Because some circumstances lack past experience or history to consider
Because of the prevalence of high levels of uncertainty about a problem, decision criteria, and goals
How do values influence the decision-making process?
By assisting decision makers in developing alternatives through value judgments about the probable alternatives
By helping decision makers establish goals through value judgments about the selection of chances
By influencing decision makers in selecting a specific alternative
An appointed critic of proposed group actions whose role is to uncover underlying issues with the prevailing direction of the group is known as a(n)
devils
advocate
In the context of risk propensity in decision making,
Blank
______
refers to a decision maker's view of his or her decision's probable consequences in terms of gains or losses.
Framing
The
bounded
F
rationality approach
to decision making assumes that decision making is not a perfectly rational process, but rather one that is fraught with constraints and limitations. Though not optimal, decisions are thought to be satisfactory and acceptable.
When managers combine systematic and intuitive approaches, decisions are always
flawless and cost-effective to an organization.
False
In the context of cognitive dissonance, in which of the following cases is the intensity of anxiety likely to increase?
When the decision is psychologically or financially significant
When there are numerous foregone options
In the context of decision making,
values
can be thought of as the guidelines a person uses when confronted with a situation in which a choice must be made.
Identify the true statements about escalation of commitment in an organizational decision-making process.
It results from a necessity to change a poor decision into a good decision.
It can be an outcome of peer pressure.
In the context of nonprogrammed decisions, identify the situations in which group decision making is more effective than individual decision making.
In selecting a solution
In assessing alternative solutions
Festinger's
Blank
______
states that there is often a lack of consistency or harmony among an individual's various attitudes or beliefs after a decision has been made.
cognitive dissonance theory
Identify the common characteristics of creative decision makers in organizations.
They remain longer at the task of confronting critical situations.
They can accept a lack of structure.
They are receptive to new experiences.
Identify the basic rules of brainstorming in teams.
Every idea presented is owned by the team, not by the person who expresses it.
No idea is viewed as absurd.
No idea can be judged or criticized.
In an organizational context,
escalation
of
commitment
refers to an increasing commitment to a previous decision when a "rational" decision maker would withdraw.
Identify the variables that are a part of all leadership situations.
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Related Questions
What is the final value of the decision tree?
arrow_forward
34-
The process of decision making starts with:
a.
Diagnosing the problem
b.
Identification of the problem
c.
Developing alternatives
d.
Selecting the best alternative
arrow_forward
35
*:A criticism of the rational choice model of decision making is-17
Ajthat it is never followed in practice. O
B)that it is too complex for people in organisations to understand.
C)the assumption that decision makers have unlimited resources to search for and
process information.
Djall of the above O
arrow_forward
Which of the following is the fourth step in the decision making process?
a.Identify decision criteria
b.Allocating weight to each criteria
c.Developing Alternatives
d.Selecting Alternative
arrow_forward
Read the decisions below and identify which type of decision (Structured, Semi Structured,
Unstructured) each one is.
Decision
Decision Structure
(Structured, Semi Structured,
Unstructured)
The
process of hirng a new employee in a company.
A company deciding to close all physical shops and selling
only online.
Because of the Covid 19 Pandemic most companies allowed
employees to work from home.
Restocking inventory when products run out.
arrow_forward
Salvatore, in his quest for a new car, has narrowed down his options to four possibilities. He considers each car against his own criteria. In which of the following decision-making process activities is Salvatore engaging?a.Search for informationb.Choicec.Evaluation of alternativesd.Need recognitione.Postchoice evaluationThe Smiths do their groceries every weekend. Mrs. Smith starts off by making a list of requirements for the entire family over the week. She never forgets to replenish their stock of Caribbean coffee as her husband, a writer, generally feels groggy and sleepy after lunch in the afternoon. The coffee keeps him awake at such times. Fruits are a âmust-buyâ for the family. Everyone, including their three children loves apples. However, Mrs. Smith refrains from buying apples when they are not in season as they tend to be more expensive. This weekend, she bought a new brand of pasta that her children insisted on buying as they were tempted…
arrow_forward
Why would a manager prefer a decision tree instead of a decision table?
arrow_forward
A decision-maker typically uses the 7 measures to implement management science tools. What are these? What are they? Lists each move and provide examples.Requirement: the explanations should be a case or a situation
arrow_forward
Explain all, please
Match the following decision making definition to one of the following concepts:
(Consensus Decision, Pro/Con Listing, Plurality Decision, Preference Trees, Flipism, Majority Decision, Range Voting, Prioritization or Satisficing)
1. Outlining the costs and benefits of a decision
2. Only considering options until the first acceptable one is presented
3. Listing goals in rank order
4. Progressively paring-back a complicated decision by dealing with one problem at a time
5. Making a decision by using some random method
arrow_forward
1. Discuss the process you would employ to develop a suitable balanced scorecard for a tourist site organization and give examples of measures that would be incorporated within it.
2. Discuss how break even analysis can aid management in decision-making.
3. Discuss the practical difficulties associated with the use of breakeven analysis by managers in decision-making.
arrow_forward
Answer A.2 a-e
a-c is in the picture here is d and e
d) What is the qually likely decision?
e) Develop a decision tree. Assume each outcome is equally likely, then find the highest EMV.
arrow_forward
Describe a business situation in which a Two-sample Test for the Difference in Means would support decision-making. Please do not use examples from the textbook.
arrow_forward
Which types of decisions should the decision trees be used to address for?
arrow_forward
28
When managers make decisions that are objective and for the best interest of the firm instead himself/herself, they are following the concept of
A) escalation of commitment
B) bounded rational decision making
C) rational decision making
D) intuitive decision making
E) none of the above
arrow_forward
Review the six-step decision-making process outlined below, then answer the question that follows.
Step 1: Define the problem
Step 2: Identify alternatives to the problem
Step 3: Evaluate the identified alternatives
Step 4: Make the decision
Step 5: Implement the decision
Step 6: Evaluate the decision
A customer is frequently slow in paying invoices—sometimes as late as 30 days. Is this because (1) he does not manage his books well, (2) he is trying to conserve his working capital as long as possible, or (3) his own customers are often slow in paying him for the goods he sells them? Consider that there may be another explanation as well. Based on your ethical concerns, use the six-step decision-making process to arrive at a solution. Explain your reasoning for each of these steps.
arrow_forward
Answer the following MCQ questions.
1) When Delroy draw on well-developed procedures in his job of grocery store inventory clerk to determine which products to stock first, he is making which type of decision?
a) Tactical
b) Programmed
c) Operational
d) Non-Programmed
2) Identifying a problem and matching it with established routines and procedures for resolving it is a ?
a) Tactical decision
b) Programmed decision
c) Operational decision
d) Non-Programmed decision
3) Crystal is a marketing manager who is deciding how to allocate the financial resources among three different product launches over the next three months years. Crystal is making a ?
a) Strategic decision
b) Operational decision
c) Tactical decision
d) Opportunistic decision
arrow_forward
A step in decision-making process which involves a manager uncover the risks involved or difficulties which need to be overcome when implementing the options. *
Step 7: Select the options to pursue
Step 8: Analyze the risks
Step 5: Establish decision-making criteria
Step 6: Evaluate the options against the criteria
arrow_forward
Describe how decision analysis is similar to and different from simulation analysis and scenario analysis (at least 75 words)
arrow_forward
Will the use of decision tree analysis guarantee the best decision for a firm? Why or why not? If not, why bother using it?
arrow_forward
Construct a decision tree and answer the following questions:
What is the EMV of each decision alternative?
Which action should be selected?
What is the expected value with perfect information?
What is the expected value of perfect information?
arrow_forward
A decision tree is a graphic display of the decision process that indicates decision alternatives, states of
nature and their respective probabilities, and payoffs for each combination of alternative and states of
nature.
O True
O False
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arrow_forward
Business decision support systems, sometimes known as DSSs, provide assistance in making choices that require many steps.Describe the many components that make up the DSS. In what ways does DSS modify IT?
arrow_forward
In essay form, What is a decision tree?
arrow_forward
When Delroy draws on well-developed procedures in his job of grocery store inventory clerk to determine which products to stock first, he is making which type of decision?
a.
Tactical decision
b.
Programmed decision
c.
Operational decision
d.
Non-programmed decision
arrow_forward
You are on the lookout for a new smartphone after your old unit has gone kaput. Given so many brands available in the market, you were confused and undecided about the purchase to give you the optimum solution.
a. Illustrate the EIGHT (8) steps of decision making graphically as suggested in the Decision-Making Process model.
arrow_forward
9-
Majid is framing the decisions that will contribute significantly to the achievement of company objectives.The above statement refers to which of the following?
a.
Majid is framing strategic decisions
b.
Majid is framing simple decisions
c.
Majid is framing minor decision
d.
Majid is framing operational decisions
arrow_forward
Please help with correct answers!
Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis.
Time (Weeks)
Activity
Description
ImmediatePredecessor
Optimistic
Most Probable
Pessimistic
A
Report generation
2
9
13
B
Web scraping
5
10
12
C
Testing
A, B
1
1
1
a) Based solely on the critical path, estimate the probability that the project will be complete within 12 weeks. (Round your answer to four decimal places.)
b) Using all paths through the project network, estimate the probability that the project will be complete within 12 weeks. (Round your answer to four decimal places.)
arrow_forward
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