Decision Making and Entrepreneurship Chapter 5

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What is the process of responding to opportunities and threats by analyzing options and making determinations about specific organizational goals and courses of action?

Creativity
Managerial decision making (correct)
Entrepreneurship
Organizational learning

What type of decision making follows established rules or guidelines?

Creative decision making
Non-programmed decision making
Programmed decision making (correct)
Entrepreneurial decision making

What is a characteristic of programmed decision making?

Managers have never made the same decision before
It is a complex and uncertain process
Managers have made the same decision many times before (correct)
There are no rules or guidelines to follow

What is the goal of managerial decision making?

To respond to opportunities and threats (B) Signup and view all the answers

What is the role of organizational learning and creativity in managerial decision making?

To improve decisions (B) Signup and view all the answers

What is the difference between entrepreneurs and intrapreneurs?

Entrepreneurs start their own businesses, while intrapreneurs work in organizations (C) Signup and view all the answers

What is the main reason managers do not search for all possible alternatives and evaluate potential consequences?

They do not have the time or money to do so (C) Signup and view all the answers

What is the name of the strategy of searching for and choosing an acceptable response to problems and opportunities?

Satisficing (A) Signup and view all the answers

What is one advantage of group decision making?

It is less likely to fall victim to bias (B) Signup and view all the answers

What is the main difference between satisficing and optimizing?

Satisficing is used to find an acceptable solution, while optimizing is used to find the best solution (D) Signup and view all the answers

Why do capable managers sometimes make bad decisions?

They do not have enough information to make good decisions (D) Signup and view all the answers

What is the main benefit of evaluating possible courses of action?

It reduces the risk of making bad decisions (A) Signup and view all the answers

What is the primary characteristic of nonprogrammed decision making?

It occurs in response to unusual, unpredictable opportunities and threats. (A) Signup and view all the answers

What is intuition in the context of decision making?

Feelings, beliefs, and hunches that come readily to mind. (D) Signup and view all the answers

What is the primary assumption of the Classical Model of decision making?

Decision makers are rational and objective. (D) Signup and view all the answers

What is the primary goal of the Classical Model of decision making?

To choose the most appropriate course of action. (B) Signup and view all the answers

What is an optimum decision in the context of the Classical Model?

The most desirable decision for the organization. (D) Signup and view all the answers

What is the primary difference between reasoned judgment and intuition?

Reasoned judgment is more rational, while intuition is more emotional. (B) Signup and view all the answers

What is the primary goal of a learning organization?

To maximize the ability of individuals and groups to think and behave creatively (D) Signup and view all the answers

What is the definition of creativity in the context of decision-making?

The ability to discover original and novel ideas that lead to feasible alternative courses of action (C) Signup and view all the answers

What is a key condition for promoting individual creativity?

No punishment for ideas that seem outlandish (B) Signup and view all the answers

What is the primary purpose of brainstorming in promoting group creativity?

To generate and debate many alternatives (B) Signup and view all the answers

What is a characteristic of a learning organization, according to Senge's principles?

An emphasis on experimentation and learning from mistakes (C) Signup and view all the answers

What is a key step in the brainstorming process?

Generating and debating many alternatives (D) Signup and view all the answers

What is a major limitation of brainstorming sessions?

Production Blocking due to the unstructured nature (B) Signup and view all the answers

What is the primary difference between the Nominal Group Technique and the Delphi Technique?

One uses face-to-face meetings, while the other does not (C) Signup and view all the answers

What is the primary goal of a social entrepreneur?

To improve society and wellbeing through creative solutions (D) Signup and view all the answers

What is the primary role of an intrapreneur?

To develop new or improved products and better ways to make them (A) Signup and view all the answers

What is entrepreneurship?

The mobilization of resources to take advantage of an opportunity to provide customers with new and improved goods and services (D) Signup and view all the answers

What is the primary difference between an entrepreneur and a social entrepreneur?

The focus on profit versus social impact (B) Signup and view all the answers