Podcast
Questions and Answers
What is the characteristic of a programmed decision?
What is the characteristic of a programmed decision?
Which of the following best describes structured problems?
Which of the following best describes structured problems?
What triggers a manager to use a programmed decision?
What triggers a manager to use a programmed decision?
In which situation would a programmed decision likely not be suitable?
In which situation would a programmed decision likely not be suitable?
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How does crowdsourcing improve decision-making for managers?
How does crowdsourcing improve decision-making for managers?
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What distinguishes structured problems from unstructured problems?
What distinguishes structured problems from unstructured problems?
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What is typically the first step in resolving a structured problem?
What is typically the first step in resolving a structured problem?
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Which of the following scenarios is an example of a structured problem?
Which of the following scenarios is an example of a structured problem?
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What is a key characteristic of intuitive decision making?
What is a key characteristic of intuitive decision making?
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Which of the following best describes the term 'satisficing' in decision making?
Which of the following best describes the term 'satisficing' in decision making?
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How do managers demonstrate rational decision making when faced with information limits?
How do managers demonstrate rational decision making when faced with information limits?
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Which aspect of intuition is NOT typically associated with intuitive decision-making?
Which aspect of intuition is NOT typically associated with intuitive decision-making?
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What role does evidence-based management play in the decision-making process?
What role does evidence-based management play in the decision-making process?
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What does crowdsourcing involve in the context of decision making?
What does crowdsourcing involve in the context of decision making?
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What is one major limitation of intuitive decision making?
What is one major limitation of intuitive decision making?
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Which of the following is a common misconception about rational decision-making?
Which of the following is a common misconception about rational decision-making?
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What effect does participation in the decision-making process have on support for the decision?
What effect does participation in the decision-making process have on support for the decision?
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Which approach to decision making assumes that managers will logically maximize value?
Which approach to decision making assumes that managers will logically maximize value?
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What does the concept of bounded rationality indicate about managers' decision-making abilities?
What does the concept of bounded rationality indicate about managers' decision-making abilities?
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What type of decisions do managers make frequently in their daily routine?
What type of decisions do managers make frequently in their daily routine?
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What aspect of decision making is particularly emphasized for managers?
What aspect of decision making is particularly emphasized for managers?
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In the context of decision making, what is an example of a routine decision a manager might make?
In the context of decision making, what is an example of a routine decision a manager might make?
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How should managers ideally approach decision making to maximize the value of their choices?
How should managers ideally approach decision making to maximize the value of their choices?
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Which of the following statements is false regarding decision making in management?
Which of the following statements is false regarding decision making in management?
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Study Notes
Decision-Making Approaches
- Rationality: In theory, managers should use rational decision-making, meaning they make logical choices that maximize value.
- Bounded Rationality: In practice, managers operate within bounded rationality, meaning their decision-making is limited by their abilities to process information.
- Satisficing: Managers often satisfice rather than maximize, meaning they choose solutions that meet their needs, but aren't always optimal.
- Intuition: Managers also use intuition in decision-making, which relies on experience, feelings, and judgment accumulated over time.
- Evidence-Based Management (EBMgt): Managers can enhance their decision-making by using EBMgt, which systematically uses the best evidence available (data, expert opinions, and past experiences) to improve practice.
- Crowdsourcing: Crowdsourcing involves reaching out to a wider network of people, like customers, suppliers, or the public, to solicit ideas via the internet. This can be used to find innovative solutions and gain insights from diverse perspectives.
Types of Decisions
- Programmed Decisions: These are routine and familiar decisions, handled with a standardized approach. They often involve structured problems with clear solutions. Examples include returning a purchase to a store or handling a late supplier delivery.
- Non-programmed Decisions: These are unstructured decisions related to unique or challenging problems. Managers must consider multiple options and weigh the pros and cons.
- Decision Participation: Research shows that employees are more likely to support decisions they participate in.
Manager and Decision Making
- Every manager makes decisions, from routine daily choices to complex strategic plans.
- Decision-making is crucial to all four managerial functions: planning, organizing, leading, and controlling.
- Decision-making can be a complex process but is often essential to accomplishing manager goals.
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Description
Explore various approaches to decision-making in management, including rationality, bounded rationality, satisficing, intuition, evidence-based management, and crowdsourcing. This quiz will help you understand the strengths and limitations of each method and how they can be applied in real-world scenarios.
