Week 12 - Decision Making

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Questions and Answers

Which of the following statements are true about decisions and decision making? (Select all that are applicable)

  • Decisions can range from simple to complicated and important. (correct)
  • Different decision making models can be used to evaluate choices and reach a final decision. (correct)
  • It is better to trust your emotions rather than weighing all the advantages and disadvantages.
  • Decisions at top level only impact a few people.
  • Sometimes decisions need collaboration to come to the best decision. (correct)
  • It is important to not let your emotions take over when coming to an informed decision. (correct)
  • In order to come to an informed decision, you will need to look at all the facts presented to you. (correct)
  • Decision making is the process of selecting the best choices among various options. (correct)

Decision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.

Match the description to the correct decision making step.

Identify the decision = Clearly define the nature of the decision you must make. Gather relevant information = Collect some pertinent information before you make your decision: what information is needed, the best sources of information, and how to get it. Identify the alternatives = List all possible and desirable alternatives. Weigh the evidence = Draw on your information and emotions to imagine what it would be like if you carried out each of the alternatives to the end. Evaluate whether the need identified would be met or resolved through the use of each alternative. Choose among alternatives = Select the alternative that seems to be best one for you. Take action = Take some positive action by beginning to implement the alternative you chose. Review your decision & its consequences = Consider the results of your decision and evaluate whether or not it has resolved the need you identified.

Is the following statement true or false? "When looking at potential causes for the problem it is useful to collect input from other individuals".

True (A)

Which of the following are common biases that may affect your decisions? (Select all that apply)

<p>Availability heuristic (A), Confirmation bias (B), Survivorship bias (D), Anchoring bias (F), Halo Effect (H)</p> Signup and view all the answers

Which of the following are types of decision making skills? (Select all that apply)

<p>Time Management (A), Information Gathering (B), Logical Reasoning (C), Problem Solving (D), Authenticity (E), Clear Communication (F), Collaboration (G), Lateral Thinking (H), Critical Thinking (I), Reflective Learning (J), Self Awareness (K), Emotional Intelligence (L), Deductive Reasoning (M)</p> Signup and view all the answers

Match the following definitions to the correct Decision Making Model:

<p>Rational Decision-Making Model = This model provides decision makers with the opportunity to contemplate on the things that matter the most in their situation and select the choices that best reflect their standards. Intuitive Decision-Making Model = This model is less structured and opts for more subjective opinions, it is a sophisticated process in which the decision maker applies their intuition in many ways. Creative Decision-Making Model = This model is used when the decision maker has to come up with an original and unique decision for a situation. The success of it depends mainly on the decision maker's personal traits such as his creativity and the contextual situation. Recognition-Primed Decision Making Model = This model incorporates contextual assessment and mental evaluation to come up with the best reaction to a problem. Decision makers consider only one option instead of weighing several choices at a time. Bounded Rationality Decision-Making Model = Instead of rigorously seeking the best possible decision, you're just looking for a 'good enough' decision.</p> Signup and view all the answers

Is the following statement true or false? "When selecting an approach to resolve a problem you should consider which approach is most likely to solve the problem for the long term".

<p>True (A)</p> Signup and view all the answers

Which of the following do most decision-making models have in common? (Select all that apply)

<p>Implementing the decision or solution (A), Identifying the Problem (G)</p> Signup and view all the answers

Match the decision-making models with their corresponding pros and cons:

<p>Rational Decision-Making Model = Pros: Based on data; Cons: Time-consuming Intuitive Decision-Making Model = Pros: Fast; Cons: May lack data support Creative Decision-Making Model = Pros: Fosters innovation; Cons: May produce unstructured solutions Bounded Rationality Decision-Making Model = Pros: Practical; Cons: Limited by constraints Recognition-Primed Decision Making Model = Pros: Quick response; Cons: Risk of bias</p> Signup and view all the answers

Is the following statement true or false? "A major advantage of the rational approach is that it is highly adaptable to understanding and explaining the chaotic changes that occur in projects and everyday life."

<p>False (B)</p> Signup and view all the answers

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