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What is the primary characteristic of a rational decision maker?
What is the primary characteristic of a rational decision maker?
Which decision-making approach involves managers making decisions that satisfice rather than maximize?
Which decision-making approach involves managers making decisions that satisfice rather than maximize?
What type of decision is characterized by a series of sequential steps used to respond to structured problems?
What type of decision is characterized by a series of sequential steps used to respond to structured problems?
Under which decision-making condition can a manager accurately predict outcomes for every alternative?
Under which decision-making condition can a manager accurately predict outcomes for every alternative?
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In which situation is the decision maker unable to estimate the likelihood of outcomes?
In which situation is the decision maker unable to estimate the likelihood of outcomes?
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What defines a programmed decision?
What defines a programmed decision?
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Which type of problem is typically unstructured and may require significant judgment?
Which type of problem is typically unstructured and may require significant judgment?
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What is the focus of evidence-based management?
What is the focus of evidence-based management?
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Which training method involves employees learning by performing tasks?
Which training method involves employees learning by performing tasks?
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What type of training does Ruth's Chris Steak House utilize to convey job-related information?
What type of training does Ruth's Chris Steak House utilize to convey job-related information?
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Which of the following is considered a specific type of training?
Which of the following is considered a specific type of training?
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What is a common advantage of using mentoring and coaching as a training method?
What is a common advantage of using mentoring and coaching as a training method?
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Which training method primarily uses role playing and simulations?
Which training method primarily uses role playing and simulations?
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What is the purpose of a performance management system?
What is the purpose of a performance management system?
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Which of the following is NOT a method of technology-based training?
Which of the following is NOT a method of technology-based training?
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What kind of training focuses on diversity and cultural awareness?
What kind of training focuses on diversity and cultural awareness?
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What are the two main decision-making styles identified?
What are the two main decision-making styles identified?
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Which decision-making error involves placing too much confidence in one's own abilities or knowledge?
Which decision-making error involves placing too much confidence in one's own abilities or knowledge?
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In the decision-making process, what is the last step after implementing an alternative?
In the decision-making process, what is the last step after implementing an alternative?
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Which type of decision-making condition involves a clear understanding of all possible outcomes?
Which type of decision-making condition involves a clear understanding of all possible outcomes?
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What does 'satisficing' refer to in the context of decision-making?
What does 'satisficing' refer to in the context of decision-making?
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What is a key factor in effective decision-making in today's fast-paced business environment?
What is a key factor in effective decision-making in today's fast-paced business environment?
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Which of the following biases occurs when individuals focus only on information that supports their pre-existing beliefs?
Which of the following biases occurs when individuals focus only on information that supports their pre-existing beliefs?
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In decision-making, what are well-structured problems often categorized as?
In decision-making, what are well-structured problems often categorized as?
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What is a primary focus of Management by Objectives (MBO)?
What is a primary focus of Management by Objectives (MBO)?
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Which of the following is a potential long-term consequence of downsizing?
Which of the following is a potential long-term consequence of downsizing?
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What is a characteristic of 360-degree appraisal?
What is a characteristic of 360-degree appraisal?
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Which factor might lead an organization to consider downsizing?
Which factor might lead an organization to consider downsizing?
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Skill-based pay rewards employees based on what criteria?
Skill-based pay rewards employees based on what criteria?
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What is a recommended tip for managing downsizing effectively?
What is a recommended tip for managing downsizing effectively?
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Which of the following describes variable pay?
Which of the following describes variable pay?
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Why did the bureau of labor statistics not track permanent layoffs before the 1980s?
Why did the bureau of labor statistics not track permanent layoffs before the 1980s?
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What is the primary goal of employee training in an organization?
What is the primary goal of employee training in an organization?
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Which decruitment option involves permanently terminating employees from an organization?
Which decruitment option involves permanently terminating employees from an organization?
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Which of the following is NOT a type of selection tool used in the hiring process?
Which of the following is NOT a type of selection tool used in the hiring process?
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What type of orientation focuses specifically on the team and job responsibilities of the new employee?
What type of orientation focuses specifically on the team and job responsibilities of the new employee?
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What is a critical factor in the selection process when determining candidate success?
What is a critical factor in the selection process when determining candidate success?
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How does Miami International Airport incentivize participation in its training program?
How does Miami International Airport incentivize participation in its training program?
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Which method would be used to assess the validity of a selection device?
Which method would be used to assess the validity of a selection device?
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Which of the following is a reason why employee accidents might occur according to the content?
Which of the following is a reason why employee accidents might occur according to the content?
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Study Notes
Evaluating Decision Effectiveness
- Assess the outcome of decisions to determine if the initial problem was resolved.
Four Perspectives on Decision Making
- Rationality: Objective and logical decisions to maximize organizational goals.
- Bounded Rationality: Decisions made in a rational manner but limited by information processing capabilities, leading to satisficing instead of maximizing.
- Role of Intuition: Decisions based on experience and feelings rather than solely empirical data.
- Evidence-Based Management (EBMgt): Utilizes the best available evidence to improve management practices systematically.
Types of Problems and Decisions
- Structured Problems: Clear, familiar situations easily defined.
-
Programmed Decisions: Routine, repetitive decisions handled through established protocols including:
- Procedures: Sequential steps for addressing structured problems.
- Rules: Explicit guidelines on what actions are permissible.
- Policies: Framework for guiding decision-making.
Decision Types Characteristics
- Nonprogrammed Decisions: Unstructured, novelty-oriented, and rely on creative judgment.
- Programmed Decisions: Structured, routine, and short-term with clear information and procedures.
Decision-Making Conditions
- Certainty: All outcomes of alternatives are known.
- Risk: Decision-maker can estimate the likelihood of outcomes.
- Uncertainty: Lack of certainty or probability estimates.
Decision Making Styles
- Distinctions between linear and nonlinear thinking styles inform how different managers approach decision-making.
- Example: William D. Perez at Nike relied on data while Phil Knight favored intuition.
Decision Making Biases and Errors
- Common biases include:
- Overconfidence
- Immediate gratification
- Anchoring effect
- Selective perception
- Confirmation bias
- Framing bias
- Availability bias
- Representation bias
- Randomness bias
- Sunk costs error
- Self-serving bias
- Hindsight bias
Decision Making Process
- Involves identifying options, evaluating them, selecting the best alternative, implementing the decision, and assessing its effectiveness for future improvement.
- Influencing factors include decision-making approaches, problem types, conditions, and styles.
Effective Decision Making in Today's World
- Managers should:
- Understand cultural differences.
- Know when to pivot from a decision.
- Utilize effective decision-making processes.
- Foster adaptive organizational structures.
Foundation of Planning
- Planning involves setting goals, strategies for achievement, and coordinating activities within an organization.
Recruitment and Selection
- Recruitment methods include:
- Internet
- Employee referrals
- Company websites
- Professional recruiting organizations
Decruitment
- Approaches to control labor supply through decruitment include:
- Firing
- Layoffs
- Early retirements
- Job sharing
- Transfers
Selection Process
- Selection involves screening candidates to predict future success.
- Valid tools show a proven relationship to job performance; reliable tools yield consistent measurements.
Employee Training and Skills Development
- Orientation introduces new hires to their roles, covering work units and organizational culture.
- Training types include general skill development and specific job-related training.
- Effective training methods encompass on-the-job learning, mentoring, job rotation, and technology-based resources.
Employee Performance Management
- Performance management systems set standards to evaluate employee effectiveness.
- Methods include:
- Management By Objectives (MBO)
- 360-degree feedback appraisals
- Skill-based pay and variable pay systems.
Managing Downsizing
- Downsizing is a strategic approach to improve profitability through workforce reduction.
- Common reasons for downsizing include economic pressures, market share declines, and operational failures.
- Long-term consequences may include loss of institutional knowledge, decreased morale, and increased rehiring costs.
- Effective communication and support for remaining employees are crucial during downsizing.
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Description
This quiz evaluates four key perspectives on how managers make decisions, focusing on rationality and bounded rationality. You will assess the effectiveness of decision outcomes to understand how decisions can resolve problems in organizational contexts.
