Questions and Answers
What are the assumptions of rational decision making?
Perfect information and clarity of choice
What is the concept of bounded rationality in decision making?
Using rationality within the limits of available information
What is the maximax decision choice approach?
Selecting the alternative with the highest possible payoff
What characterizes nonprogrammed decisions?
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What does the escalation of commitment refer to in decision making?
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What is the essence of the manager's job according to the text?
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Which decision-making condition involves uncertainty and lack of information about alternatives?
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What does the maximin decision choice approach focus on?
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What is the term for decisions that are repetitive and routine in nature?
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What concept refers to the tendency to continue investing time and resources into a failing course of action?
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