5 Questions
What is the process of assigning probabilities to outcomes known as?
Uncertainty
What is an increased commitment to a previous decision despite negative information known as?
Escalation of commitment
Why do many decisions fail after the final choice has been made?
Satisficing occurred
What is a simple approach to assigning weights to criteria?
Assign equal weights to the rest of the criteria
What type of problem is it when the secretary is sent to Wal-Mart to pick up an extra case of paper until the supplier's order arrives?
Non-programmed
Test your knowledge of decision-making and risk assessment with this quiz. Answer questions about probability assignment, decision-making heuristics, and cognitive biases. Learn about the factors that can impact decision outcomes and explore key concepts in the field of decision science.
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