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Questions and Answers
What is the process of assigning probabilities to outcomes known as?
What is the process of assigning probabilities to outcomes known as?
- Uncertainty (correct)
- Risk
- Certainty
- Bounded rationality
What is an increased commitment to a previous decision despite negative information known as?
What is an increased commitment to a previous decision despite negative information known as?
- Representative heuristic
- Availability heuristic
- Optimal decision making
- Escalation of commitment (correct)
Why do many decisions fail after the final choice has been made?
Why do many decisions fail after the final choice has been made?
- Satisficing occurred (correct)
- It was the wrong choice
- The decision criteria weights were incorrect
- People affected failed to accept the solution
What is a simple approach to assigning weights to criteria?
What is a simple approach to assigning weights to criteria?
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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?
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?
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