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Managerial Decision Making
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Managerial Decision Making

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Questions and Answers

What is the Illusion of control in decision making?

  • A belief that one can influence events even when one has no control over what will happen (correct)
  • The reliance on external factors to make decisions
  • The ability to control all aspects of a decision-making process
  • The tendency to avoid making decisions due to fear of losing control

    • What does the Bounded Rationality model emphasize?

  • Managers rely solely on intuition and judgment in decision making
  • Managers always make decisions under conditions of certainty
  • Managers have unlimited access to complex information
  • Managers have to apply a less than perfect form of rationality (correct)

    • What is the focus of the Political model of decision making?

  • The influence of external political factors on decision making
  • The role of individual preferences in decision making
  • The ethical considerations in decision making
  • The impact of organizational politics on decision making (correct)

    • What is the Escalation of Commitment Model focused on?

    <p>Why people continue to pursue a failing course of action</p> Signup and view all the answers

    What are the advantages of Group Decision Making?

    <p>Larger pool of information, more perspectives and approaches, intellectual stimulation, commitment to the decision</p> Signup and view all the answers

    What is the main focus of managerial decision making?

    <p>Selecting a course of action from alternatives</p> Signup and view all the answers

    Which type of decision making involves routine, well-structured decisions?

    <p>Programmed Decisions</p> Signup and view all the answers

    What characterizes non-programmed decisions?

    <p>Poorly structured and new</p> Signup and view all the answers

    At which level of the organization are programmed decisions usually taken?

    <p>Lower levels</p> Signup and view all the answers

    What is the first step in the decision making process?

    <p>Problem identification and diagnosis</p> Signup and view all the answers

    Which type of decision making involves judgement and creativity?

    <p>Non Programmed Decisions</p> Signup and view all the answers

    What is a characteristic of programmed decisions?

    <p>Short time frame</p> Signup and view all the answers

    At which levels are non-programmed decisions usually taken?

    <p>Higher levels</p> Signup and view all the answers

    What is involved in the second step of the decision making process?

    <p>Identification of alternative solutions</p> Signup and view all the answers

    In managerial decision making, what is used for programmed decisions?

    <p>Decision rules and set procedures</p> Signup and view all the answers

    What is the last step in the decision making process?

    <p>Implementing the decision</p> Signup and view all the answers

    Which model of decision making emphasizes the impact of organizational politics on the decision making process?

    <p>The Political model</p> Signup and view all the answers

    What type of power plays an important role in the decision making process according to the text?

    <p>Coercive power</p> Signup and view all the answers

    What is the main focus of the Escalation of Commitment Model?

    <p>Why people continue to pursue a failing course of action</p> Signup and view all the answers

    What is a characteristic of Group Decision Making according to the text?

    <p>Larger pool of information</p> Signup and view all the answers

    What is the Illusion of control in decision making?

    <p>A belief that one can influence events even when one has no control over what will happen</p> Signup and view all the answers

    What does the Bounded Rationality model emphasize?

    <p>Intuition and judgment are required</p> Signup and view all the answers

    What characterizes non-programmed decisions?

    <p>Judgment and creativity are involved</p> Signup and view all the answers

    At which level are non-programmed decisions usually taken according to the text?

    <p>Top management level</p> Signup and view all the answers

    What is involved in the second step of the decision making process according to the text?

    <p>Carefully defining a problem</p> Signup and view all the answers

    What does Janis’s Theory of Groupthink refer to?

    <p>A distorted style of thinking that renders group members incapable of making rational decisions.</p> Signup and view all the answers

    What is one disadvantage mentioned in relation to Group Decision Making?

    <p>Difficulty in reaching a consensus</p> Signup and view all the answers

    What is the main focus of managerial decision making?

    <p>Choice of alternative</p> Signup and view all the answers

    What characterizes non-programmed decisions?

    <p>Poorly structured and new</p> Signup and view all the answers

    At which levels are non-programmed decisions usually taken?

    <p>Higher levels</p> Signup and view all the answers

    What is involved in the second step of the decision making process?

    <p>Identification of alternative solutions</p> Signup and view all the answers

    What does the Bounded Rationality model emphasize?

    <p>Decision making under constraints</p> Signup and view all the answers

    What is the Illusion of control in decision making?

    <p>Inflated confidence in one's ability to control outcomes</p> Signup and view all the answers

    What are the advantages of Group Decision Making?

    <p>Enhanced acceptance and commitment to decisions</p> Signup and view all the answers

    Which type of decision making involves routine, well-structured decisions?

    <p>Programmed Decisions</p> Signup and view all the answers

    What is the focus of the Political model of decision making?

    <p>Influence, power, and conflict in decision processes</p> Signup and view all the answers

    What is the last step in the decision making process?

    <p>Implementing the decision</p> Signup and view all the answers

    What is used for programmed decisions?

    <p>Decision rules and set procedures</p> Signup and view all the answers

    What is involved in the first step in the decision making process?

    <p>Problem identification and diagnosis</p> Signup and view all the answers

    What is the main focus of managerial decision making?

    <p>Identification of alternative solutions</p> Signup and view all the answers

    At which levels are non-programmed decisions usually taken?

    <p>Top management</p> Signup and view all the answers

    Which type of decision making involves routine, well-structured decisions?

    <p>Programmed decisions</p> Signup and view all the answers

    What characterizes non-programmed decisions?

    <p>Poorly structured and new</p> Signup and view all the answers

    What is involved in the second step of the decision making process?

    <p>Identification of alternative solutions</p> Signup and view all the answers

    What does the Bounded Rationality model emphasize?

    <p>Impact of organizational politics on decision making process</p> Signup and view all the answers

    What is the Illusion of control in decision making?

    <p>Overestimating one's ability to control events</p> Signup and view all the answers

    What is the first step in the decision-making process?

    <p>Problem identification and diagnosis</p> Signup and view all the answers

    What type of power plays an important role in the decision-making process according to the text?

    <p>Expert power</p> Signup and view all the answers

    What are the advantages of Group Decision Making?

    <p>Increased speed of decision-making process</p> Signup and view all the answers

    What is one of the characteristics of groupthink according to Janis’s Theory?

    <p>Close-mindedness and stereotypes about the group</p> Signup and view all the answers

    What type of power plays an important role in the decision-making process according to the text?

    <p>Coercive power</p> Signup and view all the answers

    What does the Escalation of Commitment Model focus on?

    <p>Understanding why people continue to pursue a failing course of action</p> Signup and view all the answers

    What is one advantage of group decision making mentioned in the text?

    <p>Larger pool of information</p> Signup and view all the answers

    What does the Bounded Rationality model emphasize?

    <p>&quot;Imperfect&quot; form of rationality due to time constraints</p> Signup and view all the answers

    What is one assumption of Rationality according to the text?

    <p>Managers carefully define a problem and have a clear goal</p> Signup and view all the answers

    What is one disadvantage mentioned in relation to Group Decision Making?

    <p>Satisficing rather than maximizing resulting from the levelling effect</p> Signup and view all the answers

    What characterizes non-programmed decisions according to the text?

    <p>They involve intuition and judgement</p> Signup and view all the answers

    What is involved in the first step in the decision making process according to the text?

    <p>Defining a problem carefully and having a clear goal</p> Signup and view all the answers

    Which model concentrates on how managers actually behave in practice when making decisions and recognizes limitations?

    <p>Bounded Rationality model</p> Signup and view all the answers

    What is used for programmed decisions according to the text?

    <p>Routine, well-structured procedures</p> Signup and view all the answers

    Study Notes

    Decision Making Models

    • The Illusion of Control is a phenomenon where individuals overestimate their ability to control events.
    • The Bounded Rationality model emphasizes cognitive limitations and imperfect information in decision making.
    • The Political model of decision making focuses on the impact of organizational politics on the decision-making process.
    • The Escalation of Commitment Model is focused on the tendency to continue investing in a decision despite negative outcomes.

    Decision Making Process

    First Step: Problem Definition

    • The first step in the decision-making process involves defining the problem or opportunity.

    Second Step: Identifying Options

    • The second step involves identifying alternative solutions or options.

    Last Step: Implementing and Reviewing

    • The last step in the decision-making process involves implementing the chosen option and reviewing its effectiveness.

    Decision Types

    • Programmed decisions involve routine, well-structured decisions, often using standard procedures and rules.
    • Non-programmed decisions require judgement and creativity, and are typically made at higher levels of the organization.

    Group Decision Making

    • Group decision making has several advantages, including diverse perspectives and shared responsibility.
    • One disadvantage of group decision making is the potential for groupthink, characterized by a lack of critical thinking.

    Power and Decision Making

    • Organizational politics and power play an important role in the decision-making process.
    • The type of power that plays an important role in decision making is organizational politics.

    Other Key Points

    • Managerial decision making involves making decisions that affect the organization as a whole.
    • Rationality assumes that decision makers have complete and perfect information, which is not always the case.

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    Quiz Team

    Description

    Test your knowledge of managerial decision making with this quiz. Explore the two main types of decisions, programmed and non-programmed, and their characteristics. Understand the integral link to planning and the role of decision making at different levels of the organization.

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