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Questions and Answers

Which of the following is the definition of decision making?

The act of making a choice without considering alternatives

The act of choosing one alternative from among a set of alternatives (correct)

The act of making a decision based on personal preferences

The act of making a random choice

What is the main objective of an effective decision?

To make quick decisions without considering long-term implications

To minimize risks and uncertainties

To optimize some set of factors such as profits, sales, employee welfare, and market share (correct)

To make decisions based solely on intuition

Which of the following is an example of a programmed decision?

Choosing a vacation destination

Deciding to invest in a new business venture

Determining the pricing strategy for a new product

Starting your car in the morning (correct)

What distinguishes a nonprogrammed decision from a programmed decision?

Nonprogrammed decisions are relatively unstructured and occur much less often than programmed decisions Signup and view all the answers

What are the sources of complexity for today's managerial decision makers?

Multiple criteria, intangibles, risk and uncertainty, long-term implications, interdisciplinary input, pooled decision making, and value judgments Signup and view all the answers

Which type of decision is relatively unstructured and occurs much less often than a programmed decision?

Nonprogrammed decision Signup and view all the answers

What is the process of recognizing and defining the nature of a decision situation, identifying alternatives, choosing the 'best' alternative, and putting it into practice called?

Decision-making process Signup and view all the answers

Which type of decision is a fairly structured decision or recurs with some frequency or both?

Programmed decision Signup and view all the answers

What are some factors that an effective decision optimizes?

Profits, sales, employee welfare, and market share Signup and view all the answers

What types of decisions do managers make?

Both problems and opportunities Signup and view all the answers