Problem Solving vs. Decision-Making in Real Estate Consultancy

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What distinguishes problem solving from decision-making based on the text?

Problem solving focuses on avoiding potential difficulties, while decision-making involves identifying opportunities.

Problem solving aims to analyze data and arrive at a preliminary decision, while decision-making involves brainstorming solutions.

Problem solving is a complex process involving asking questions and gathering facts, while decision-making is historical in nature.

Problem solving involves finding the cause of a deviation, while decision-making involves choosing a solution based on judgment. (correct)

Which of the following is a key aspect of problem-solving according to the text?

Choosing a solution based on judgment

Identifying opportunities

Analyzing data and arriving at a preliminary decision (correct)

Avoiding potential difficulties

In the problem-solving process, what is the critical step according to the text?

Identifying the problem (correct)

Brainstorming solutions

Analyzing the problem

Making a sound decision

Which statement best describes decision-making's relationship with problem-solving based on the text?

Decision-making is often a part of problem-solving. Signup and view all the answers

What is the primary goal of problem-solving according to the text?

Finding the best solution Signup and view all the answers

Which characteristic is unique to problem-solving compared to decision-making?

Asking questions and brainstorming solutions Signup and view all the answers

Which brainstorming technique involves creating illustrations of ideas in hierarchical layouts?

Mind Mapping Signup and view all the answers

What does SWOT analysis help identify?

The strengths and weaknesses of a business Signup and view all the answers

Which technique is useful for illustrating processes and workflows?

Flowcharts Signup and view all the answers

In rapid ideation, what do participants do after writing down potential solutions?

Review the solutions as a team Signup and view all the answers

What is the purpose of pairwise comparison as a method?

Weighting and scoring alternatives Signup and view all the answers

Which decision-making structure includes input from a variety of opinions?

Collaborative decision-making Signup and view all the answers

What does the Analytic Hierarchy Process (AHP) involve in decision-making?

Scoring alternatives based on criteria weighting Signup and view all the answers

Why is flowchart creation helpful in problem-solving?

To organize ideas and design step-by-step solutions Signup and view all the answers

'Strengths' in a SWOT analysis refer to what aspects of a business?

'Characteristics that give it advantages over its competitors' Signup and view all the answers

'Immediate and long-term results' should be considered when evaluating what?

Weighing possible solutions Signup and view all the answers

What is the purpose of using a Pareto chart in problem-solving?

To prioritize problems that need attention Signup and view all the answers

In the 5 Why method, what is the purpose of repeatedly asking 'why'?

To identify the true cause of an issue Signup and view all the answers

What is the main function of a fishbone diagram in problem-solving?

To categorize the suspected causes of an issue Signup and view all the answers

How does a scatter plot diagram complement a cause and effect diagram in problem-solving?

By visualizing the relationship between two variables Signup and view all the answers

What is the primary focus of Failure Mode and Effects Analysis (FMEA) in problem-solving?

Identifying possible failures that pose the greatest risk Signup and view all the answers

What is the main objective of fault tree analysis in problem-solving?

To visually represent the possible causes of a problem Signup and view all the answers

What is the underlying principle behind using a Pareto chart in quality management?

80/20 rule where 80% of inputs cause 20% of results Signup and view all the answers

How does brainstorming contribute to formulating possible solutions in problem-solving?

'By generating different ideas and options Signup and view all the answers

What is the main difference between vote decision-making and consensus-based decision-making?

Vote decision-making involves stakeholders voting on a decision, while consensus-based decision-making involves attempts to agree on a decision by all stakeholders. Signup and view all the answers

Why is hindsight bias detrimental in decision-making?

It results in individuals believing they predicted the outcome of a situation in retrospect. Signup and view all the answers

How can one overcome the anchoring bias in decision-making?

By conducting thorough research and analysis before making decisions. Signup and view all the answers

What skills are essential for making fact-based decisions in the decision-making process?

Analytical skills Signup and view all the answers

What bias occurs when an analyst becomes overly optimistic about a project due to client enthusiasm?

Volitional Fallacy Signup and view all the answers

Why are collaboration skills important in decision-making?

To take into account multiple perspectives and find solutions together. Signup and view all the answers

Which bias involves using first impressions to make decisions about others?

Halo Effect Signup and view all the answers

How does survivorship bias influence decision-making?

By basing decisions on selective evidence from successful outcomes. Signup and view all the answers

In decision-making, what role do leadership skills typically play?

To make the final decision that aligns with team perspectives. Signup and view all the answers

What is a key difference between creativity skills and analytical skills in decision-making?

Analytical skills involve collecting information, while creativity skills involve generating original ideas. Signup and view all the answers