Test on Managerial Decision Making: Concepts and Processes

What is a decision?

What does decision-making primarily involve?

Which type of management decision relies on established rules developed from repeated situations?

Which description best fits nonprogrammed decisions?

On a scale of information availability and possibility of failure, which position describes a situation where all necessary information is fully available?

Which position on the information-availability scale means managers know goals but lack complete information about alternatives and future events?

Which decision-making model explicitly includes concepts such as bounded rationality and satisficing?

Which of the following is NOT one of the typical six steps in an effective decision-making process?

What is the main purpose of the '5 Whys' questioning technique?

What does 'risk propensity' refer to in managerial decision making?

Which cognitive bias involves giving disproportionate weight to the first information received?

What is a premortem in the context of decision preparation?