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

This test checks knowledge of core concepts, decision types, models, steps, biases, and techniques in managerial decision making.

Delegation of all authority without follow-up

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

Decisions made when all information is fully available.

Decisions involving precise probability estimates of outcomes.

Decisions where goals are clear but alternatives are well known.

Decisions made in response to unique, poorly defined, and unstructured situations with important consequences.

Which description best fits nonprogrammed decisions?

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

Only choosing between two or more alternatives.

Identifying problems and opportunities and then resolving them.

Predicting future outcomes with certainty.

What does decision-making primarily involve?

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

To generate at least five alternative solutions quickly.

To rank risks associated with each option.

To estimate the probability of each outcome.

To explore root causes by repeatedly asking why a problem occurred.

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

A company's legal exposure to financial loss.

A manager's willingness to undertake risk in exchange for potentially higher payoff.

The statistical variance of expected outcomes.

A formal policy prohibiting risky investments.

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

A final approval step after implementation.

A historical review of past similar decisions.

A proactive exercise that imagines a decision has failed and identifies potential reasons to prevent failure.

What is a premortem in the context of decision preparation?

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

A choice made from available alternatives.

The process of implementing an organizational policy.

A prediction about future market conditions.

A recommendation prepared for stakeholders.

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

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