21-30

Question 1

Unstructured Problems

Answer 1

Problems characterized by limited information

Question 2

Non-Programmed Decisions

Answer 2

Special solutions to uncommon situations

Question 3

Classical Decision Model

Answer 3

Assumes that managers have perfect information, a lot of time, and no bias

Question 4

Optimizing Decision

Answer 4

Choosing the best decision possible using the classical decision model

Question 5

Rational Model

Answer 5

They can use all relevant information to make the optimal decision

Question 6

Behavioral Decision Model

Answer 6

Assumes that managers cannot make a perfectly rational decision

Question 7

Bounded Rationality

Answer 7

Managers face incomplete information

Question 8

Satisficing Decision

Answer 8

The first acceptable decision

Question 9

Escalation of Commitment

Answer 9

Occurs when a person continues to devote time/money to a losing cause

Question 10

Satisficing

Answer 10

Manager stops decision making process once they have found a decision that is “good enough”