Reference no: EM132224908

1. Jack Welch was a famed CEO of General Electric. He ran GE as a conglomerate, a company of companies. One of his criteria was that his companies should be in the top 3 of their industry. Companies with a large market share have much more negotiating power with suppliers and customers. His decision strategy was

a. combinatorial

b. driven by market share

c. positional

2. Bright Learning Co. has a problem. Some people want to move the headquarters to a place with nicer weather and others do not. There are many factors to consider, and different people will weigh the factors differently. To reach a common decision, they should

a. define the problem, identify criteria, weight the criteria, generate alternatives, and make a decision

b. define the problem, identify criteria, weight the criteria, generate alternatives, evaluate each alternative against the criteria, and make a decision

c. define the problem, identify criteria, generate alternatives, evaluate each alternative against the criteria, and make a decision

3. ________ refers to how people make decisions in a lottery or with uncertainty. People do not generally make expected value decisions. They tend to overweight unlikely outcomes and underweight more likely events.

a. Heuristics

b. Rational decision making

c. Prospect theory

4. Doctors and specialists disagree about whether to treat patients who show low but not dangerously low thyroid hormone levels. That is, the standard of care for subclinical hypothyroidism is poorly defined. The opportunity here is to improve the profession’s understanding with experiments and

a. robust decision making

b. individual professionals taking responsibility

c. evidence-based decision making

5. The practice of predictive analytics should be disciplined. That is, not only should guesses be made about the likelihood of future outcomes based on present trends, but also those predictions should be supported by

a. parallels from past experience

b. inferential statistics

c. intuition

6. If you are trying to avoid a framing bias and you are looking for a way to diagram a yes/no decision-making process, you should choose what tool to make your decisions?

a. group decision support systems (GDSS)

b. decision tree

c. Delphi technique

7. In a group, the sum of the knowledge, skills, creativity, and expertise will always be greater than that of any individual member. If this greater resource base can be properly accessed and harnessed,

a. the result should be a greater number of more diverse and higher-quality solution ideas

b. the result will be greater confusion and arguments over the decision

c. a great deal of time will be wasted bringing everyone up to speed

8. One disadvantage of group decision making is that many members involved in group decisions find the meetings to be

a. efficient and quick

b. inefficient and wasteful

c. good socializing time

9. A baseball team is deciding where to celebrate their tournament victory. They decide between two restaurants by voting, and the one with the most votes wins. This is an example of:

a. Delphi technique

b. consensus

c. majority rule