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Question 1

Relevant Alternative

Answer 1

is an alternative that is considered feasible for solving an existing problem.

Question 2

Paradox of Choice -

Answer 2

is having too many alternatives, which may actually demotivate decision makers, which harms decision making.

Question 3

Exclusion

Answer 3

occurs when individuals exclude the least desirable alternatives from a larger set of alternatives

Question 4

Satisfice

Answer 4

occurs when an individual makes a decision that is not optimal but is “good enough.”

Question 5

Heuristics

Answer 5

are simple rules of thumb used to make decisions.

Question 6

Expected Value

Answer 6

is the measurement of the anticipated value of some event, determined by multiplying the income an event would produce by its probability of producing that income (EV = I × P).

Question 7

Decision Tree

Answer 7

is a graphic decision-making tool typically used to evaluate decisions involving a series of steps.

Question 8

Scope of the Decision

Answer 8

is the proportion of the total management system that a particular decision will affect. The broader the scope of a decision, the higher the level of the manager responsible for making that decision.

Question 9

Intuition

Answer 9

refers to an individual’s inborn ability to synthesize information quickly and effectively.

Question 10

Nominal Group Technique

Answer 10

is a group decision-making process in which every group member is assured of equal participation in making the group decision. After each member writes down individual ideas and presents them orally to the group, the entire group discusses all the ideas and then votes for the best idea in a secret ballot.