Chap 10

Question 1

Decisions

Answer 1

Choices of actions from among multiple feasible alternatives

Question 2

Decision making process

Answer 2

Define problems to broad or narrow
Focus on symptoms not causes
Choosing wrong problems to deal with

Question 3

Types of decisions

Answer 3

Optimal - best chance
Saticfixing - satisfactory choice - good enough

Question 4

Decision making style

Answer 4

Individuals predepositiond can affect decision process at two critical stages

Question 5

Gathering perceiving info

Answer 5

Sensing style
Intuitive style
Gathering and evaluation of dates

Question 6

Evaluation judging of alternative

Answer 6

Focus on gathering concrete info direct thru 5 sense
Realistic and practical

Question 7

Intuitive style

Answer 7

Facts or time is limited

Focuses on developing abstractions and figurative examples for use in decision making

Question 8

Evaluating alternative

Answer 8

Thinking style
Focus on STRUCTURE. Evaluation and systematic analysis

Question 9

Feeling style

Answer 9

Focussed I’m SUBJECTIVE. Evaluation and the emotional reactions

Question 10

Risk *

Answer 10

Outcome of an action that is uncertain

Question 11

Refer me point

Answer 11

Performance level used to evaluate current standing

Question 12

• cognitive biases

Answer 12

Mental shortcuts involving simplified ways of thinking

Question 13

Confirmation bias

Answer 13

Info confirming beliefs is sought
Disconfirtimign imfo is not sought

Question 14

Ease of recall bias

Answer 14

Info that is easily remembered is used more in decision making

Question 15

Anchoring bias

Answer 15

First piece of info encountered is emphisised too much in decision

Question 16

Sunk cost bias

Answer 16

Past investments of time effort and or money heavily weighted in deciding or continued investment

Question 17

Group decision making pitfalls

Answer 17

Group think
Members maintain and seek consensus at the expense of identifying and debating honest disagreements

Question 18

Common info bias

Answer 18

Group meme nerd over emphasize info by majority of group

Question 19

Group vs individual

Answer 19

Factors
Time
Cost
Nature of problem
Satisfaction and commintmemt
Personal growth