$1)$What advice is given to managers in relation to analytical models?

A$)$They should only use models they understand.

b$)$They should avoid using models at all.

C$)$They should use models created by others without questioning them.

D$)$They should rely completely on models for decision making.

$2)$ In the context of the passage, the role of the "devil's advocate" in the sixteenth century Catholic Church is used to highlight the:

a$)$Importance of devil's advocate in making canonization decisions.

b$)$Need for criticism and evaluation in decision$-$making processes.

c$)$Necessity for religious input in business decisions.

d$)$Historical relevance of the Catholic Church in decision making.

$3)$ According to the text, "groupthink" refers to:

a$)$The recommendation offered by popular business books.

b$)$forced manufacturing of agreement or consent.

C$)$A method of decision making employed by the Catholic Church in the sixteenth

century.

D$)$The consensus among a group on major business decisions.

$4)$ According to the passage, what must organizations keep track of in "model management"?

a$)$The models being used within an organization and how well they are working

b$)$The latest trends in model development

c$)$The age and developer of the models

d$)$The cost$-$effectiveness of models

$5)$ What is a potential problem with relying too much on automated decision systems?

A$)$They cannot be used in real time.

b$)$They can replace human decision makers, which can be perilous.

c$)$They are too expensive to maintain.

d$)$They can become obsolete too quickly.

$6)$ The first two steps in the author's proposed framework for improving decision$-$making are:

a$)$Assessment and execution.

b$)$Intervention and institutionalization.

c$)$Identification and inventory.

d$)$Implementation and improvement.

$7)$ What does the passage state about the assumptions behind every model?

A$)$They are always based on future predictions.

b$)$They need to be clearly understood to anticipate when models may no longer

guide effective decisions.

c$)$They never change.

d$)$They are always reliable.

$8)$ The concept of "lookbacks" as employed by Chevron involves:

A$)$Discarding the process used in decision making and focusing only on outcomes.

b$)$Reviewing past decisions, assessing their outcomes, and analyzing how the decision$-$making process could have been improved.

C$)$Making decisions based on past performances only.

d$)$ Implementing decision$-$making processes from other industries without modifications.

$9)$ Who is quoted as stressing the importance of being numerate with analytics for managers?

A$)$management consultant

b$)$The Yale economist Robert Shiller

c$)$The author of the passage

d$)$A CEO from Silicon Valley

$10)$ According to the passage, what was the problem with ETS's initial stage$-$gate approval process for new offerings?

a$)$The matrixed structure of the organization and diffuse decision$-$making responsibility made it ineffective.

b$)$It was too slow to keep up with market demand.

C$)$It was designed for an outdated testing environment.

D$)$It lacked sufficient intellectual property rights protection.

$11)$ The key improvements made by Elliott and Farnum's team to the decision$-$making process at ETS included:

A$)$Keeping the structure of the process vague to allow for flexibility.

B$)$Establishing a centralized deliberative body, developing forms that required new metrics and information, and setting standards for strong evidence.

C$)$Ignoring the need for evidence to support new product offerings.

D$)$Creating a decentralized decision$-$making body to oversee new offerings.

$12)$ The author suggests that organizations should help their managers in decision$-$making by:

A$)$Implementing better decision$-$making processes.

b$)$Providing more autonomy and encouraging individual approaches.

c$)$Increasing the influence of senior executives in the decision$-$making process.

d$)$Ensuring that managers have access to popular business books.

$13)$ What is the benefit that the Pricing Center of Excellence brought to The Stanley Works, as stated in the passage?

A$)$It improved pricing decisions and delivered more than $$200$ million in incremental value to the firm.

b$)$It streamlined the manufacturing process and reduced production costs.

c$)$It brought about a reduction in the number of employees required in the firm.

d$)$It increased the market share of the firm by acquiring new businesses.

$14)$ Question $14(1$ point$)$

According to the passage, poor decision making in both public and private sectors is primarily due to:

a$)$The investments in subprime mortgage loans.

b$)$The negligence of decision$-$making organizations.

c$)$The spread of risk with credit default swaps.

d$)$The prerogative of senior executives who are often in charge of decision$-$making processes.

$15)$ The author suggests that decision$-$making process within a