1.Having all relevant information and being objective are characteristics of the ________ model of decision making .

• satisficing
• System 1
• intuition
• evidence-based
• rational

2. Intuition comes in several "flavors". Included in the types of intuition are _____

• rational and nonrational.
• holistic hunches and automated experiences.
• formal and informal.
• directive and analytical.
• tacit and explicit.

3. Aunt G is trying to evaluate Dr. D's decision making style. From her experience with him, she finds he is task focused, very concerned about technical details and is uncomfortable with ambiguity. Based on these characteristics, she believes he has a ____ decision making style .

• analytical
• conceptual
• behavioral
• directive
• consultative

4. Based on data collected from studies of over 400 strategic decisions, which of the following is not supported. In other words, which statement about managerial decision makers is false?

• Managers take the easy solution without rigorously considering alternatives.
• Managers don't consider all the relevant data.
• Managers study the problem too extensively and collect too much data.
• Managers make decisions too quickly.
• Managers don't invest resources to properly study the problem and alternative courses of action.

5.The management department booked their Fall planning retreat in one of the conference rooms at TopGolf on Rockside Road. For the three retreats they had there the the faculty found it to be convenient, enjoyable, and had great meeting support. Choosing TopGolf again this year would be an example of the department being influenced by the _____ bias.

• framing
• confirmation
• overconfidence
• availability
• representativeness

6. Match the decision bias with the example.

1. Anchoring

2.Sunk Cost

3.Hindsight

4.Availability

5. Escalation of commitment

6. Framing

A. Aunt G, LLC paid a $1500 hiring bonus to Dr. D. Two months later it was clear Dr. D was not working out and was let go. The $1500 would be an example of ____.

B. After two months on the job it was clear Dr. D was not up to the task. Aunt G is heard saying, "You know, I had a bad feeling about him all along."

C. People find losses more troubling than they find gains satisfying because of the effects of ____.

D. When decisions rely too heavily on the first piece of information provided.

E. The more media coverage there is about mail-in voting the more people think it must be a problem.

F. "Doubling down" on unsubstantiated claims about Covid vaccine efficacy or rigged elections.

7.

Assuming decision makers have stable preferred consequences is one of the underlying characteristics of the ______decision making model.

• implicit favorite
• retrospective
• bounded rationality
• garbage can
• rational

8.

Gresham's law of planning indicates that _____.

• non-programmable problems will be addressed first
• overconfidence biases will arise
• programmable problems will be addressed first
• escalation of commitment will be minimized
• escalation of commitment will arise

9.

To illustrate this concept, Dr. D used the Needle in a Haystack. Instead of finding the "sharpest needle", ______ recognizes that decision makers often choose the first needle that is sharp enough to sew with.

• Satisficing
• Assembly effects
• Regression to the mean
• Logrolling
• Risky shift

10.

Cognitive shortcuts orrules of thumbare characteristics of the ______decision making model.

Multiple Choice

• These are characteristics of all the decision making models
• bounded rationality
• retrospective
• implicit favorite
• rational