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Management
Q:
It is assumed that in most cases the decisions of all managers are limited by ________.
A) greed and short-sightedness
B) having too much information
C) not being able to analyze all information for all alternatives
D) not being able to act rationally or in the best interests of their organization
Q:
Which of the following is NOT assumed in a rational decision?
A) a clear and specific goal
B) a clear and unambiguous problem
C) most alternatives and consequences are known
D) value is maximized
Q:
Maximizing value for an organization means making sure that ________.
A) the organization makes money
B) the best interests of the organization are addressed
C) the decision made is as rational as possible
D) the decision is as simple as possible
Q:
What does it mean for a decision maker to maximize value?
A) to make the decision to be as clear and logical as possible
B) to make the achievement of goals as likely as possible
C) to waste as little time and energy as possible
D) to make decision making as simple as possible
Q:
It is assumed that a rational decision maker ________.
A) would never make a wrong choice
B) would be subjective and impractical
C) would face only difficult decisions
D) would be objective and logical
Q:
The three main models that managers use to make decisions are ________.
A) rational, bounded rational, and intuitive
B) rational, irrational, and bounded rational
C) intuitive, unintuitive, and rational
D) bounded rational, intuitive, and systematic
Q:
In a short essay, list and discuss the final four steps in the decision-making process. Give an example of each step.
Q:
In a short essay, list and discuss the first four steps in the decision-making process. Give an example of each step.
Q:
A basketball coach who takes a very good shooter out of a game because she missed her last two shots has availability bias.
Q:
Decision makers who seek information that matches what they already know are guilty of confirmation bias.
Q:
Because heuristics simplify the decision-making process, they are unlikely to lead to errors.
Q:
A heuristic can simplify the decision-making process.
Q:
The final step of the decision-making process is to implement the alternative that has been selected.
Q:
Identifying the wrong problem is just as much a failure for a manager as identifying the right problem and failing to solve it.
Q:
All criteria are equally important in the decision-making process.
Q:
Managers identify a problem by comparing the current state of affairs to some standard.
Q:
A decision criterion defines factors that are relevant in a decision.
Q:
In decision making, a problem can be defined as a discrepancy between what exists and what the problem solver desires to exist.
Q:
The very last step Sondra should take, according to the decision-making process, is to ________.
A) analyze alternative solutions
B) select alternatives
C) implement the alternative
D) evaluate the decision's effectiveness
Q:
Sondra has decided to purchase a new system. After obtaining permission, she has ordered the system from a reputable company. Which stage of the decision-making process is she carrying out in making the order?
A) analyzing alternative solutions
B) selecting an alternative
C) implementing the alternative
D) identifying the problem
Q:
Sondra has determined that the speed of the system she settles on is twice as important as the capacity of the system. Which stage of the decision-making process is she carrying out?
A) allocation of weights to criteria
B) selecting an alternative
C) implementing the alternative
D) identifying the problem
Q:
Sondra has decided to collect information about the features the company needs for its system. Which stage of the decision-making process is she carrying out?
A) identify alternative solutions
B) identify decision criteria
C) evaluate her decision's effectiveness
D) allocate weights to the criteria
Q:
Decisions, Decisions (Scenario)Sondra needed help. Her insurance company's rapid growth was necessitating making some IT changes, but what changes? Should they modify the servers that they currently use or purchase an entirely new system? Sondra was confused and needed help in making the correct decision.According to the decision-making process, the first step Sondra should take is to ________.A) analyze alternative solutionsB) identify decision criteriaC) evaluate her decision's effectivenessD) identify the problem
Q:
Which of the following is NOT a common decision-making error or bias?A) sunk costsB) randomnessC) forest for the treesD) overconfidence bias
Q:
One legislator sees decreased tax revenue as the key problem in the budget. A second legislator sees increased spending as the problem. Each of these legislators has a(n) ________.
A) representation bias
B) self-serving bias
C) availability bias
D) framing bias
Q:
A scientist cites two studies that show a positive effect for her drug and ignores five other studies that show a negative effect. Which error or bias is she committing?
A) hindsight
B) anchoring effect
C) confirmation bias
D) self-serving
Q:
A banker opts for short-term gain despite indications that his decision might not pay off in the long run. Which error or bias is the banker guilty of?
A) overconfidence
B) immediate gratification
C) selective perception bias
D) representation
Q:
Which of the following is NOT a reason why managers often resort to using heuristics?
A) They seem to eliminate complexity.
B) They seem to eliminate ambiguity.
C) They save time.
D) They thoroughly explore all alternatives.
Q:
Because they are not systematic or comprehensive, using heuristics in place of an eight-step decision-making process can lead to ________.
A) errors and biases
B) consistently better decisions
C) more imaginative decisions
D) decisions that more directly solve problems
Q:
What is a heuristic?
A) a complicated and systematic method of decision making
B) a purely intuitive method of decision making
C) a totally unreliable method of decision making
D) a shortcut or rule of thumb that is used for decision making
Q:
In allocating weights to the decision criteria, which of the following is most helpful to remember?
A) All weights must be the same.
B) The total of the weights must equal 100.
C) The high score should be a 10, and no two criteria should be assigned the same weight.
D) Assign the most important criterion a score, and then assign weights against that standard.
Q:
A manager chooses to ignore a rigorous decision-making process and selects TV monitor A over monitor B because he "trusts" company A more than company B. If the decision he made was rational, which of the following is true?
A) Monitor A is really the better choice.
B) The manager should have included "trust" as a criterion.
C) Monitor B is really the better choice.
D) The manager must have made a mistake in calculating his weighted criteria.
Q:
Which of the following would be a fairly objective criterion by which a bicycle buyer could assess different bike models?
A) color
B) weight
C) quality of craftsmanship
D) style
Q:
Which of the following is LEAST likely to be a decision criterion for a high-tech bicycle buyer who cares primarily about performance?
A) warranty
B) gear mechanism
C) frame composition
D) brake assembly
Q:
For a high-tech bicycle buyer, decision criteria would be determined by ________.
A) whatever most bike buyers recommend
B) expert ratings in bike magazines
C) technical specifications
D) personal preferences of the buyer
Q:
After purchasing new computers for her department, a manager is now comparing the performance of the new computers to the computers they replaced. Which stage of the decision-making process is she carrying out?
A) analysis of alternatives
B) evaluation of decision effectiveness
C) selection of an alternative
D) implementation of an alternative
Q:
A manager is determining what kind of new computers she should purchase for her department. She has made a list of five different computer models for consideration. Which stage of the decision-making process is this?
A) selection of an alternative
B) identification of decision criteria
C) development of alternatives
D) analysis of alternatives
Q:
A manager is considering purchasing new computers for her department. The manager spends time assessing the computers her department now has. Which stage of the decision-making process is she going through?
A) identification of a problem
B) identification of decision criteria
C) development of alternatives
D) implementation of an alternative
Q:
A manager can faithfully execute the decision-making process but still end up with nothing of value if ________.
A) he fails to identify the correct problem
B) he fails to assign number values to different criteria
C) he solves the problem inefficiently
D) he fails to correctly identify the steps of the process
Q:
To identify a problem, a manager ________.
A) compares one set of standards or goals to a second set of standards or goals
B) looks for unhappy customers
C) uses intuition to see that things don't look right
D) compares the current state of affairs with some standard or goal
Q:
The decision-making process consists of a series of eight steps that identify a problem and work toward ultimately ________.
A) determining if there is a solution to the problem
B) solving the problem
C) making a plan to solve the problem
D) breaking down the problem into a series of steps
Q:
Which of the following defines a problem in the decision-making process?
A) a discrepancy between what exists and what the decision maker desires to exist
B) a discrepancy between the ideal and the practical
C) something that causes irritation
D) something that calls for attention
Q:
Decision making begins with ________.
A) selecting alternatives
B) identifying decision criteria
C) identifying a problem
D) eliminating false alternatives
Q:
People who doubt that there is a relationship between company performance and social involvement think that this could account for any positive performance effect seen in companies that practice social involvement.
A) The only companies that practice social involvement are highly unsuccessful companies that try to use social involvement to improve their image in the marketplace.
B) The only companies that practice social involvement are highly ambitious companies that use social involvement as a way to network and gain access to wealthy clients.
C) The only companies that practice social involvement are highly successful companies that can afford to waste time and energy on social involvement as a "luxury."
D) The only companies that practice social involvement are highly ambitious companies that use social involvement as a learning tool for their training programs.
Q:
Most studies have shown that companies that engage in social involvement ________.
A) receive a small positive benefit
B) receive an enormous positive benefit
C) experience a small negative effect
D) experience an enormous negative effect
Q:
Since businesses have more power and resources than ordinary individuals, supporters of social responsibility claim that businesses have ________.
A) a good reason to ignore the needs of ordinary individuals
B) no reason to act in a socially responsible way
C) more reason to act in a socially responsible way
D) less reason to act in a socially responsible way
Q:
Supporters of socially responsible businesses claim that by becoming socially responsible, businesses can expect ________.
A) less government regulation
B) more government regulation
C) more strict enforcement of laws
D) more government interference
Q:
Supporters of social responsibility claim that being socially responsible ________.
A) increases short-term profits
B) decreases long-term profits
C) increases long-term profits
D) decreases short-term profits
Q:
________ dictates that being socially responsible is the "right thing to do."
A) A public image
B) An ethical obligation
C) A public expectation
D) A dilution of purpose
Q:
Proponents of the socioeconomic view of social responsibility believe that being socially responsive is ________.
A) good for business
B) bad for business
C) neither good nor bad for business
D) bad for any business in a competitive market
Q:
When a firm advertises that it only uses recycled paper products, it is ________.
A) meeting its social obligation
B) being cynical
C) being socially responsive
D) paying attention to the bottom line
Q:
Social responsiveness refers to the capacity of a firm to ________.
A) address some pressing public need
B) follow all government regulations
C) differentiate between right and wrong
D) be a role model for other organizations
Q:
A factory that has adhered to all pollution control standards has ________.
A) been socially responsive
B) been economically responsible
C) been ethical
D) met its social obligation
Q:
When a company does the minimum that the law requires, it is meeting its ________.
A) social responsiveness goal
B) economic responsibility
C) ethical responsibility
D) social obligation
Q:
The socioeconomic view is that management's social responsibility goes beyond making profits to include ________.
A) challenging norms within society and inciting people to rise up against injustice
B) protecting and improving society's welfare
C) sacrificing its own welfare to advance the cause of justice
D) prosecuting those who break the law
Q:
The socioeconomic view of social responsibility states that a business ________.
A) is an economic agent only
B) has no responsibility
C) is a moral agent
D) is a harmful agent
Q:
The classical view of social responsibility holds that spending time, money, labor, or energy to improve society's welfare would ________.
A) deprive stockholders of resources that could be used to generate profits
B) not have any positive or negative impact on stockholders
C) help maximize profits for stockholders
D) show stockholders that the company knows best
Q:
Which of the following is the best example of a company being socially responsive?
A) meeting hazardous materials standards
B) giving Christmas bonuses to worthy employees
C) displaying "think green" posters
D) building a community day-care center
Q:
A company that meets its social obligation ________.
A) fulfills its economic responsibilities only
B) fulfills its legal and economic responsibilities only
C) goes beyond its legal and economic responsibilities and responds to some pressing social need
D) does not need to obey local laws
Q:
The classical view of social responsibility is that a for-profit organization's responsibility is ________.
A) to help as many people as possible
B) to maximize both profits and the general welfare
C) to maximize profits only
D) to maximize opportunity for all
Q:
The socioeconomic view of social responsibility is that a for-profit organization's responsibility is ________.
A) to maximize stockholder wealth
B) to maximize both profits and the general welfare
C) to do what only the law requires
D) to maximize opportunities for citizens in developing countries
Q:
Which of the following best summarizes Blake Mycoskie's (the founder of TOMS shoes) business philosophy?
A) A business should be ethical but not socially responsible.
B) A business should be socially responsible but not ethical.
C) A business should be both ethical and socially responsible.
D) A business should not worry about being either ethical or socially responsible.
Q:
In a short essay, describe the steps a company takes in going global.
Q:
In a short essay, discuss the value of Hofstede's values study to managers.
Q:
In a short essay, list and explain the last two of Hofstede's dimensions of national culture.
Q:
In a short essay, list and explain the first three of Hofstede's dimensions of national culture.
Q:
In a short essay, define parochialism and explain why it can be a problem for U.S. managers.
Q:
In a short essay, explain the differences between a multidomestic corporation, a global corporation, and a transnational corporation.
Q:
Hofstede's findings have received little support in the academic world and were not confirmed by later studies.
Q:
Hofstede based his ratings on the traits of people of different nationalities with whom he was personally acquainted.
Q:
Future orientation is a measure of how successful a society is at delaying gratification.
Q:
Cultures with a high assertiveness rating tend to have people who are timid and shy.
Q:
A society with high uncertainty avoidance relies on rules and trusts its social institutions to deal with an uncertain future.
Q:
The United States is an example of a country with small power distance.
Q:
According to Hofstede, countries such as Singapore and Japan are more collectivist than the United States.
Q:
French organizations have a very different view of status than American organizations.
Q:
Managers with a parochial view of the world tend to see things from the point of view of a foreign culture.
Q:
In a strategic alliance, companies join together to form a separate entity to produce a product.
Q:
Licensing and franchising typically follow the export-import phase of globalization.
Q:
After the global sourcing stage, companies that are going global often turn to exporting and importing goods across international borders.