A process for arriving at an evaluation of decisions, in which selected individuals are asked to respond individually to key questions about a problem, then are provided with a summary of the responses, all members have given and invited to respond again is called:
Answer: A
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Costs that behaves as irrelevant costs in process of decision making are classified as
Answer: A
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Fourth step in decision making process is
Answer: B
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third step in decision making process is
Answer: C
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What is the term for decisions limited by human capacity to absorb and analyse information?
Answer: C
The limited capacity of humans to absorb and analyse information is termed 'bounded rationality'.
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A decision for repetitive or routine problems for which the responses have been already been decided and been known to the person who will make the decision is called:
Answer: A
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What is the term for the 'rule of thumb' type of bias in decision making?
Answer: D
'Rule of thumb' approaches are termed 'heuristics'.
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What are characteristics of a programmed decision?
Answer: D
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A group brought together from different functions and levels of an organization to consider ways in which the organization's activities could be improved is called a(n):
Answer: B
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What is not an assumption underpinning the rational decision making model?
Answer: A
The rational decision making model assumes complete information is available.
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