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Exam 2: Managers As Decision Makers

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Question 61

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A procedure ________.

A) is an explicit statement that tells a manager what can or cannot be done
B) is a series of sequential steps a manager uses to respond to a structured problem
C) is used mainly for unstructured,rather than structured,problems
D) is subject to the interpretation of the decision maker

E) All of the above
F) A) and B)

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Question 62

Multiple Choice

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Evelyn's Internet search for information about "vendor for machine screws" yielded more than 100,000 items.Evelyn did not have time or resources to pursue each of these so she limited her search to only vendors in her state.By doing this,Evelyn used ________.

A) perfect rationality
B) bounded rationality
C) satisficing
D) intuition

E) A) and D)
F) All of the above

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Question 63

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A programmed decision is a repetitive decision that can be handled by a routine approach.

Nonprogrammed decision making relies on procedures,rules,and policies.

Mildred was persuaded by a fast-talking salesperson to carry an expensive brand of yarns in her retail needlecraft shop.Seldom does a customer buy this brand,but on those rare occasions Mildred tells herself she made the right decision.The yarns have been sitting on the shelf for several months and she has yet to profit from them.Mildred suffers from the ________.

Managers are assumed to use ________ if they make logical and consistent choices to maximize value.

Discuss the three types of programmed decisions that a manager depends on to resolve structured problems.

A(n) ________ typically contains an ambiguous term that leaves interpretation up to the decision maker.

Sales of the high-end units have declined.The owners want Arnold,the CEO,to increase revenues to previous levels.His first action should be ________.

Max is planning to go away to college next year and is currently trying to figure out which colleges he should apply to.He would like to major in English Literature at an accredited liberal arts college,but is also looking for a university that offers financial aid.In terms of the decision-making process,these represent Max's ________.