ORG Week 3 Section 1 with
100% correct answers
Looking to the past and incorrectly believing you can predict the future
based on past knowledge or understanding is the definition of: - answer
hindsight bias
For most of our decisions, we do not try to optimize the decision but
simply make a good decision and move on. This is called - answer
satisfying
Natalie, a location scout, has been very busy with work and noticed her
cell phone is breaking down. She likes her old Pamsung phone but needs
to get one that has faster network abilities, is not more than two hundred
dollars, has international roaming capabilities, and is water-resistant if
possible. She thinks maybe the latest Phonei would work, but then she
realizes the most important criteria are water resistance and international
roaming. After visiting five stores and spending countless hours online
researching the various phones, she evaluates her options and decides to
go with the Yons Aperix Z3v. She buys the phone and sets out to find her
latest movie location. What decision model did Natalie use to pick her new
phone? - answer rational decision making
An important implication of prospect theory is that the way people
subjectively frame an outcome affects their decision. Narrow framing is
when people evaluate new gambles in isolation, ignoring other relevant
risks. This is an example of - answer bounded rationality
E-commerce creates a great deal of data on how consumers interact with a
website. L.L.Bean keeps records that show how quickly consumers make
decisions, how many alternatives they explore, and whether they stop
without completing a purchase. When a manager sees an issue and
proposes a solution, the company can easily test the solution. This is an
example of - answer evidence based decision making
, Analytics that try to understand and describe what has taken place are
________. The analyst attempts to explain what the data reveals about the
events that have occurred, the relationships between different events and
market forces, and why the numbers are what they are. - answer
descriptive
When you can break a decision down into stages or decision nodes with
branches representing possible outcomes, which tool can you use to help
you visualize your options? - answer a decision tree
If group members have a legitimate opportunity to participate in the
decision-making process, - answer they will be far more likely to support
the decision
What are distinct disadvantages of group decision making? - answer
groups may suffer from process losses such as coordination and
communication problems
What group decision-making process uses a series of written responses to
a series of questionnaires instead of meeting in person to make decisions?
- answer nominal group technique
Barriers to Individual Decision Making - answer -information-related
barriers
-circumstance and time-related barriers
-cognitive biases: confirmation bias, framing bias, hindsight bias,
anchoring bias, halo effect, overconfidence bias, status quo bias, & pro-
innovation bias
Sally and Aamir's company are celebrating a hard-won deal. Sally manages
the team who created the product, and believes it was the high quality of
the product that cinched the deal. Aamir manages the sales team, and he
believes it was the long hours of work put in by his salespeople that
sealed the deal. These are examples of - answer confirmation bias
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