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UGBA 105 - Leading People Final Review Questions & Answers
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UGBA 105 - Leading People Final Review Questions & Answers
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UGBA 105 - Leading People Final ReviewQuestions & Answers
What are the steps in the Rational Decision-Making Model Correct Ans-1. Identify the
problem, 2. Establish decision criteria, 3. Weigh decision criteria, 4. Generate alternatives, 5.
Evaluate the alternatives, 6. Choose the best alternatives, 7. Implement the decision, 8. Evaluate
the decision.
The Rationally Bounded Decision Maker Correct Ans-- We have cognitive limitations which
makes it impossible to assimilate and understand all information necessary to optimize a
decision
- Respond by reducing information to a level which can be readily understood
Satisficers Correct Ans-seeking the satisfactory solution rather than the optimal one (We
apply our rationality only after having greatly simplified the choices available.)
Are there more words in the English language that start with the letter "r" or have "r" as the
third letter?
a. Start with the letter "r"
b. Have "r" as the third letter Correct Ans-b. Have "r" as the third letter
Availability Heuristic Correct Ans-Judging the frequency or likelihood of an event by how
easily instances of the event come to mind
Which of the following causes more deaths in the United States each year?
A. Stomach Cancer
B. Motor vehicle accidents Correct Ans-A. Stomach Cancer
Availability: Biasing Factors Correct Ans-Ease of Recall
,Familiarity
Vividness
Recency
Mark is finishing his MBA at a prestigious university. He is very interested in the arts and at one
time considered a career as a musician. Is he more likely end up with a job in?
A. a management consulting firm?
B. the management of the arts? Correct Ans-A. a management consulting firm?
Representative Heuristic Correct Ans-Making a judgment based on the resemblance to a
typical case while ignoring information about averages or prior probabilities
Gambler's Fallacy "Law of Small Numbers" Correct Ans-The belief that data collected by a
random process will look random; however, the sequence collected is too short (i.e., too small
of a sample) for the process to express itself statistically
Representative: Biasing Factors Correct Ans-Not sensitive to statistical information
Not sensitive to sample size
Misconceptions of chance
Anchoring and Adjustment Correct Ans-Using an initial judgment as an anchor on which
subsequent decisions are based
*the Primacy Effect and Anchoring may combine, for example if a list of possible sentences is
given to a jury, they will be anchored by the first option.
Anchoring and Adjustment: Biasing Factors Correct Ans-uncertainty, low confidence
Framing Correct Ans-Tendency to make different decisions based on how a problem is
presented(gains vs. losses)
, Prospect Theory: Attitudes Toward Gains and Losses Correct Ans-Gains= Risk Averse
Losses=Risk Seeking (People avoid risk when an outcome is framed positively, People seek risk
when an outcome is framed negatively)
Framing: Biasing Factors Correct Ans-- choice of reference point
- transaction vs. acquisition utility
Escalation Correct Ans-Continuing to commit additional resources to a seemingly failing
endeavor based on the hope that there will be a positive change or to justify previously made
decisions
Escalation: Biasing Factors Correct Ans-- Perceptual biases (confirmation)
- Look for disconfirming evidence
- Judgmental biases (loss from initial investment)
- Seek other reference points
- Impression Management
- Reward for process not just outcome
- Competition
- Examine why continuing actions
Remedies for Escalation Correct Ans-• Set limits on your involvement and commitment in
advance
• Avoid looking to others
• Actively determine why you are continuing
• Remind yourself of ultimate costs involved
Confirmation Bias Correct Ans-The tendency to gather or accept information that confirms
our initial beliefs while being critical of information that challenges them.
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