Ans True LE 40 Bounded rationality is choosing the first alternative that

Ans true le 40 bounded rationality is choosing the

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Ans: True LE40. Bounded rationality is choosing the first alternative that appears to give an acceptable or satisfactory resolution of the problem.Ans: False LH41. A key element in Decision-Making under risk and uncertainty is intuition.Ans: True LE42. Intuition adds elements of flexibility and spontaneity to Decision-Making, thereby offering potential for creativity and innovation.Ans: True LE43. Jeff Bezos of Amazon.com believes there is a place for both systematic and intuitive decision-making in management.Ans: True LM44. Teams engaged in systematic thinking would be expected to make a plan before taking action.Ans: True LE45. Judgment, or the use of one’s intellect, is important in all aspects of Decision-Making.Ans: True LE46. Heuristics are simplifying strategies or “rules of thumb” used to make decisions.Ans: True LE47. The availability heuristic involves assessing a current event based on past occurrences that are easily available in one’s memory.Ans: True LE
48. The representativeness heuristic bases a decision on similarities between the situation at hand and stereotypes of similar occurrences. Ans: True LM49. An example of the application of the anchoring and adjustment heuristic is the team leader who selects a new member not because of any special qualities of the person, but only because the individual comes from a department known to have produced high performers in the past.Ans: False LH50. In managing the decision-making process, one of the first issues to address is whether to actually address the decision situation.Ans: True LM51. Research shows that to prevent future errors, small problems should get the same time and attention as bigger ones.Ans: False LE52. A mistake commonly made by many new managers and team leaders is presuming that they must solveevery problem by making every decision themselves.Ans: True LE53. Creativity is more likely to occur when a person has a lot of task expertise.Ans: True LM54. Switching members among teams to gain insights from diverse backgrounds and experiences is known as associative play.Ans: False LMMultiple Choice55. The process of choosing a course of action for dealing with a problem or opportunity is __________.a)selection makingb)decision shapingc)decision-makingd)judgment resolutione)judgment generationAns: c LE

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