Rational vs Non rational models Show The use of rational and nonrational models typically depends on the situation. -In most cases, you should do your best to find good information and evidence to reduce uncertainty and find a ____ alternative. -When time and information are very limited and there is absolutely no way to gather more evidence, you will have to use your ____. You should always try to make sure that your own biases are not limiting your judgement of available alternatives, especially in the case of satisficing and intuition.
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Terms in this set (15)The rational model of decision making explains how managers actually make decisions. false: The rational model of decision making explains how managers should make decisions. Managers use ________ in three different ways: to make a decision, to
inform a decision, and to support a decision. evidence or data The last step in Bagley's decision tree is, "Does the proposed action maximize shareholder value?" False: The last step in Bagley's decision tree (Figure 11.5) is, "Would it be ethical to take the proposed action?" Evidence should never be used to make a decision, only to inform or support one. False: Evidence-based decision making is the process of conscientiously using the best available data and evidence when making managerial decisions. It holds the promise of helping to avoid different decision-making biases, with the hope of improving performance while reducing costs. Proponents also believe evidence-based decision making can help in the use of "big data" to market and sell products and services. An individual who enjoys working with others and enjoys social interactions in which opinions are openly exchanged exhibits which decision-making style? behavioral To reduce groupthink, someone should be given the role of devil's advocate. True Julie takes a broad perspective to problem solving and likes to consider many options and future possibilities. She has a long-term perspective and relies heavily on intuition and discussions with others, and is good at finding creative solutions to problems. Julie has a(n) ________ style. conceptual The degree to which people focus on either task and technical concerns or people and social concerns when making decisions is known as their analytical preference. False: Value orientation reflects the extent to which an individual focuses on either task and technical concerns or people and social concerns when making decisions. Which of the following is one of the assumptions underlying nonrational models of decision making? Rational decision making is a struggle. In making a decision, evidence forms the basis of the decision. The making of new mental connections regarding the creative task or problem at hand is represented in the _________ stage of the creative performance process. idea generation It is suspected that judgmental heuristics are partly to blame for inaccurate diagnoses and treatment by physicians and other health care professionals because they don't have the time to consider all of a patient's symptoms. True Which of the following is not an advantage of group decision making? less pressure to conform Which of the following is not a symptom of groupthink? overestimation of opponents In the _________ bias, a decision maker subconsciously decides something even before investigating, and then seeks information that supports the decision. confirmation Students also viewedMGT study guide80 terms gkozak MGT chpt 11 practice quiz20 terms lollllauren Exam 3 11,12,13,1480 terms nicka1202001 Sets found in the same folderOS286 Ch. 8.15 terms Ava_Schieffert Oos286 Ch. 9 Quiz15 terms Ava_Schieffert OS286 Ch. 10 Quiz15 terms Ava_Schieffert OS286 Ch. 12 Quiz15 terms Ava_Schieffert Other sets by this creatorPY 253 Exam 362 terms Ava_Schieffert PY 253 Exam 258 terms Ava_Schieffert OS286 Quiz 1615 terms Ava_Schieffert OS286 Quiz 1515 terms Ava_Schieffert Verified questions
applied math The following sorites are taken from Lewis Carroll’s Symbolic Logic. All are valid. Rewrite each sorites in standard form, using letters to represent the terms and reducing the number of terms whenever necessary. Then use Venn diagrams or the rules method to prove each one valid. No terriers wander among the signs of the zodiac. Nothing that does not wander among the signs of the zodiac is a comet. Nothing but a terrier has a curly tail. No comet has a curly tail. Verified answer
applied math Compute how many 7- digit numbers can be made from the digits 1, 2, 3, 4, 5, 6, 7 if there is no repetition and the odd digits must appear in an unbroken sequence. Verified answer
applied math We are considering investing in three stocks. The random variable Si represents the value one year from now of $1 invested in stock i. We are given that E(S1) = 1.15, E(S2) = 1.21, E(S3) = 1.09; var S1 = 0.09, var S2 = 0.04, var S3 = 0.01;cov(S1,S2) = 0.006, cov(S1,S3) = −0.004, and cov(S2, S3) = 0.005. We have$100 to invest and want to have an expected return of at least 15% during the next year. Formulate a QPP to find the portfolio of minimum variance that attains an expected return of at least 15%. Verified answer
applied math The following arguments are deductive. Determine whether each is valid or invalid, and note the relationship between your answer and the truth or falsity of the premises and conclusion. Finally, determine whether the argument is sound or unsound. Since some fruits are green, and some fruits are apples, it follows that some fruits are green apples. Verified answer Recommended textbook solutions
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What are the assumptions of rational model?Assumptions of the Rational Decision-Making Model
The rational model further assumes: Measurable criteria exist for which data can be collected and analyzed. An individual possesses the cognitive ability, time and resources to evaluate each piece of information and alternative against the others in an objective manner.
Which of the following is one of the assumptions of the rational decision making process quizlet?Assumptions of the Rational Decision-Making Model: Rationality assumes that the criteria and alternatives can be ranked and weighted. Assumptions of the Rational Decision-Making Model: Specific decision criteria are constant and the weights assigned to them are stable over time.
Which of the following is true of the rational model of decision making?Answer and Explanation: The correct option is d. The rational decision-making model assumes that an individual can identify all the relevant options in an unbiased manner.
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Which of the following is an assumption of the rational model of decision making quizlet?
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