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InstructionsAnswer the following questions and then press 'Submit' to get your score. Question 1What are characteristics of a programmed decision? a) Complex and risky b) Uncertain and non-routine c) Low risk and certain d) Routine and non-complex Question 2Of what is an investment decision an example? a) Programmed decision b) Routine decision c) Management decision d) Non-programmed decision Question 3What is not an assumption underpinning the rational decision making model? a) Incomplete information b) An agreed goal c) A structured problem d) High level of certainty regarding the environment Question 4Simon (1960) is associated with what type of decision making model? a) Rational b) Classical c) Programmed d) Administrative Question 5What is the term for decisions limited by human capacity to absorb and analyse information? a) Cognitive rationality b) Conscious rationality c) Bounded rationality d) Restricted rationality Question 6What is the term for a sub-optimal but acceptable outcome of negotiations between parties? a) Bargaining b) Satisficing c) Accepting d) Compromising Question 7What is intuitive decision making based on? a) Guesswork b) Gambling c) Instinct d) Rationality Question 8Which of these does not form part of the key streams identified by March (1988) in decision making in highly ambiguous environments? a) Expectations b) Choice opportunities c) Problems d) Solutions Question 9What assumption is the garbage can model of decision making based on? a) Limited knowledge and great insight b) Limited knowledge but high level of experience c) Limited knowledge and uncertainty d) Limited knowledge and high risk Question 10What is the term for the 'rule of thumb' type of bias in decision making? a) Framing bias b) Hindsight bias c) Over-confidence bias d) Heuristics What are the 4 types of decision making models?The four different decision-making models—rational, bounded rationality, intuitive, and creative—vary in terms of how experienced or motivated a decision maker is to make a choice. Choosing the right approach will make you more effective at work and improve your ability to carry out all the P-O-L-C functions.
Which decision making model is characterized by vague problems and goals with conditions of uncertainty?b. 22. The political model consists of vague problems and goals, limited information about alternatives and their outcomes, and a satisficing choice for resolving problems using intuition.
What are the 3 decision making models?The 3 Decision Making Models are: Thinking First — Rational Decision Making. Seeing First — Insight-driven Decision Making. Doing First — Experimentation-based Decision Making.
What does it mean when a decision involves satisficing?Satisficing is a decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal solution. Instead of putting maximum exertion toward attaining the ideal outcome, satisficing focuses on pragmatic effort when confronted with tasks.
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Which model of decision making is associated with satisficing, bounded rationality, and uncertainty?
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