Mastering Decision Making in Management

What is the first step in the decision-making process?

• Make a decision

• Evaluate the outcomes

• Analyze the data

• Identify the problem or opportunity

Which decision-making model emphasizes rationality?

• Intuitive Decision-Making Model

• Emotional Decision-Making Model

• Rational Decision-Making Model

• Incremental Decision-Making Model

What is a common bias that affects decision making?

• Confirmation bias

• Hindsight bias

• Overconfidence bias

• Anchoring bias

How can groupthink impact decision-making outcomes?

• Groupthink leads to more diverse opinions and perspectives.

• Groupthink negatively impacts decision-making by promoting conformity and reducing critical evaluation.

• Groupthink encourages thorough analysis and debate.

• Groupthink enhances creativity and innovation.

What is the role of data analysis in decision making?

• Data analysis provides insights that guide informed decision-making.

• Data analysis complicates the decision-making process.

• Data analysis is only useful for financial forecasting.

• Data analysis is primarily used for data storage and retrieval.

What is the difference between programmed and non-programmed decisions?

• Programmed decisions are made in emergencies, while non-programmed decisions are made during routine operations.

• Programmed decisions are routine and follow established procedures, while non-programmed decisions are unique and require judgment.

• Programmed decisions are based on intuition, while non-programmed decisions rely on data analysis.

• Programmed decisions are always made by computers, while non-programmed decisions are made by humans.

How does risk assessment influence decision making?

• Risk assessment is only useful for financial decisions.

• Risk assessment influences decision making by providing a framework to evaluate potential risks and their impacts, guiding prioritization and resource allocation.

• Risk assessment eliminates all uncertainties in decision making.

• Risk assessment has no impact on resource allocation.

What is the importance of stakeholder analysis in decision making?

• Stakeholder analysis complicates the decision-making process.

• Stakeholder analysis is only relevant for large corporations.

• Stakeholder analysis is unnecessary for small projects.

• Stakeholder analysis is crucial for informed decision-making, ensuring stakeholder interests are considered and enhancing project success.

What techniques can be used to improve decision-making skills?

• Techniques include gathering information, weighing pros and cons, considering alternatives, seeking feedback, and reflecting on past decisions.

• Ignoring past experiences

• Making decisions without consulting others

• Relying solely on gut feelings

How does emotional intelligence affect decision making?

• Emotional intelligence leads to impulsive and irrational decisions.

• Emotional intelligence only complicates decision making processes.

• Emotional intelligence has no impact on decision making.

• Emotional intelligence positively influences decision making by improving emotional awareness, empathy, and conflict resolution.