Managerial Decision Making Quiz

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

• Learn from feedback

• Implement the decision

• Identify the need for a decision

• Evaluate alternatives

Which of the following is NOT one of the criteria successful managers use to evaluate alternatives?

• Economic feasibility

• Popularity

• Ethicalness

• Legality

What should managers do to ensure they learn from their decisions?

• Avoid discussing failures

• Ignore past mistakes

• Make decisions quickly

• Establish a formal feedback procedure

Which cognitive bias involves overestimating one's ability to control events?

• Overconfidence bias

• Confirmation bias

• Sunk cost fallacy

• Anchoring bias

What is a potential consequence of not implementing a decision?

• Learning from experience

• Poor decision outcomes

• Increased creativity

• Wasted resources

How can managers deal with cognitive biases effectively?

• By collaborating with other managers

• By working alone

• By making decisions based on intuition

• By ignoring them

What is the role of heuristics in decision making?

• To complicate the decision-making process

• To ensure legal compliance

• To simplify complex information

• To eliminate biases

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

• Implementing the decision

• Identifying the problem

• Evaluating alternatives

• Learning from feedback

Which of the following describes systematic errors in decision making?

• Errors that lead to better decisions

• Errors influenced by cognitive biases

• Errors that are easily corrected

• Errors that occur randomly

What should managers consider when evaluating the practicality of an alternative?

• The capabilities and resources available

• The historical success of similar decisions

• The popularity of the alternative

• The opinions of stakeholders