Business Administration > QUESTIONS & ANSWERS > Ch_19: STRATEGIES_FOR_IMPROVING_MANAGERIAL_DECISION_MAKING. All Answers (All)

Ch_19: STRATEGIES_FOR_IMPROVING_MANAGERIAL_DECISION_MAKING. All Answers

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1. Statistically, when a manager considers more options, there is a greater chance of finding an optimal solution. a. True b. False : True I Easy COBE.KARD.l5.19.01- 19.01 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 2. Research on the framing effect shows that once options have been identified, managers tend to mainly focus on benefits and ignore costs. a. True b. False : False I Moderate COBE.KARD.l5.19.01- 19.01 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 3. Research on the framing effect shows that focusing on costs leads decision makers to behave in a risk seeking manner. a. True b. False : True I Moderate COBE.KARD.l5.19.01- 19.01 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 4. Preference reversals are more likely to occur when a decision maker focuses on costs or benefits unequally. a. True b. False : True 1 Easy 1 Easy COBE.KARD.15.19.02- 19.02 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge COBE.KARD.15.19.01- 19.01 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 5. The "operations research perspective"suggests the best way to control product costs is to produce many units of the same component before making changes to the production process. a. True b. False : True 1 Moderate COBE.KARD.15.19.01- 19.01 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 6. Decision makers must frequently make a difficult tradeoff between speed and accuracy. a. True b. False : True 1 Easy COBE.KARD.15.19.02- 19.02 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 7. The need for cognitive closure is both an individual personality-type variable and a can be driven by situational variables. a. True b. False : True 1 Moderate COBE.KARD.15.19.02- 19.02 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 8. Freezing refers to the tendency to attain cognitive closure quickly. a. True b. False : False 1 Easy COBE.KARD.15.19.02- 19.02 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 9. Episternic seizing and freezing generally improves managerial decision making. a. True b. False : False 10. Many fmns require their managers to justify and explain their judgments to a higher-ranking officer in the firm. a. True b. False : True 1 Easy COBE.KARD.l5.19.02- 19.02 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 11. The overconfident belief that a project will proceed smoothly is known as the planning fallacy. a. True b. False : True 1 Easy COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 12. Research shows that people are very good predicting future events. a. True b. False : False 1 Easy COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 13. Events that have occurred frequently in the past are likely to happy again in the future. a. True b. False : True I Easy COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 14. One reason people tend to underuse base rate information is that base rate is a sum statistic based on the occurrence of a single important event in the past. a. True b. False : False I Challenging COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 15. People use base rate information when the causal relevance of the information is apparent. a. True b. False : True I Challenging COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 16. Invalid information varies because of poor measurement even when the target does not change. a. True b. False : False 1 Moderate COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge Bloom's: Knowledge 17. Validity and reliability should be strongly considered when evaluating information quality. a. True b. False : True 1 Easy COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 18. Linear models can only deal with objective (rather than subjective) information. a. True b. False : False 1 Moderate 19. "Bootstrapping"is the opposite oflinear modeling. a. True b. False : False 1 Moderate COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Easy COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge Bloom's: Knowledge 20. Subjective linear modeling would be a good way to select which university to attend for a high school student. a. True b. False : True 1 Moderate COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 21. Decision aids often cause managers decisions to be even more inconsistent. a. True b. False : False 1 22. Objective linear models are also called fault tree models. a. True b. False : False 1 Easy COBE.KARD.15.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Easy COBE.KARD.15.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge Bloom's: Knowledge 23. Many managers are reluctant to use linear models. a. True b. False : True 1 Easy COBE.KARD.15.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 24. Fault trees help managers identify the source of a problem quickly. a. True b. False : True 1 25. Fault trees would not be helpful for the restaurant management industry due to the nature of the tool. a. True b. False : False I Moderate COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge Bloom's: Knowledge 26. Unrelated pieces of information converging on the same conclusion provide weak evidence for a conclusion. a. True b. False : False I Easy COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 27. The degrees of correlation between two or more variables can be estimated accurately by such statistical measures as the chi-square test or the Spearman rank-order test. a. True b. False : True I Moderate COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 28. An event seems much more likely to occur if when a scenario related to that event is presented or imagined. a. True b. False : True 1 Easy COBE.KARD.15.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 29. The best defense against a scenario is to generate your own scenario leading to a different conclusion. a. True b. False : True 1 Moderate COBE.KARD.15.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 30. According to your readings, the Space Shuttle Challenger tragedy is an example of scenario thinking on the part of NASA. a. True b. False : False 1 Moderate COBE.KARD.15.19.03- 19.03 31. Confidence decreases as insensitivity to omissions increases. a. True b. False : False I Moderate COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 32. Confidence increases as need for cognitive closure increases. a. True b. False : True I Moderate COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 33. The pseudodiagnosticity effect contributes to the problem of overconfidence. a. True b. False : True I Easy COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 34. "Calibration"refers to the degree to which confidence matches scenario thinking. a. True b. False : False 1 Easy COBE.KARD.15.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 35. The best way to overcome overconfidence is to focus intensely on one possibility or outcome. a. True b. False : False 1 Moderate COBE.KARD.15.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 36. Intuition follows the mles of Bayes Theorem, which is why intuition is often a good decision tool. a. True b. False : False 1 Challenging COBE.KARD.15.19.04- 19.04 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 37. Bayes's Theorem is closely related to anchoring-and-adjustment. a. True b. False : True I Easy COBE.KARD.l5.19.04- 19.04 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 38. In Bayes's Theorem, the likelihood ratio serves as a measure of the probability of a hypothesis being true. a. True b. False : False I Challenging COBE.KARD.l5.19.04- 19.04 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 39. Once the options have been identified managers tend to focus on all, except: a. costs b. decision frame management c. benefits d. possible risky options e. deadlines : b 2 Moderate COBE.KARD.l5.19.01- 19.01 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 40. The case of the U.S. automobile industry maintaining the status quo while the Japanese developed innovative new solutions to old problems is an example of: a. openness to new frames b. poor decision frame management c. abandoning an operations research perspective d. relying too heavily on Bayes Theorem e. high need for cognitive closure : b 2 Moderate COBE.KARD.l5.19.01- 19.01 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 41. Focusing on leads decision makers to act . a. costs; risk averse b. benefits; risk seeking c. losses; risk averse d. benefits; risk averse e. None of the above is correct. : d 2 Moderate COBE.KARD.l5.19.01- 19.01 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 42. is a desire for defmite knowledge, rather than ambiguity or confusion. a. Judgment convergence b. Need for cognition c. Bayes theorem d. Calibration theory e. None of the above is correct. : e 2 Challenging COBE.KARD.15.19.02- 19.02 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 43. As the need for cognitive closure increases: a. people consider more alternatives. b. people consider larger amounts of information about each individual alternative. c. people make snap or quick conclusions. d. people become more sensitive to inconsistent evidence. e. people exhibit lower levels of confidence with their decision. : c 2 Challenging COBE.KARD.15.19.02- 19.02 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 44. Which actions do not improve managerial judgment? a. Unseizing b. Seizing c. Unfreezing d. Considering a wider range of possibilities e. All of the above improve managerial judgment. : b 2 Challenging COBE.KARD.15.19.02- 19.02 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 45. When you want to gain cognitive closure quickly, this is known as what component of need for cognitive closure? a. Convergence b. Seizing c. Unfreezing d. Freezing e. Integrative complexity : b 2 Easy COBE.KARD.15.19.02- 19.02 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 46. What is the root (or essence) of the planning fallacy? a. Overconfidence b. Unreliable information c. Too much emphasis on the base rate d. Complacency e. Lack of confidence : a 2 Challenging COBE.KARD.15.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 47. Taking books horne over a holiday expecting to do lots of work and doing nothing at all is an example of: a. confidence b. the planning fallacy c. neglecting base rates d. unfreezing e. redundancy : b 2 Challenging COBE.KARD.15.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 48. The example discussed in your readings which explained how the Eurotunnel went over budget and past deadline is an example of: a. a linear model b. the planning fallacy c. neglecting base rates d. unfreezing e. redundancy : b 2 Challenging COBE.KARD.15.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 49. People sometimes base rate information because it is a statistic. a. over use b. misuse c. 1gnore d. emphasize e. over estimate : c 2 Easy COBE.KARD.15.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 50. The base rate is a statistic based on: a. a single significant event score b. a distribution of event scores c. a series of isolated events d. a median event score e. None of the above is correct. : b 2 Challenging COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 51. Information that confounds measures of a target with measures of nontargets are: a. unreliable b. invalid c. insensitive to omission d. actuarial e. convergent : b 2 Moderate COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 52. The Consumer Cost Perception Index is an economic indicator that has historically been inaccurate and has varied greatly due to poor measurement techniques. This measure is: a. urneliable b. invalid c. insensitive to omission d. actuarial e. convergent : a 2 Challenging COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 53. The linear model is: a. unsystematic compared to an actuarial model b. used to graph ideal vectors c. a decision aid d. used only by banks e. All of the above are correct. : c 2 Easy COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 54. The decision aid involving the construction of a key list of inputs for a decision, importance weights for each input, and objective ratings of each input for each decision alternative is known as: a. an actuarial model b. an objective linear model c. a subjective linear model d. Both a and b are correct. e. None of the above are correct. : d 2 Easy COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 55. The decision aid involving the use of a list of categories of common difficulties for use in troubleshooting is known as: a. an actuarial model b. a subjective linear model c. an objective linear model d. a fault tree e. a convergence model : d 2 Easy COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 56. Subjective liuear models: a. consistently outpetforrn unaided human judgments b. rarely outpetforrn unaided human judgments c. petforrn about the same as unaided human judgments d. never outpetforrn unaided human judgment e. The data are ambiguous regardiug unaided human judgments and liuear models : a 2 Moderate COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketiug Plan CB&C Model Strategy Bloom's: Knowledge 57. When several independent or unrelated pieces of iuforrnation taken from a large data set poiut to the same conclusion, a manager should be concerned with: a. reliability and confidence b. accuracy and cost c. speed and accuracy d. seiziug and freezing e. convergence and redundancy : e 2 Challengiug COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketiug Plan CB&C Model Strategy Bloom's: Comprehension 58. Scenario thinking: a. is harder to handle than statistical decision aids b. leads to good predictions and judgments c. increases the perceived likelihood of an event d. increases manager productivity e. All of the above are correct. : c 2 Moderate COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 59. Advising managers to be sensitive to new information and to revise prior judgments in light of new information reduces the effects of which of the following heuristics? a. Representativeness heuristic b. Availability heuristic c. Simulation heuristic d. Anchoring-and-adjustment heuristic e. Confrrmation bias : d 2 Moderate COBE.KARD.l5.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 60. Confidence tends to increase as to omission (missing information) . a. sensitivity; increases b. insensitivity; increases c. attention; decreases d. calibration; increases e. sensitivity; decreases : b 2 Challenging COBE.KARD.15.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 61. The degree to which confidence matches accuracy is known as: a. omission neglect b. calibration c. convergence d. redundancy e. framing effect : b 2 Easy COBE.KARD.15.19.03- 19.03 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Knowledge 62. Bayes's theorem: a. de-emphasizes base rates b. prevents confusion of the inverse c. can frequently be duplicated by intuitive judgment d. uses only a small amount of information to make its predictions e. All of the above are correct. : b 2 Challenging COBE.KARD.15.19.04- 19.04 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 63. Bayes's theorem is closely relate to what heuristic? a. Anchoring-and-adjustment heuristic b. Price/quality heuristic c. Availability heuristic d. Simulation heuristic e. Contrast effect : a 2 Challenging COBE.KARD.15.19.04- 19.04 United States- BUSPROG: Analytic United States - NONE - DISC: Individual Dynamics - Individual Dynamics AACSB Reflective Thinking Skills CB&C Model Marketing Plan CB&C Model Strategy Bloom's: Comprehension 64. Which of the following is not a way in which Bayes's theorem can improve decision making? a. Increasing attention to base rates b. Reducing pseudodiagnostic thinking c. Eliminating the confusion of the inverse fallacy d. Helping decision makers adjust initial estimates with new information e. All of the above are way in which Bayes's Theorem can improve decision making. 65. What should always be the first step in managerial decision making? 66. What is the outcome when managers focus mainly on benefits? 67. How does the need for cognitive closure influence decision making? 68. Explain the difference between "seizing" and "freezing." 69. When can accountability improve decision making? When can it harm decision making? 70. What is the planning fallacy? Provide an example. 71. How can a linear model improve decision making? 72. Why is a subjective linear model also called a "bootstrapping"model? 73. Distinguish between convergence and redundancy. 74. What is the best way to reduce overconfidence?

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