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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 Which of the following statement is true regarding the rational decisionThe correct option is d. The rational decision-making model assumes that an individual can identify all the relevant options in an unbiased manner.
What is wrong with the rational decisionKEY POINTS. Critics of the rational decision-making model say that the model makes unrealistic assumptions, particularly about the amount of information available and an individual's ability to processes this information when making decisions.
What is the correct process of the rational decisionThe steps involved in the rational decision-making model are: defining the problem, identifying the decision criteria, allocating weight to criteria, developing alternative solutions, evaluating alternatives, choosing a solution, and implementing it.
Which step in the rational decisionWhile decision makers can get off track during any of these steps, research shows that searching for alternatives in the fourth step can be the most challenging and often leads to failure.
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Which of the following statements regarding the rational decision-making model is INCORRECT
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