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Exam 6: Managerial Decision Making

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Question 1

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Which step in the decision-making process best lends itself to the use of brainstorming, nominal group technique, and the Delphi technique?

A) identifying objectives
B) reaching decisions
C) generating alternatives
D) monitoring and evaluating
E) choosing implementation strategies

F) B) and C)
G) A) and D)

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Question 2

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A criticism of both the BCG matrix and the GE matrix is that they are static.

A) True
B) False

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Question 3

Multiple Choice

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As group size increases, all of the following changes typically occur except one. Which one tends to not occur?

Suppose you are the CEO of a large firm. In the middle of a busy day, an interior decorator arrives at your office to show you some wallpaper samples for the conference room in your building. Rather than spending a lot of time going through the samples, you simply pick one that is acceptable and politely ask the interior decorator to leave. This form of decision-making is an example of

With a product classified as a __________ in Boston Consulting Group terminology, the manager responsible for the product had to decide whether to invest more money in the product to remain competitive in the growth industry or to withdraw the product due to its low relative market share.

Two important areas for strategic decision-making are

__________ refer to the results the organization wants to attain.

Generally, it is a good idea that those who will be affected by the decision must understand the choice and why it is made.

Mr. Richard McCormick, the CEO of West Company, often examines several alternatives before he moves forward on a major initiative. This process usually involves a fairly lengthy examination of each alternative before a final decision is made. This step in the decision-making process is referred to as

The notion of bounded rationality recognizes that people cannot know everything; they are limited by such organizational constraints such as time, information, resources, and their own mental capacities.

The rational-economic decision model is prescriptive rather than descriptive; that is, it concentrates on how decisions should be made, not on how they actually are made.

The BCG matrix is constructed by using market growth rate on one axis and industry growth rate on the other as indicators of the firm's strategic position.

The second step of the decision-making process deals with the results the organization wants to attain. This step is referred to as

The notion of satisficing means that when making decisions, people have completely accurate information and that the objectives are known and agreed upon.

Alternatives refer to the results the organization wants to attain.

For many organizations, the process by which managers identify and resolve problems and capitalize on opportunities is critical to their survival. This process is referred to as

As a long-time investor in a large, established mutual fund, Joe Johnson questioned the "gut-reaction or "good feeling method of investing being practiced by the new fund manager. Joe objected to the new fund manager's use of __________ in place of sophisticated decision analysis.

The Chairman of the Board of Microsoft, Bill Gates, feels that it is very important for those who work with him to encourage creative group decision-making whereby employees physically meet and generate as many ideas as possible on any given topic without anyone evaluating them. Mr. Gates feels that __________ enhances creativity and reduces the tendency of groups to satisfice in considering alternatives.

Recently, you observed a group in action at Midwest Financial Corp. and came away with the impression that the group is highly cohesive, has highly directive leaders, and is insulated from the rest of the firm to the extent that it has no clear way to get objective information. You think to yourself that the group is at risk to develop

Recently, you observed a group in action at Hillcrest Electronics. The group was engaged in an activity where freewheeling was encouraged, no ideas were too wild to be considered, group members were not allowed to criticize ideas as they were being generated, and group members were encouraged to piggyback on or combine previously stated ideas. What you observed was __________ in action.