When you go to a supermarket and end up buying something that you didn't intent to buy, this is an example of making a A) rational decision B) intuitive decision C) escalation of commitment D) irrational decision E) bounded decision
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38
When you go to a supermarket and end up buying something that you didn't intent to buy, this is an example of making a
A) rational decision
B) intuitive decision
C) escalation of commitment
D) irrational decision
E) bounded decision
Step by step
Solved in 2 steps
- Need answer fast - In a decision problem under uncertainty where Return-On-Investment (ROI) is the objective pursued, valid decision criteria are (check all that applies) (a) Maximin Regret (b) Minimin (c) Maximax (d) Minimax.Which type of buying decision is described for items like food stuff and other grocery items which we buy regularly and requires almost no effort to make a buying decision? a. Limited problem-solving b. Routine c. Complex d. None of the choices are correctPlease pick a specialized book that interests you and point to 4 examples that contain numerical data that can be used to make decisions under uncertainty.(a) Please list each item in each example.(b) Please identify (1) decision maker; (2) alternatives; (3) uncertainties in each example.
- Distinguish between the Expected Monetary Value (EMV) criterion and theExpected Utility Value criterion to decision making1. Discuss the process you would employ to develop a suitable balanced scorecard for a tourist site organization and give examples of measures that would be incorporated within it. 2. Discuss how break even analysis can aid management in decision-making. 3. Discuss the practical difficulties associated with the use of breakeven analysis by managers in decision-making.Q1) Ahmed's interest was cricket. When he finished university, he wanted to work in a management job. He wanted to do his research project on some aspect of general management and social sciences, preferably for a sports goods manufacturer but had no research idea. He asked five friends, all taking business education degrees, to help him brainstorm the problem. You are requested to use the following problem-solving techniques to generate and refine the research idea in this business scenario. i) The technique of Brainstormingii) The Delphi technique
- Select the least accurate statement. A) The expected monetary value (EMV) criterion represents the long-run average of uncertain outcomes, so it should only be used for recurring decisions. b) For each possible decision and each possible outcome, the payoff table lists the associated monetary value. c)The certainty equivalent is the certain dollar amount a risk-averse decision maker would accept in order to avoid a gamble altogether. D) For a risk-averse decision maker, the certainty equivalent is less than the expected monetary value (EMV).A graph that helps decision makers use probability theory by showing the expected values of decisions in varying circumstances is known as a(n) a. Gantt chart b. probability curve c. bar graph d. decision tree In the rational model of decision making, evaluation of alternatives a. is the last step. b. should be as objective as possible. c. can only be done with the help of a decision tree. d. is the only step that requires subjective rationality1. Which of the following is not one of the three principles of a fair process? Clarifying thinking behind a decision. Budgetary restrictions Involving individuals in decision making. Clarifying expectations such as new rules or consequences. 2. When an organization discriminates through the use of a process, affecting protected group as a whole, rather than consciously intending to discriminate, it is called ________________________. bona fide occupational qualification disparate impact disparate treatment 3. Which of the following is an internal factor associated with forecasting and planning for human capital needs? shifts in population changes in laws sales increases or decreases competition
- a. Use a decision tree to recommend a decision. b. Use EVPI to determine whether Gorman should attempt to obtain a better estimate of demand. c. A test market study of the potential demand for the product is expected to report either a favorable (F) or unfavorable (U) condition. The relevant conditional probabilities are as follows: P(F | s1) = 0.10 P(U | s1) = 0.90 P(F | s2) = 0.40 P(U | s2) = 0.60 P(F | s3) = 0.60 P(U | s3) = 0.40 What is the probability that the market research report will be favorable?You often hear about the trade-off between risk and reward. Is this trade-off part of decision making under uncertainty when the decision maker uses theEMV criterion? For example, how does this work in investment decisions?Decision trees use:a) probabilities.b) payoffs.c) logic.d) options.e) all of the above.