Started on Thursday, 24 February 2022, 8:44 PM

State Finished

Completed on Thursday, 24 February 2022, 9:59 PM

Time taken 1 hour 14 mins

Grade 84.00 out of 100.00

Question 1
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During the presidential election, Vernon tends to focus only on the news report that support his
view that one candidate is better than the other. He doesn’t even read any articles that have a
headline casting doubts on his preferred candidate. Vernon is demonstrating the __________
bias.

a.
Standardization

b.
Mental sets

c.
The confirmation bias            

d.
Confirmation
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Confirmation

Question 2
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When people use the representativeness heuristic, they:

a.
 Suffer from the large-sample fallacy, 

b.
Make a judgment based on ease of retrieval from memory

c.
Make a judgment based on similarity 

d.
Place too much emphasis on base rates, 
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Make a judgment based on similarity 

Question 3
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Who is mostly involved in Decision Making?
 

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Decision making occurs when a judgement must be made between the merits and demerits of different
choice processes, whereas problem-solving generates the choice processes in the first place (Harrison,
1999). In presenting an overview of decision making, we can also then begin to consider the antecedent
environmental factors that shape decision making. Teale et al (2003) propose that decisions, of the type
discussed, are made by a decision body in organisations. These are the individuals, collective groupings
and other stakeholder entities that actively shape the decision-making process. Some care should be
taken regarding who or what may constitute a valid stakeholder for an organisational decision.

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Question 4
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What is not an assumption underpinning the rational decision-making model?

a.
An agreed goal

b.
Structured problem

c.
High level of certainty regarding the environment

d.
Incomplete information

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Incomplete information

Question 5
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What steps should be taken in order to make a decision on a given problem?
 

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1.        Define the problem (what is it that needs to be determined?)
2.        Determine the evaluative criteria (efficiency? efficacy? morality?)
3.        Identify all possible solutions (the range of actions which result in the achievement of the problem
aim)
4.        Judge the achievement of the outcomes of these solutions against preferred criteria and problem
aim (which solution works best by the relevant criteria)
5.        Choose the optimal solution

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Question 6
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What is the term for a sub-optimal but acceptable outcome of negotiations between parties? 

a.
Compromising

b.
Bargaining

c.
Satisficing

d.
Accepting
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Satisficing

Question 7
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1. What are the three types of decision enterprise can make and describe them?
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Strategic Decision (or a Corporate Strategy) – such as for example, the decision to enter the Indian
market to support organisational sales growth of 5% per annum
 
Tactical Decision (or a Business Strategy) – such as for example, to decide between export led market
expansion or locally producing the product
 
Operational Decision – such as for example the decision to hire more expatriates (or local staff) to
deliver and manage either the export or local production operations.

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Question 8
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Case Study: Box 1.1: Taking big decisions at Nokia
 
Stephen Elop, who joined Nokia as President and CEO in September 2010 from the senior staff
of Microsoft is faced with a significant amount of uncertainty and ambiguity in determining the
future strategy of the company. With a rapidly declining market share in developed markets
(where Google’s Android and Apples iPhone have heralded the invasion of Smartphones) and a
weakening competitive position in emerging markets (such as India), the decisions he is taking
are significant for the survival of the organisation. In February 2011, he issued his famous
‘burning platform’ memo and canvassed 3 questions to all Nokia employees: The ‘burning
memo’ document presented a clear and simple analogy for Nokia employees:
 
Mr. Elop subsequently announced a strategic decision to create a joint venture with Microsoft
and adopt their Windows operating system to power their new smartphones. It offers tactically
both leveraged branding for Microsoft and Nokia in both developed and emerging markets but
moreover still requires Nokia to make the operational decision of maintaining their support for
their in-house Symbian and Meego platforms, to finance the transition of the company. A large
challenge given the extensive history of organic and in house technological development and
the corporate culture this has developed.
 
Consider these questions for discussion and further research:
1)What were the decisions taken by Stephen?
2) what were the defining features of those decisions?
3) What was the process Stephen used and why, to take those decisions?
4)What are the risks associated with these decisions?
 
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Question 9
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How would you describe the Rational Model (RAT)?
 
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This model assumes that all relevant and pertinent information is available to the decision body in a
supportive (and unconstrained context), to allow optimal decisions to be taken, through a consideration of
all potential outcomes (which themselves can be known and understood in advance) (Lee and Cummins,
2004). In the case of economics for example, this may be a comparative cost –benefit analysis.
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Question 10
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What is the term for decisions limited by the human capacity to absorb and analyse
information? 

a.
Cognitive rationality

b.
Conscious rationality
c.
Bounded rationality

d.
Restricted rationality
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Bounded rationality

Question 11
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Recently, you’ve seen several reports of shark attacks in Florida on the news. You go to a
beach in California and can’t make yourself get in the water because all you can think about are
sharks. This is an example of what type of heuristic?

a.
Accessibility

b.
Base rate

c.
Availability

d.
Representativeness
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The correct answer is:

Availability