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Decision Making & Problem Solving Strategies Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Why are simulations useful?

Question 2 2. Joe's supervisor has asked how long it will take for him to finish a project. Joe anticipates a 'best case' scenario of 4 hours, a 'worst case' scenario of 8 hours, and a 'probable' scenario of 5 hours. Using the formula to calculate 'Expected Time', Joe should tell his supervisor the project will take _____.

Question 3 3. If we have an investment of $25,000, and will save $5,000 a year due to that investment, what is the payback time frame in years?

Question 4 4. You run one of the departments in a large company that works in government bonds, futures, and other financial papers. One of your coworkers is being tasked with deciding whether or not to invest in an African country that has had a civil war recently, and has been mostly closed off to the media. What would you advise that he do first as he prepares to make his decision?

Question 5 5. An individual who utilizes a cognitive process to select a choice among several available options is engaging in a _____ process.

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Question 6 6. What must be done before a PERT analysis can take place?

Question 7 7. Which of the following are we trying to determine when we talk about weight risk?

Question 8 8. Why do managers use decision-making tools?

Question 9 9. Determining the feasibility, while assessing the costs and benefits comes into play during which phase of the decision-making process?

Question 10 10. What three different perspectives are considered when making a decision?

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Question 11 11. What's the last step of the Deming Cycle?

Question 12 12. If Mark is considering having an experimental surgery on his foot to alleviate the pain he has while walking, which of the following is NOT part of the relevant information that he should collect in order to make an informed decision?

Question 13 13. Mark met with four physicians about having surgery on his foot. He has enough money saved to undergo surgery and is able to take off six weeks of paid leave from work. He has an additional two weeks of vacation time, and his mom will stay with him for the first two weeks to help out. Knowing this information, that he is being rational, and that he wants to be free of pain, which alternative should Mark choose?

Question 14 14. Optimistic Time is defined as _____.

Question 15 15. One of the biggest mistakes a manager can make is to _____.

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Question 16 16. What's the final step of the 5-Step Model?

Question 17 17. Which problem-solving method is designed to work with process-oriented problems?

Question 18 18. How do the 5-Step Model and the Deming Cycle differ?

Question 19 19. What does PERT stand for?

Question 20 20. Pessimistic Time is defined as _____.

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Question 21 21. You work in an IT company that, so far, has only produced relatively cheap computers. Your company is trying to decide whether or not to introduce a new line of products. Why would a decision tree be useful?

Question 22 22. When attempting to solve a problem, why is the divide and conquer strategy useful?

Question 23 23. Which of the following best defines payback analysis?

Question 24 24. Weighing risk refers to:

Question 25 25. Which of the following is the final step in the decision-making process?

Decision Making & Problem Solving Strategies Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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