Business 316: Strategic Decision Making  /  Business Courses

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Introduction to Strategic Decision Making 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!

Page 1

Question 1 1. 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 2 2. Which of the following is the final step in the decision-making process?

Question 3 3. An individual who utilizes a cognitive process to select a choice among several available options is engaging in a _____ process.

Question 4 4. Which quality is needed on the part of managers in order for them to do strategic decision-making?

Question 5 5. Strategic decisions are made according to a company's _____.

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Question 6 6. A company's mission is to become the most knowledgeable company for llama owners to go to. Which of the following is a strategic decision to accomplish this mission?

Question 7 7. Which is an example of a satisficing type of decision making?

Question 8 8. Which decision type relies on chance?

Question 9 9. Which is an example of intuitive decision making?

Question 10 10. Who could be considered a stakeholder of a hospital?

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Question 11 11. Which of the following is the most appropriate response to the following statement: when the stakeholder-based approach to ethical decision making is implemented, the most ethical decision always becomes obvious.

Question 12 12. Following a stakeholder-based approach to ethical decision making means that the decision maker will consider:

Question 13 13. Which of the following is when an individual is too sure in their decision making, which could lead to failure of decision making?

Question 14 14. In which of the following does a decision maker give unbalanced weight to the first information they have received?

Question 15 15. Who are the decision makers in a business?

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Question 16 16. All of the following are types of bias, EXCEPT for _____.

Question 17 17. How might a manager demonstrate confirmation bias on the job?

Question 18 18. The ABC Company has invested a great deal of time and money in their latest line of gardening shoes. Therefore, they decide to keep selling and marketing the shoes in the face of increasing numbers of complaints about their poor quality. Given your knowledge of common biases, why would the ABC Company do this?

Question 19 19. Which answer choice represents a display of social responsibility that could lead to community benefits and increased loyalty to a company?

Question 20 20. What is a stakeholder?

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Question 21 21. A company's _____ may influence a diverse panel of stakeholders in different ways.

Question 22 22. A firm that works in marketing is using the decision-making process to decide on a new PR strategy. They have reached the final stage. What are they MOST likely trying to do?

Question 23 23. A company wants to offer a new line of luxury products. This line is worth at least five million dollars. Which answer represents a potential alternative that the company could pursue instead?

Question 24 24. John, a CEO of a company, is trying to fix certain aspects of his company. He started by thinking about what factors prevent the company from growing. He then started developing potential alternatives for his company. Why should John stop and start over?

Question 25 25. Determining the feasibility, while assessing the costs and benefits comes into play during which phase of the decision-making process?

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Question 26 26. What kind of thinking is needed on the part of managers when performing strategic decision-making?

Question 27 27. Which is an example of emotional decision making?

Question 28 28. An ethical decision is the same thing as a _____ decision.

Question 29 29. _____ is staying safe with the way an individual makes decisions, and their decision process stays the same.

Question 30 30. Why is it important to consider common biases when making a decision?

Introduction to Strategic Decision Making 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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