Strategic Decision Making & Problem Solving 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. 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 2 2. Determining the feasibility, while assessing the costs and benefits comes into play during which phase of the decision-making process?

Question 3 3. What three different perspectives are considered when making a decision?

Question 4 4. 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 5 5. Which of the following is the final step in the decision-making process?

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Question 6 6. What's the final step of the 5-Step Model?

Question 7 7. What must be done before a PERT analysis can take place?

Question 8 8. When attempting to solve a problem, why is the divide and conquer strategy useful?

Question 9 9. 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 10 10. Which of the following best defines payback analysis?

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Question 11 11. When assessing an organization's internal environment a manager is concerned with

Question 12 12. Weighing risk refers to:

Question 13 13. What does PERT stand for?

Question 14 14. When assessing an organization's external environment a manager is concerned with

Question 15 15. What's the last step of the Deming Cycle?

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Question 16 16. Why is it important for companies to evaluate managerial decisions using a SWOT Analysis?

Question 17 17. Pessimistic Time is defined as _____.

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

Question 19 19. Which problem-solving method is designed to work with process-oriented problems?

Question 20 20. 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 21 21. Once the important questions are answered during the SWOT analysis, managers can begin to place the strengths, weaknesses, opportunities, and threats in the appropriate quadrant of the _____.

Question 22 22. Why do managers use decision-making tools?

Question 23 23. Which of the following are we trying to determine when we talk about weight risk?

Question 24 24. Why are simulations useful?

Question 25 25. 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?

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Question 26 26. Jessica has just conducted a SWOT analysis of her firm. What should her next steps be?

Question 27 27. 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 28 28. One of the biggest mistakes a manager can make is to _____.

Question 29 29. 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 30 30. Optimistic Time is defined as _____.

Strategic Decision Making & Problem Solving 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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