Question 1

The step in the decision-making process where you demonstrate your creativity is to ________.

Accepted Answer

Developing alternatives involves generating multiple options for solving the problem or making the decision. This step requires creativity and brainstorming to come up with a variety of ideas. Once alternatives have been developed, they can be evaluated and compared in the next step of the decision-making process.

Question 2

You can improve the final outcome in the decision-making process if you acknowledge your biases and overtly attempt to control them.

Accepted Answer

When we acknowledge our biases, we become more self-aware, which helps us make better decisions. We can then take steps to control our biases and prevent them from influencing our decisions. This improves the final outcome of the decision-making process.

Question 3

In developing alternatives,the fewer alternatives you can generate the better your final decision will be.

Accepted Answer

The more alternatives you can generate, the better your final decision is likely to be. This is because you have considered a wider range of options and have a better chance of selecting the optimal solution.

Question 4

Solving the wrong problem perfectly is no better outcome,and may be worse,than coming up with the wrong solution to the right problem.

Accepted Answer

Solving the wrong problem perfectly is a waste of resources and may even lead to further problems. It is always better to focus on solving the right problem, even if the solution is not perfect at first.

Question 5

Which of the following is one way to help a supervisor properly implement the decision?

Accepted Answer

The answer of Which of the following is one way...

Question 6

Decision trees are useful tools to analyze all EXCEPT ________.

Accepted Answer

Decision trees are typically used for decision-making processes involving choices and possible outcomes, such as marketing strategies, equipment purchases, investment decisions, and hiring processes. Quality control, however, often involves statistical methods and process control techniques rather than decision trees.

Question 7

The first step in the decision-making process is ________.

Accepted Answer

The first step in the decision-making process is to identify the problem. Without knowing the problem to be solved, it is impossible to collect relevant information, evaluate alternatives, or diagram a decision tree. Interviewing employees may be part of the information-gathering process, but would not be the first step.

Question 8

Identify and explain the steps a supervisor uses in the decision-making process.

Accepted Answer

The answer of Identify and explain the steps a supervisor...

Question 9

Marginal analysis deals with what type of cost in a particular decision?

Accepted Answer

Marginal analysis deals with the additional cost associated with a particular decision. It helps in analyzing whether the benefits of an additional unit of something are greater than its costs. It is useful in decision-making processes where an optimal outcome is desired.

Question 10

If follow-up and evaluation indicate that the sought-after results weren't achieved,the supervisor must still implement the final decision.

Accepted Answer

If the sought-after results weren't achieved, the supervisor should reassess the situation and consider alternative actions or adjustments rather than implementing a decision that may not be effective.

Question 11

A decision-making tool for supervisors that permits decision makers to place a monetary value on the various consequences likely to result from the selection of a particular course of action is called the ________.

Accepted Answer

Expected value analysis is a decision-making tool that involves placing a monetary value on the various consequences likely to result from the selection of a particular course of action. It helps decision makers to consider the potential outcomes, assign probabilities to those outcomes, and determine the expected value of each option. This information can then be used to identify the option that is most likely to yield the highest return on investment. Therefore, option B is the best choice in this case.

Question 12

A useful way to analyze hiring,marketing,investment,equipment purchases,pricing,and similar decisions that involve a progression of decisions is to use ________.

Accepted Answer

A decision tree is a visual tool that helps to map out different potential decisions and their potential outcomes. It allows decision-makers to weigh the pros and cons of different options and choose the one that is most likely to lead to the desired result. This can be particularly useful in situations where there are multiple steps or decisions involved in achieving a particular goal, such as hiring or investment decisions.

Question 13

The following are steps in the decision-making process EXCEPT ________.

Accepted Answer

Developing objectives is actually a preliminary step before the decision-making process officially begins. It involves setting the goals or objectives that the decision-making process aims to achieve, rather than being a step within the process itself. The decision-making process primarily involves identifying the problem or opportunity, collecting information, developing alternatives, selecting the best alternative, and following up on the decision.

Question 14

Selection of the best alternative in the decision-making process depends on which of the following?

Accepted Answer

The answer of Selection of the best alternative in the...

Question 15

A decision tree analyzes which of the following?

Accepted Answer

A decision tree is a visual representation of possible choices and their potential outcomes, used to help make decisions. It is commonly used for analyzing the potential outcomes of equipment purchases, as it can help decide which option will yield the best results.

Question 16

A discrepancy between an existing and a desired state of affairs is called a(n)________.

Accepted Answer

A discrepancy between an existing and a desired state of affairs is a problem. An opportunity refers to a favorable set of circumstances that presents itself as a chance for progress or advancement. A puzzle is a game, toy, or problem that tests a person's ingenuity or knowledge. A possibility refers to a thing that may happen or be the case. A graphic illustration is a visual representation of something.

Question 17

Once the problem has been identified in the decision-making process,you will need to ________.

Accepted Answer

The answer of Once the problem has been identified in...

Question 18

The concept of marginal or incremental analysis helps decision makers to ________.

Accepted Answer

Marginal or incremental analysis focuses on the changes in cost or revenue that result from a specific decision. This helps decision makers to identify the most profitable decision by optimizing returns or minimizing costs. Therefore, choice E is the best answer.

Question 19

A process that deals with the additional cost in a particular decision rather than the average cost is called ________ analysis.

Accepted Answer

Marginal analysis looks at the incremental cost of a decision and helps to determine the optimal level of production or investment. This is different from looking at the average cost of a decision, which may not capture the full impact of each additional unit produced or dollar invested. Marginal analysis is commonly used in economics and finance to inform decision-making.

Question 20

A rational and analytical way of looking at decisions is called the ________.

Accepted Answer

The rational and analytical way of looking at decisions is called the decision-making process, which involves gathering information, analyzing options, weighing the pros and cons, and making a logical and objective choice based on the available data. Choice E is the only option that accurately describes this process.

Quiz 7: Problem Analysis and Decision Making