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Management Exam 2 Study Guide (aced the test and got 96%)

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MGT 3200
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1MANAGEMENT 3200EXAM TWO OBJECTIVES FROM THE NOTESOUTSIDE READINGDECISIONMAKING 1Is decisionmaking a function of managementNo It is part of every function nut not separate function Most closely associated with planning 2Why do we make decisions as managersTo accomplish our goals effiently3Whats the difference between programmed and nonprogrammed decisionsProgrammedrules and standard operating procedureNonprogrammednew complex situation4Do managers make more programmed or nonprogrammed decisions in generalmore programmed ex Grades managers need to spend more of their time on nonprogrammed decisions and they become more frequent when going up the pyramid5What is decisionmaking under conditions of certaintyKnow all your alternative and know what their outcomes are going to be with 100 certainty 6What is decisionmaking under conditions of riskKnow your alternative and some idea of what they are going to lead to in terms of their outcomes7What is decisionmaking under conditions of uncertaintyWorst case know your alternatives but have no idea of what they are going to lead to no experience to draw upon8Which decisionmaking condition is most common Least common Most difficultRisk is the most common certainty is the least common uncertainty most difficult9What is the key to making good decisions under riskBetter have the right probabilities even when you play the odds well with risk you can still lose10How do programmednonprogrammed decisions and the different decisionmaking conditions relateProgrammedcertainty and risk ex admissions into LSU based on ACT enlargedNon programmeduncertainty and risk craft211What does the traditional economic model assume about decisionmakers2 assumptionsYour completely rational know all you alternatives and their outcomes and you maximize prescriptedwhat we should do12Under what decisionmaking condition do decisions get made in the traditional economic modelMake decision under certainty13What does the behavioral model assume about decisionmakersAssumes bounded rationality and satisfices descriptive what we actually do14What is bounded rationalityWhat three things bound ones rationalityThere are limits to your rationally that keeps you from knowing things1mental capacity2emtional state3the inability to see future events will keep probability below 1 or 10015What is satisficingHow does it differ from maximizingIs it irrationalGo from alternative to alternative until we find one that is satisfactoryacceptable and then we stop we get a pretty good solution with less time and effort make you more efficient you would not know if you are maximizing it is rational16What is a heuristicWhat are the advantages of and disadvantages of heuristicsA mental shortcut that we use in making decisions we get a pretty good solution with less time and effort makes us more efficient and effective the disadvantage is that we use them so frequently that we dont recognize it know as a bias when we apply them to inappropriate situations17What is the availability heuristicWhat factors cause you to overestimate the frequency of an eventUnderestimate the frequency of an eventIf something is easily recalled in memory it has to be frequent there are other things besides the frequency of an event that helps you to recall things easier If an event is frequent it will cause you to overestimate Causes of overestimation1Recent2emotional3vivid4specific5easily imagined18What is the representativeness heuristicWhats the problem with this heuristicWe judge the likelihood of occurrence by some similar event or stereotypeIt can cause you to miss opportunities
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