The Classical Model of Decision Making Specifies How Decisions Should

question 87

Multiple Choice

The classical model of decision making specifies how decisions should be made by managers; this is a way of saying that this model of decision making is

• A)heuristic.
• B)prescriptive.
• C)incomplete.
• D)intuitive.

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Definitions:

Availability Heuristic

A cognitive shortcut where individuals estimate the likelihood of an event based on how easily examples come to mind, which can lead to biases.

9/11 Terrorist Tragedy

A series of coordinated terrorist attacks by the Islamic terrorist group al-Qaeda against the United States on the morning of September 11, 2001.

Air Travel Risks

Potential dangers or health concerns associated with flying, including deep vein thrombosis, exposure to radiation, and the spread of infectious diseases.

Representativeness Heuristic

A cognitive shortcut where the likelihood of an object belonging to a category is judged based on how similar it is to one's mental representation of that category.