To Improve Decision-Making Abilities, Managers Should

question 30

Multiple Choice

To improve decision-making abilities, managers should

• A)concentrate on planning for the future instead of analyzing past decisions.
• B)ignore biases and personal style for making decisions.
• C)rank various alternatives even when all relevant information is not available.
• D)list the criteria that are being used to assess and evaluate alternatives and evaluate if the factors are appropriate.
• E)pursue the most economically superior alternatives despite the threat of cannibalization to other areas of the business.

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Definitions:

Memory Skills

The cognitive abilities that allow one to store, retain, and recall information and experiences.

Repetitive Behavior

Actions or sequences of actions that are performed repeatedly in a similar manner, often observed in various contexts including disorders like autism.

Scheme Theory

A cognitive framework or approach that emphasizes the structuring of information into schemas, which are mental representations organizing knowledge and guiding information processing.

Fuzzy Trace Theory

A cognitive psychology theory suggesting people encode information into two types of representations: verbatim (exact details) and gist (the essence or meaning).