Matthew Is Planning a Trip to Mexico for Spring Break

question 76

Multiple Choice

Matthew is planning a trip to Mexico for spring break.One night about midnight,he decides to visit Orbitz,an airline,car rental,and lodging electronic reservation system,to book his flight using the computer in his dorm room.It takes him about 5 seconds to connect to Orbitz,where he is prompted to enter his preferred travel dates and times and to specify which of several criteria such as schedule or price are most important to him.Matt is on a tight budget,so he checks the price of several flights.A second or two after submitting this information,data about several flights on various airlines,arranged from least to most expensive,appear on his computer screen.He requests aisle seats on his 2-stop connection because they best meet his budget and scheduling preferences.After making the selections,he receives instantaneous confirmation of his reservation.Orbitz then prompts Matt to provide his credit card information to complete the booking process.After providing his credit card number,he prints out a copy of his receipt and itinerary.The total time to complete the transaction is less than five minutes.Orbitz created customer value for Matt by contributing to which of the following form(s) of utility?

• A)time utility
• B)place utility
• C)possession utility
• D)form utility
• E)all four utilities: time,place,possession,and form

Note the importance of decision rules in simplifying decision-making processes.

Recognize the personal and psychological factors contributing to decision-making errors, specifically escalation of commitment.

Grasp the fundamentals of knowledge management in enhancing decision-making.

Identify the types of hazards posed by volcanic eruptions to human-made structures.

---

Definitions:

Factorial Designs

Experimental strategy that involves testing more than one independent variable at the same time, to study their effects and interactions.

Independent Variable (IV)

A variable in an experiment that is manipulated by the researcher to observe its effect on the dependent variable.

Levels

Refers to the different values or states that an independent variable can take on in an experiment or study.

Main Effects

are the direct impacts of each independent variable on the dependent variable in an experimental study, disregarding interactions between variables.