Decision Making and its Impacts Quiz

Test your knowledge on decision-making models, biases, and ethical considerations. Enhance your skills and understand the nuances of effective decision making.

Practice Learn Test

Which of the following best defines decision making?

A process of making choices by identifying a decision

Gathering information, and assessing alternative resolutions

Using intuition to make choices

A and B are correct

Which of the following is a technique used to facilitate group decision making by generating a large number of ideas for solving a problem?

Brainstorming

Delphi Technique

SWOT Analysis

Cost-Benefit Analysis

In strategic decision making, what does SWOT stand for?

Strengths, Weaknesses, Opportunities, Threats

Strategies, Workflows, Objectives, Tactics

Systems, Wins, Obstacles, Techniques

Signs, Warnings, Options, Trials

In decision making, what does the term 'opportunity cost' refer to?

The cost of not choosing the next best alternative

The total cost involved in making a decision

The cost of the resources used in the decision

The financial cost of an opportunity

Which method is often used in business for comparing the financial outcomes of different decisions by listing all costs and benefits?

SWOT analysis

Cost-benefit analysis

Decision tree analysis

Break-even analysis

Which model is based on the premise that decision making is not rational and is shaped by bounded rationality?

Rational model

Administrative model

Classical model

Quantitative model

In decision making, what does the 'satisficing' strategy entail?

Seeking the best possible solution

Choosing the first option that meets the minimum criteria

Using only quantitative data for decision making

Avoiding making any decision

What impact does cognitive bias have on decision making?

It ensures decisions are always rational

It has no impact on decision making

It can lead to errors in judgment and decision making

It improves decision-making speed significantly

What role does feedback play in the decision-making process?

It has no significant role

It is only useful before making a decision

It helps in adjusting future decisions based on past outcomes

It complicates the decision-making process

#10

Which approach to decision making focuses on the outcomes and determines the best choice by calculating the expected values?

Behavioral approach

Normative approach

Descriptive approach

Quantitative approach

#11

How do group decisions generally compare to individual decisions?

They are always superior

They take less time

They can benefit from diverse perspectives but may suffer from groupthink

They are always more biased

#12

Which theory suggests that individuals assess their decision-making outcomes based on perceived gains and losses?

Decision Theory

Expected Utility Theory

Prospect Theory

Rational Choice Theory

#13

In the context of ethical decision making, what does the term 'utilitarianism' refer to?

Making decisions based solely on the outcome's utility for the individual

A focus on following universal ethical principles regardless of the outcome

Making decisions that result in the greatest good for the greatest number of people

Ensuring decisions are made with a focus on personal virtue and character

#14

In the context of ethical decision making, which principle emphasizes the importance of the intention behind actions rather than the actions' outcomes?

Consequentialism

Utilitarianism

Deontology

Virtue ethics

#15

What is the primary focus of normative decision theory?

Describing how decisions are made in practice

Predicting the outcomes of different decision-making processes

Prescribing how decisions should be made to be rational

Analyzing the psychological aspects of decision making

#16

Which concept in decision making is concerned with the fairness or equity of the decision process and outcome?

Utilitarianism

Distributive justice

Procedural justice

Interactional justice