#1
Which decision-making model involves identifying, evaluating, and choosing among several alternatives?
Rational decision-making model
ExplanationSystematic approach to decision-making involving analysis of options and selecting the most optimal one.
#2
In the OODA loop decision-making model, what does 'OODA' stand for?
Observe, Orient, Decide, Act
ExplanationDecision-making framework emphasizing quick reaction based on continuous feedback loops.
#3
Which decision-making model emphasizes making decisions based on intuition, gut feelings, and past experiences?
Intuitive decision-making model
ExplanationRelying on instinctive feelings, bypassing extensive analysis.
#4
Which decision-making model suggests that individuals make decisions by selecting the first option that meets a minimum threshold of acceptability?
Satisficing decision-making model
ExplanationAccepting the first solution that meets the criteria, rather than seeking the optimal one.
#5
Which decision-making model suggests that individuals seek to maximize benefits and minimize costs, assuming they have access to all relevant information?
Rational decision-making model
ExplanationIdealized approach to decision-making where all options are evaluated to find the best.
#6
Which cognitive factor refers to the tendency to rely on information that is readily available, even if it might not be the most relevant?
Availability heuristic
ExplanationDecision-making shortcut where ease of recalling examples influences judgments.
#7
In the Vroom-Yetton-Jago Decision Model, 'LAI' refers to which type of decision-making style?
Delegative
ExplanationStyle where decision-making authority is given to others with little to no involvement.
#8
Which of the following is not one of the steps in the rational decision-making model?
Selecting the first satisfactory option
ExplanationContrary to rational model, this step involves accepting the first adequate solution rather than optimizing.
#9
Which cognitive bias involves favoring options that align with pre-existing beliefs or values?
Confirmation bias
ExplanationTendency to search for, interpret, and remember information in a way that confirms one's preconceptions.
#10
According to Herbert Simon, which decision-making model recognizes the limitations of human rationality and information processing?
Bounded rationality model
ExplanationAcknowledges cognitive constraints, proposing that individuals make 'good enough' decisions with available information.
#11
Which cognitive bias occurs when decision-makers overestimate their own ability to predict future events?
Overconfidence bias
ExplanationTendency to have excessive confidence in one's own judgments or abilities.
#12
The 'framing effect' is an example of which cognitive bias?
Anchoring bias
ExplanationWay in which information is presented (or framed) influences decision-making.
#13
Which cognitive bias involves the tendency to judge the probability of an event based on how closely it resembles a prototype?
Representativeness heuristic
ExplanationAssessing likelihood of an event by how closely it matches a stereotype or previous experience.
#14
According to prospect theory, individuals are more sensitive to what type of changes?
Relative changes
ExplanationPeople value gains and losses relative to a reference point, not in absolute terms.
#15
According to the 'prospect theory', individuals are more averse to losses than they are motivated by equivalent gains. This principle is known as:
Loss aversion
ExplanationTendency to prefer avoiding losses over acquiring equivalent gains.