Decision-Making Quiz

This approach contradicts the sequential nature of decision-making, where one evaluates alternatives before implementing them.

Opportunity cost refers to the value of the next best alternative that is sacrificed when a decision is made.

Intuitive decision-making relies on instinct, emotions, and past experiences rather than rational analysis.

Group decision-making often involves deliberation and consensus-building, which can prolong the decision-making process.

The availability heuristic relies on easily accessible information when making judgments or decisions, potentially leading to biased outcomes.

The classical model emphasizes logical analysis and systematic evaluation of alternatives.

Bounded rationality acknowledges that decision-makers operate within limitations such as time, information, and cognitive capabilities.

Group decision-making often harnesses collective knowledge and perspectives, leading to synergistic outcomes.

In a consultative style, leaders gather input from others but retain authority over the final decision.

Confirmation bias leads individuals to favor information that supports their existing beliefs, potentially ignoring contrary evidence.

Quantitative analysis employs mathematical models to assess various options, often considering numerical data.

While listing pros and cons is helpful, overanalyzing can hinder decision-making by delaying action.

In the Vroom-Yetton-Jago model, 'AI' represents a decision-making style where the leader independently makes decisions.

Anchoring bias occurs when individuals rely heavily on the initial information presented to them when making decisions.

SMART criteria are used to ensure goals are well-defined, achievable, and have clear metrics for success.

The Delphi technique utilizes expert opinions to reach consensus on complex issues, often through multiple rounds of anonymous feedback.

Framing bias occurs when the presentation of information or options influences decision-making outcomes, often leading to different choices based on how the problem is framed.