Decision Making — Concept, process, techniques and tools. - One Line Questions

1. What is a key difference between a decision tree and a flowchart? — A decision tree shows probabilities and outcomes, while a flowchart shows process steps.
2. What is 'groupthink' and why is it a concern in group decision-making? — A phenomenon where group members prioritize harmony over realistic appraisal of alternatives, leading to poor decisions.
3. In a decision matrix, what is typically assigned to each criterion to reflect its relative importance? — A weight
4. The concept of 'escalation of commitment' in decision-making refers to: — Continuing to invest resources in a failing decision despite negative evidence.
5. The concept of 'bounded rationality' suggests that decision-makers: — Are limited by cognitive abilities and available information.
6. A flowchart is most useful for: — Representing the steps in a process or decision sequence.
7. A Gantt chart is primarily used for: — Visualizing project schedules and progress.
8. Which of the following is a strategy to mitigate groupthink? — Encouraging dissenting opinions and devil's advocate roles.
9. The process of evaluating the effectiveness of a decision after it has been implemented is crucial for: — Learning and improving future decision-making.
10. Which decision-making model assumes that decision-makers are completely rational and have access to all information? — Rational decision-making model
11. Which technique is often used in strategic decision-making to explore potential future states and their implications? — Scenario analysis
12. Which of the following is a quantitative tool for decision-making? — Decision tree analysis
13. Which technique involves a structured debate where opposing viewpoints are presented to identify weaknesses in a proposed decision? — Devil's advocacy
14. A SWOT analysis is a strategic planning tool that helps identify an organization's: — Strengths, Weaknesses, Opportunities, and Threats.
15. Heuristics are best described as: — Mental shortcuts or rules of thumb used for decision-making.
16. Which of the following is an example of a programmed decision? — Setting inventory reorder points.
17. Which tool is used to visualize the frequency distribution of data? — Histogram
18. Which technique involves a group of individuals who meet to brainstorm and generate a wide range of ideas without initial criticism? — Brainstorming
19. What is the first step in the standard decision-making process? — Identifying the decision situation.
20. The Delphi technique is primarily used for: — Forecasting future trends through expert opinions.
21. Scenario planning involves: — Developing multiple plausible future situations to test decisions against.
22. A Pareto chart is a graphical tool that ranks causes of problems from most to least severe, based on the: — Frequency of occurrence
23. Which decision-making tool helps managers visualize the potential outcomes of a decision based on probabilities? — Decision tree
24. Which tool is best suited for analyzing the root causes of quality problems? — Fishbone diagram
25. Which tool helps visualize the relationships and flow between different decision points and their consequences? — Flowchart
26. What does 'risk analysis' involve in the context of decision-making? — Identifying and assessing potential negative outcomes.
27. What is a 'PERT' chart used for in project management and decision-making? — Identifying the most critical tasks in a project.
28. Which of the following is NOT a typical stage in the rational decision-making process? — Avoiding emotional bias.
29. What is a potential drawback of relying heavily on intuition in decision-making? — It may be influenced by personal biases and emotions.
30. What role does 'confirmation bias' play in decision-making? — It leads individuals to favor information that confirms their existing beliefs.
31. What is a key advantage of using a structured decision-making process? — It reduces the influence of bias and ensures consistency.
32. The 'satisficing' concept, introduced by Herbert Simon, refers to: — Choosing the first solution that meets a minimum level of acceptability.
33. The 'Pareto Principle' (80/20 rule) suggests that approximately 80% of effects come from 20% of: — Causes
34. Which type of decision is routine and recurring, often handled through established procedures? — Programmed decision
35. Which type of decision is typically made by top-level management? — Strategic decisions
36. Which tool is used to map out the sequence of activities and their dependencies in a project? — Gantt chart
37. Decisions that are novel, unstructured, and require unique solutions are known as: — Non-programmed decisions
38. A fishbone diagram, also known as an Ishikawa diagram, is used to identify: — Potential causes of a problem
39. Which model of decision-making emphasizes the use of intuition and 'gut feeling'? — Intuitive model
40. The 'anchoring bias' occurs when a decision-maker: — Relies too heavily on the first piece of information offered.
41. A histogram is useful for understanding the: — Distribution and spread of a dataset.
42. Which decision-making technique is particularly useful when dealing with complex problems involving multiple variables and uncertainties? — Scenario planning
43. Which technique involves breaking down a complex decision into smaller, more manageable parts? — Systematic analysis
44. What does the 'T' in SWOT analysis stand for? — Threats
45. What is the primary definition of decision-making in a management context? — The process of choosing among alternative courses of action to achieve a goal.
46. What is a 'critical path' in project management, often determined using PERT analysis? — The sequence of tasks that determines the minimum project completion time.
47. What is a potential pitfall of using heuristics? — They can lead to systematic errors or biases.
48. What is the main purpose of a decision matrix? — To evaluate and compare multiple alternatives against predefined criteria.
49. What is the primary purpose of benchmarking in decision-making? — To compare one's own performance against best-in-class competitors or industry standards.
50. What is the primary goal of cost-benefit analysis in decision-making? — To determine if the benefits of a decision outweigh its costs.
All One Line Questions
E-Book Decision Making — Concept, process, techniques and tools. Online Test Decision Making — Concept, process, techniques and tools. Question Bank Decision Making — Concept, process, techniques and tools.