Decision Making - One Line Questions

1. In decision-making, 'confirmation bias' can lead to: — Ignoring or downplaying information that contradicts one's beliefs.
2. The 'sunk cost fallacy' in decision-making describes the tendency to: — Continue investing in a project or decision because of resources already spent, even if it's no longer viable.
3. When faced with a decision, which of the following is NOT a recommended strategy for mitigating cognitive biases? — Rely solely on your gut feeling.
4. Which bias describes the tendency to believe, after an event has occurred, that one would have predicted or expected the outcome? — Hindsight Bias
5. Which decision-making bias describes the tendency to overestimate the likelihood of events that are easily recalled? — Availability Heuristic
6. The 'availability heuristic' influences decision-making by causing individuals to overestimate the likelihood of events that: — Are easily recalled or vividly imagined.
7. When a decision-maker seeks out information that confirms their pre-existing beliefs or hypotheses, this is known as: — Confirmation Bias
8. Which of the following is a cognitive bias where individuals rely too heavily on an initial piece of information offered (the 'anchor') to make decisions? — Anchoring Bias
9. When a decision is made based on intuition, it relies heavily on: — Unconscious processing of information and past experiences.
10. In decision-making, 'optimizing' means: — Choosing the best possible option after exhaustive search and analysis.
11. The Delphi technique is a method used in group decision-making to: — Reach a consensus through a series of carefully designed questionnaires and controlled feedback.
12. The 'representativeness heuristic' involves making judgments based on: — The degree to which something matches a mental prototype or stereotype.
13. What is the final step in a typical rational decision-making model? — Evaluating the effectiveness of the chosen solution.
14. When making a decision, what does 'risk assessment' involve? — Identifying potential hazards and evaluating the likelihood and impact of their occurrence.
15. What is the first step in a systematic decision-making process? — Identifying and defining the problem or decision to be made.
16. Which factor is crucial for effective decision-making in a high-pressure situation? — Maintaining emotional control and focus.
17. What is the main disadvantage of relying solely on intuition for important decisions? — It may be influenced by unconscious biases and inaccurate past experiences.
18. What role does 'risk tolerance' play in decision-making? — It influences the willingness of an individual or group to accept potential negative outcomes in pursuit of a goal.
19. What is a potential downside of using a 'command-and-control' decision-making style? — It can stifle creativity and reduce employee morale.
20. In decision-making, 'feedback' is essential for: — Evaluating the effectiveness of the chosen course of action and making adjustments.
21. The 'bandwagon effect' in decision-making refers to the tendency to: — Do or believe things because many other people do or believe the same.
22. In decision-making, what does the term 'bounded rationality' refer to? — The idea that decision-makers have limited cognitive abilities and information.
23. Which of the following is a key characteristic of effective decision-making? — Considering a wide range of information and perspectives.
24. A decision-maker who chooses an option that is 'good enough' rather than the absolute best is employing which strategy? — Satisficing
25. Which of the following is a common tool or technique used to aid in decision-making by visualizing potential outcomes and their probabilities? — Decision tree analysis
26. The 'group polarization' phenomenon suggests that group discussions tend to lead to: — More extreme views than the initial inclinations of the individual members.
27. The 'hindsight bias' is the tendency to perceive past events as having been: — More predictable than they actually were, after they have occurred.
28. Which type of decision is typically routine, repetitive, and handled using a standard procedure? — Programmed decision
29. When evaluating alternatives in decision-making, it is important to consider: — The risks, benefits, and feasibility of each alternative.
30. In a group decision-making scenario, 'groupthink' is a phenomenon characterized by: — A desire for harmony or conformity in the group, leading to irrational or dysfunctional decision-making.
31. The 'sunk cost fallacy' encourages individuals to continue a behavior or endeavor as a result of previously invested resources, which are unrecoverable. This is also known as: — Escalation of commitment
32. The 'recency effect' in decision-making is similar to the availability heuristic but specifically refers to the tendency to: — Overemphasize information that occurred most recently.
33. The process of identifying a discrepancy between an existing and desired state of affairs is the first step in: — Problem identification and definition.
34. A decision that is novel, unstructured, and requires a unique solution is classified as a: — Non-programmed decision
35. In decision-making, what is the primary difference between programmed and non-programmed decisions? — Programmed decisions are routine and repetitive; non-programmed decisions are novel and unstructured.
36. What does 'escalation of commitment' refer to in decision-making? — Continuing to invest resources in a failing course of action, despite evidence that it is not working.
37. Which decision-making model assumes that individuals make rational choices to maximize their utility? — Classical/Rational Model
38. The 'satisficing' approach to decision-making, as proposed by Herbert Simon, involves: — Choosing the first option that meets a minimum set of acceptable criteria.
39. Which of the following is a potential advantage of group decision-making compared to individual decision-making? — Greater pool of knowledge and perspectives.
40. When a decision needs to be made under conditions of 'risk', what is known? — The probabilities of the outcomes for each alternative.
41. The 'framing effect' suggests that decision outcomes can be influenced by: — How the problem or options are described or 'framed'.
42. What is the primary challenge associated with decision-making under conditions of 'uncertainty'? — The potential outcomes are known, but their probabilities are not.
43. What is a key characteristic of 'strategic decisions'? — They involve significant resource allocation and have long-term implications for an organization.
44. Which of the following is a characteristic of 'programmed decisions'? — They are repetitive and routine, often having established procedures.
45. What is the primary goal of decision-making in a problem-solving context? — To identify and select the best course of action among alternatives.
46. What is the purpose of a 'cost-benefit analysis' in decision-making? — To compare the total expected costs against the total expected benefits of a decision.
47. In decision-making, what is the role of 'heuristics'? — To provide mental shortcuts or rules of thumb for making decisions quickly.
48. What is the purpose of generating multiple alternatives during the decision-making process? — To ensure a wider range of potential solutions are considered.
49. The 'overconfidence bias' in decision-making leads individuals to: — Overestimate their own abilities and the accuracy of their judgments.
50. The 'endowment effect' can influence decisions by causing individuals to: — Value items they own more highly than identical items they do not own.
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