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Decision Making - Recap Quiz Flashcards | StudBud
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Decision Making - Recap Quiz
Decision Making - Recap Quiz
10 terms
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StudBud Administration
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217 plays
#aqa #business Unit 2 - Managers, Leaders and Decision Making
Flashcards
10 cards
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Practice quiz
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Host live
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Questions
10
Answers
1
Which of the following is
NOT
a process of Scientific Decision Making?
Go with your Gut
Set Objectives
Gather Data
Analyse data
2
Which factor would influence the type of decision making model you use?
Speed of decision
Bias
Uncertainty
Bureaucracy
3
What is opportunity cost?
Making a loss
The worse option taken
The next best alternative foregone
Next alternative that you choose
4
Is this a decision or chance event: "Choosing between three different product options"
Chance
Decision
5
If the probability of the success is estimated to be 0.67, then failure must be 0.33...?
True
False
6
When are decision trees least likely to be useful?
Slow moving industry
Plenty of reliable data
Lack of reliable data
Plenty of time to make decision
7
Which of these is a benefit of making decisions based on intuition?
Bias is reduced
Slow process
Takes less time
More fun
8
Scientific Decision Making is?
Using physics to make descisions
Going on a hunch to make descisions
Using your instinct
A logical research based approach
9
What symbol denotes chance/probability?
Square
Rectangle
Triangle
Node
10
When is it best to use your intuition?
Fast moving industry
Slow moving industry
Large Business
Risky situation
