Business Decisions Leave a Comment / By Admin / February 6, 2024 Welcome to your Business Decisions Exam You only have 30 minutes to answer the questions and you have two chances to answer. Name Email Business Phone Country City 1. Which decision-making model is characterized by systematically analyzing all possible alternatives and choosing the optimal one? Intuitive decision making Bounded rationality Rational decision making Emotional decision making None 2. Techniques for making effective decisions under time constraints and pressure include: Ignoring the urgency of the situation. Procrastinating until the last minute. Relying solely on intuition. Systematically analyzing alternatives. None 3. Cost-benefit analysis helps in: Avoiding consideration of benefits. Evaluating the long-term impacts of decisions. Making decisions based solely on intuition. Ignoring the costs involved in decision making. None 4. Risk management in business decision making involves: Assessing and mitigating risks associated with decisions. Avoiding making decisions altogether to prevent risks. Ignoring potential risks to focus on immediate gains. Relying solely on luck to deal with risks. None 5. In ethical decision making, what should be considered when evaluating potential actions? Ethical implications and impacts on stakeholders Financial benefits only Legal requirements only Personal gain only None 6. Decision trees and scenario analysis are used to: Analyze complex decision problems and evaluate alternative courses of action. Simplify decision-making processes by eliminating alternatives. Avoid considering potential outcomes of decisions. Rely solely on intuition for decision making. None 7. What is the primary goal of risk management in business decision making? To eliminate all risks associated with decisions To maximize potential losses To ignore potential risks and focus on rewards To assess and mitigate risks effectively None 8. Strategies for implementing decisions effectively include: Implementing decisions without any evaluation. Monitoring outcomes and adjusting strategies accordingly. Ignoring feedback from stakeholders. Focusing solely on the initial planning stage. None 9. Case studies in business decision making are valuable because they: Are solely based on fictional scenarios. Provide theoretical concepts without practical applications. Offer real-world examples to illustrate decision-making principles. Ignore the complexities of decision making. None 10. Game theory is useful in strategic decision making because it: Analyzes the interdependence of decision makers and their strategies. Promotes cooperation among competitors. Ignores the competitive dynamics of business environments. Focuses solely on individual decision making. None 11. Which of the following best describes the importance of decision making in business? It allows businesses to avoid making choices and maintain the status quo. It enables businesses to adapt to changing environments and seize opportunities. It ensures that all employees have equal decision-making power. It restricts innovation and creativity within the organization. None 12. Decision making in cross-functional teams can be challenging because: It encourages siloed thinking. It fosters collaboration and diverse perspectives. It eliminates the need for compromise. It promotes efficient communication. None 13. Ethical decision making in business involves: Ignoring the impact of decisions on stakeholders. Prioritizing personal gain over ethical considerations. Making decisions based solely on legal requirements. Considering the ethical implications of decisions. None 14. Which of the following is NOT a component of data analysis for decision making? Historical data exclusion Data visualization Data-driven decision-making techniques Statistical analysis None 15. Data analysis for decision making involves: Ignoring data altogether in decision-making processes. Intuition-based decision-making techniques. Using statistical analysis and data visualization. Relying solely on historical data for decision-making. None Time's upTime is Up!
