Managers need to understand cultural differences to make effective decisions in today's fast-moving world.
Indicate whether the statement is true or false.
Question 2Design thinking suggests that managers should look at problem identification collaboratively and integratively with the goal of ________.
A) unveiling a rational approach to address the situation
B) analyzing the situation with deductive reasoning
C) developing solutions which somehow seem inevitable
D) gaining a deep understanding of the situation
Question 3A few decades ago, Walmart opened stores in Germany. After a few years, it closed all of them. The shopping habits of Europeans differed so much from that of Americans that the stores could not become profitable.
What was Walmart's mistake?
A) It did not understand cultural differences.
B) It did not create standards for good decision making.
C) It did not know when it was time to call it quits.
D) It did not use an effective decision-making process.
Question 4To make effective decisions in today's fast-moving world, managers need to ________.
A) build organizations that shun complexity
B) know when it is time to call it quits
C) ignore cultural differences
D) build organizations that rely on their past successes
Question 5An effective decision-making process ________.
A) focuses on matters of importance
B) focuses on consistency more than logic
C) avoids subjective and intuitive thinking
D) is complex but reliable
Question 6Explain any six decision biases or errors that managers make.
What will be an ideal response?
Question 7The availability bias describes the actions of decision makers who try to create meaning out of random events.
Indicate whether the statement is true or false.
Question 8Martie had arranged for a high-profile speaker to deliver the keynote address at her college's annual function. However, due to unforeseen circumstances, the speaker was forced to drop out at the last moment.
Martie reacts to this news by saying, I knew all along that this would happen. This is an example of the ________.
A) anchoring effect
B) availability bias
C) self-serving bias
D) hindsight bias
Question 9The sunk costs error occurs when decision makers forget that current choices cannot correct the past.
Indicate whether the statement is true or false.
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