MGMT 2103 Exam 4 Complete Questions And Answer's | 2026 Updated
1. Decision Making Identifying and choosing alternative solutions that lead to a desired state of attairs
2. Two Models of Rational Model
Decision Making Non-rational Models
3. Rational Model Explains how managers should make decisions and assumes managers are com-
pletely objective and possess complete information
4. Stage 1 of the Ra- Identify the problem or opportunity
tional Model
5. Problem The ditterence or gap between an actual vs desired situation
6. Opportunity A situation in which there are possibilities to do things that lead to results that
exceed goals and expectations
7. Stage 2 of the Ra- Generate alternative solutions, can use brainstorming
tional Model
8. Brainstorming Individual or group method of generating new ideas
9. Stage 3 of the Ra- Evaluate alternatives and select a solution with consideration for ethics, feasibility,
tional Model and whether it removes the causes and solves the problem
10. Stage 4 of the Ra- Implement and evaluate the solution chosen. If solution fails return to stage one.
tional Model
11. Pros of the Ratio- Quality
nal Model Transparency
Responsibility
12. Cons of the Ratio- - Incomplete information
nal Model - Unemotional
- Limited time and resources
, MGMT 2103 Exam 4 Complete Questions And Answer's | 2026 Updated
13. Non-rational De- Explains how managers actually make decisions
cision Making
14. Assumptions of - Decision making is uncertain
the Non-Rational - Incomplete information
Models - Diflculty making optimal decisions
15. Two Models of Normative Model
Non-Rational De- Intuition Model
cision Making
16. Normative Model Guided by the notion that decision makers are bounded by constraints
17. Constraints of - Personal characterisitcs and internal or external resources
the Normative - Tendencies to acquire manageable rather than optimal amounts of info
Model - Leads to satisficing, or meeting the minimum requirements
18. Intuition Model Based on the intuition of the decision maker
19. Intuition Represents judgement or insights that come to mind on their own
20. Explicit Knowl- Knowledge that can be readily articulated, codified, accessed and verbalized
edg
21. Tacit Knowledge Knowledge that is diflcult to transfer to another person by means of writing it
down or verbalizing it
22. Holistic Hunch A judgement that is based on a subconscious integration stored in memory
23. Automated Expe- Represents a choice that is based on a subconscious application of previously
riences learned information related to the situation
24. Insight Gained knowledge that you can analyze and make inferences
25. Instinct Inborn pattern of behavior often responsive to stimuli
1. Decision Making Identifying and choosing alternative solutions that lead to a desired state of attairs
2. Two Models of Rational Model
Decision Making Non-rational Models
3. Rational Model Explains how managers should make decisions and assumes managers are com-
pletely objective and possess complete information
4. Stage 1 of the Ra- Identify the problem or opportunity
tional Model
5. Problem The ditterence or gap between an actual vs desired situation
6. Opportunity A situation in which there are possibilities to do things that lead to results that
exceed goals and expectations
7. Stage 2 of the Ra- Generate alternative solutions, can use brainstorming
tional Model
8. Brainstorming Individual or group method of generating new ideas
9. Stage 3 of the Ra- Evaluate alternatives and select a solution with consideration for ethics, feasibility,
tional Model and whether it removes the causes and solves the problem
10. Stage 4 of the Ra- Implement and evaluate the solution chosen. If solution fails return to stage one.
tional Model
11. Pros of the Ratio- Quality
nal Model Transparency
Responsibility
12. Cons of the Ratio- - Incomplete information
nal Model - Unemotional
- Limited time and resources
, MGMT 2103 Exam 4 Complete Questions And Answer's | 2026 Updated
13. Non-rational De- Explains how managers actually make decisions
cision Making
14. Assumptions of - Decision making is uncertain
the Non-Rational - Incomplete information
Models - Diflculty making optimal decisions
15. Two Models of Normative Model
Non-Rational De- Intuition Model
cision Making
16. Normative Model Guided by the notion that decision makers are bounded by constraints
17. Constraints of - Personal characterisitcs and internal or external resources
the Normative - Tendencies to acquire manageable rather than optimal amounts of info
Model - Leads to satisficing, or meeting the minimum requirements
18. Intuition Model Based on the intuition of the decision maker
19. Intuition Represents judgement or insights that come to mind on their own
20. Explicit Knowl- Knowledge that can be readily articulated, codified, accessed and verbalized
edg
21. Tacit Knowledge Knowledge that is diflcult to transfer to another person by means of writing it
down or verbalizing it
22. Holistic Hunch A judgement that is based on a subconscious integration stored in memory
23. Automated Expe- Represents a choice that is based on a subconscious application of previously
riences learned information related to the situation
24. Insight Gained knowledge that you can analyze and make inferences
25. Instinct Inborn pattern of behavior often responsive to stimuli
