4/12/26, 1:28 PM COMM 2006: Managerial Decision Making Final Exam
COMM 2006: Managerial Decision Making Final Exam | Most
Recent Exam 2026 Actual Complete Real Exam Questions And
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Cognitive Biases
Systematic deviations from rationality
Cognitive Heuristics
Rules of thumb and intuition
Satisficer
Choose quickly, trusts their gut, looks for good enough
Maximizer
Chooses slowly, trusts their analysis, looks for the best
Which of the two (satisficer vs maximizer) experiences less regret?
Satisficer
1/22
,4/12/26, 1:28 PM COMM 2006: Managerial Decision Making Final Exam
Which of the two (satisficer vs maximizer) savors positive outcomes more
greatly?
Satisficer
Which of the two (satisficer vs maximizer) enjoys higher job satisfaction?
Satisficer
Which of the two (satisficer vs maximizer) engages in more comparisons?
Maximizer
Which of the two (satisficer vs maximizer) gets better deals?
Maximizer
Which of the two (satisficer vs maximizer) earns higher salaries?
Maximizer
True or False? Research suggests that we should aim to satisfice more and
maximize less
True
System 1
Automatic processing that is effortless and fast
2/22
, 4/12/26, 1:28 PM COMM 2006: Managerial Decision Making Final Exam
System 2
Deliberate processing that is effortful and slow
What triggers system 2? (2)
1. Novel question / no automatic answer (the "DETOUR" sign. If something
unexpected happens like your usual path is blocked. 2. Detecting a surprise
or error. If you notice "wait, that doesn't look right" or you might have made
a mistake (like in math/code/data), System 2 increases effort to check and
correct.
Why do we rely on system 1?
Because it saves time and usually works well. But sometimes it doesn't
What does system 2 do?
Correct any failures. It often does but it is far from fool proof.
In to Race or Not to race what option would risk neutral econs prefer?
The option with the highest expected value
What does effective decision making require?
Asking the right questions, not just getting the right answers
3/22
COMM 2006: Managerial Decision Making Final Exam | Most
Recent Exam 2026 Actual Complete Real Exam Questions And
Correct Answers (Verified Answers) Already Graded A+
|Guaranteed Success!! Newest Exam | Just Released!!
Cognitive Biases
Systematic deviations from rationality
Cognitive Heuristics
Rules of thumb and intuition
Satisficer
Choose quickly, trusts their gut, looks for good enough
Maximizer
Chooses slowly, trusts their analysis, looks for the best
Which of the two (satisficer vs maximizer) experiences less regret?
Satisficer
1/22
,4/12/26, 1:28 PM COMM 2006: Managerial Decision Making Final Exam
Which of the two (satisficer vs maximizer) savors positive outcomes more
greatly?
Satisficer
Which of the two (satisficer vs maximizer) enjoys higher job satisfaction?
Satisficer
Which of the two (satisficer vs maximizer) engages in more comparisons?
Maximizer
Which of the two (satisficer vs maximizer) gets better deals?
Maximizer
Which of the two (satisficer vs maximizer) earns higher salaries?
Maximizer
True or False? Research suggests that we should aim to satisfice more and
maximize less
True
System 1
Automatic processing that is effortless and fast
2/22
, 4/12/26, 1:28 PM COMM 2006: Managerial Decision Making Final Exam
System 2
Deliberate processing that is effortful and slow
What triggers system 2? (2)
1. Novel question / no automatic answer (the "DETOUR" sign. If something
unexpected happens like your usual path is blocked. 2. Detecting a surprise
or error. If you notice "wait, that doesn't look right" or you might have made
a mistake (like in math/code/data), System 2 increases effort to check and
correct.
Why do we rely on system 1?
Because it saves time and usually works well. But sometimes it doesn't
What does system 2 do?
Correct any failures. It often does but it is far from fool proof.
In to Race or Not to race what option would risk neutral econs prefer?
The option with the highest expected value
What does effective decision making require?
Asking the right questions, not just getting the right answers
3/22
