GMS 6552 EXAM 2 FINAL PAPER SOLVED
QUESTIONS COMPLETE ANSWERS
BUNDLED RESOURCE
●● Risk
Answer: A situation in which a manager can estimate the likelihood
(probability) of outcomes that result from the choice of particular
alternatives
●● Uncertainty
Answer: Limited information prevents estimation of outcome
probabilities for alternatives associated with the problem and may force
managers to rely on intuition, hunches, and gut feelings
●● The Decision-Making Process
Answer: 1. Identify and define the problem
2. Generate and evaluate alternative solutions
3. Choose a preferred course of action
4. Implement the decision
5. Evaluate results
●● Sensing
Answer: focus on reality
,●● intuition
Answer: focus on future trajectory
●● Sensation Thinkers
Answer: The analyst; likes concrete facts and current numbers, evaluates
through logic and objective analysis
●● Sensation Feelers
Answer: The operator; gathers concrete facts and presents realities,
evaluates through people's impact and relationships
●● Intuitive Thinkers
Answer: The strategist; gathers patterns, trends, and future possibilities,
and evaluates them through logic and analysis
●● Intuitive Feelers
Answer: The visionary; gathers patterns, trends, and future possibilities,
and evaluates through value, ethics, and human meaning
●● Problem avoiders
Answer: prefer not to make decisions and ignore problems
, ●● problem solvers
Answer: react to problems as they occur
●● Problem seekers
Answer: proactive in anticipating threats and opportunities
●● Maximax mindset
Answer: Focus on the best possible upside, the optimist at the BEST
possible outcome for each option, and pick the highest one
●● Maximin mindset
Answer: Protects against the worst case, the pessimist looks at the
WORST possible outcome for each option and picks the least bad one
●● Minimax
Answer: Hedge to reduce regret. You calculate how much you'd regret
each choice if a different future occurred.
●● Decision-making models
Answer: describes how managers make choices and helps you recognize
when your approach doesn't match the stakes
●● Classical Model (Optimizing)
QUESTIONS COMPLETE ANSWERS
BUNDLED RESOURCE
●● Risk
Answer: A situation in which a manager can estimate the likelihood
(probability) of outcomes that result from the choice of particular
alternatives
●● Uncertainty
Answer: Limited information prevents estimation of outcome
probabilities for alternatives associated with the problem and may force
managers to rely on intuition, hunches, and gut feelings
●● The Decision-Making Process
Answer: 1. Identify and define the problem
2. Generate and evaluate alternative solutions
3. Choose a preferred course of action
4. Implement the decision
5. Evaluate results
●● Sensing
Answer: focus on reality
,●● intuition
Answer: focus on future trajectory
●● Sensation Thinkers
Answer: The analyst; likes concrete facts and current numbers, evaluates
through logic and objective analysis
●● Sensation Feelers
Answer: The operator; gathers concrete facts and presents realities,
evaluates through people's impact and relationships
●● Intuitive Thinkers
Answer: The strategist; gathers patterns, trends, and future possibilities,
and evaluates them through logic and analysis
●● Intuitive Feelers
Answer: The visionary; gathers patterns, trends, and future possibilities,
and evaluates through value, ethics, and human meaning
●● Problem avoiders
Answer: prefer not to make decisions and ignore problems
, ●● problem solvers
Answer: react to problems as they occur
●● Problem seekers
Answer: proactive in anticipating threats and opportunities
●● Maximax mindset
Answer: Focus on the best possible upside, the optimist at the BEST
possible outcome for each option, and pick the highest one
●● Maximin mindset
Answer: Protects against the worst case, the pessimist looks at the
WORST possible outcome for each option and picks the least bad one
●● Minimax
Answer: Hedge to reduce regret. You calculate how much you'd regret
each choice if a different future occurred.
●● Decision-making models
Answer: describes how managers make choices and helps you recognize
when your approach doesn't match the stakes
●● Classical Model (Optimizing)
