Managerial Assesment questions Unit I

1. Consider the last decision that you have made (purchase of an automobile, purchase of a home, seeking a new job, etc.). Then, discuss that decision in terms of the rational decision making model. How could you have improved your decision?

2.Discuss how bias has blocked your ability to make a rational decision. In your answer, discuss the heuristic that you may have used and the bias associated with that heuristic. What could you have done to overcome the bias generated by the heuristic?

3.Discuss the concept of satisficing. In your answer, discuss the positive and negative aspects of applying satisficing in decision-making.

Your response should consist of no less than 200 words.

4.Explain the availability, representativeness, and affect heuristics. In your answer, compare the three and discuss the positive and negative aspects of each.