Decision Making MCQs
Decision Making MCQs
The following Decision Making MCQs have been compiled by our experts through research, in order to test your knowledge of the subject of Decision Making. We encourage you to answer these multiple-choice questions to assess your proficiency.
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1: What is action learning?
A. Learning focused on the present
B. Learning focused on outcomes and the future conditions that should have been foreseeable and that produced these outcomes
C. Learning focused on the past
D. Learning focused on the future
2: What does "action" mean?
A. The process of doing something, especially something that requires effort or determination
B. Committing resources, usually following a choice.
C. Plans or preparations for a future event
D. A thing that is done, especially an instance of brutal or daring behavior
3: What is the main focus of active listening?
A. The emotions and feelings underlying the message
B. What the other person is saying
C. To ensure understanding is accurate
D. Listening
4: What is actor learning?
A. Determining the accuracy of information offered by experts in a decision process
B. Making decisions based on emotions
C. Blindly trusting what experts say
D. Going with your gut feeling
5: What is the opposite of hypothetical judgment?
A. Theoretical judgment
B. Actual judgment
C. Hypothetical judgment
D. Practical judgment
6: What is an additive component?
A. A medical procedure
B. A device
C. Something that is not essential
D. Elements of a quantity, e.g. utility partitioned into additive criteria.
7: What is an aiding method?
A. A tool that helps with math.
B. A device that helps with decisions.
C. A way to make decisions easier.
D. A Variation of a decision tool.
8: What is the definition of an "alternative"?
A. Attaining the objectives.
B. One of the mutually exclusive courses of action attaining the objectives.
C. Differing in their nature or character, not only in quantitative details.
9: What is ambiguity?
A. Ambiguity is a decision making technique.
B. The ability to characterized or describe important aspects of a decision.
C. Ambiguity is a state of being confused or unsure about something.
D. The inability to characterized or describe important aspects of a decision.
10: What does ambiguity refer to?
A. The inability to characterize or describe important aspects of a decision
B. The inability to make decisions
C. The ability to characterize or describe important aspects of a decision
D. The ability to make decisions
11: What does the process of analysis involve?
A. Combining the effects of each component.
B. Making estimates for each component.
C. Separating or breaking up the component parts needed to value alternatives.
D. Determining the value of alternatives.
12: How many steps are there in the analytical decision process?
A. 3
B. 4
C. 5
D. 6
13: What does it mean to analyze?
A. To gather information
B. To study
C. To break into component parts and study those parts to gain a better understanding of the whole.
D. To understand
14: What is the Anchor effect?
A. The tendency to underestimate the amount of time it will take to complete a task.
B. The tendency to overestimate one's ability to complete a task.
C. The failure to make adjustments after the initial estimate has been proved incorrect.
D. The tendency for an individual to rely too heavily on pre-existing information.
15: What does "approximate equivalent" mean?
A. MultipleChoice equivalent
B. Roughly equivalent
C. Substitute close enough to be useful.
D. Perfectly equivalent
16: What is the approximate equivalent of the phrase "substitute close enough to be useful"?
A. Precise equivalent
B. Approximate equivalent
C. Exact equivalent
D. Actual equivalent
17: What is an arbitrary assumption?
A. A value or probability that is realistic
B. An assignment of value or probability that is realistic
C. A value or probability that is convenient
D. An assignment of value or probability, without reference to its realism, e.g., for analytic convenience.
18: What does Arena refer to in the context of decision making?
A. The end result of a decision
B. The amount of time spent on a decision
C. The context in which a decision is made that captures background and motivating information that characterize a decision
D. The people involved in a decision
19: What does assessment updating refer to?
A. Updating a assessment based on new evidence
B. Bayesian updating of prior to obtain the posterior probabilities
C. Use of Bayes theorem to revise a probability, based on new evidence
D. Using Bayes theorem to update a assessment
20: What is an assessor?
A. A person who makes an official estimate of the value of something
B. A person who carries out an inspection in order to gather information
C. Someone who assesses the value of property for taxation
D. Judger of a factual possibility based on empirical frequency function.
21: What is an attribute?
A. A quality or characteristic inherent in or ascribed to someone or something.
B. The action or power of communicating something.
C. A number of employees working together in the same place.
D. Any property, descriptive or prescriptive, of possibility distinction.
22: What is the availability heuristic?
A. A method used to calculate probability
B. A way to reduce cognitive load
C. A rule of thumb that is used to acquire information in which easily accessible information is treated as diagnostic.
D. A way of simplifying decision-making
23: What is the average value?
A. The value that occurs most frequently.
B. The sum of the possible values multiplied by the probability.
C. The most probable value.
D. The value that is most likely to occur.
24: What is background knowledge?
A. The knowledge we have about something that is not important
B. In addition to any specified recent knowledge.
C. All the knowledge we have about something
D. The knowledge we have about something that we are not currently thinking about
25: What is a bad decision?
A. A decision that is made without considering all of the options.
B. A decision that leads to an unfavorable outcome.
C. A decision that does not take into account the possible consequences.
D. A failure to deal with a foreseeable event.
26: What is the alternative name for "Behavioral"?
A. Normative
B. Discrete
C. Descriptive
D. Tactical
27: What is behavioral economics?
A. The study of how humans interact with their environment
B. The study of how humans learn from their mistakes
C. The study of how humans interact with one another
D. A description of how decision makers act when making decisions without the aid of normative tactics.
28: What is Bias?
A. Partiality or prejudice in interpreting information and applying it to a decision situation.
B. A set of practices followed by an organization to promote customer satisfaction.
C. The misalignment of goals and objectives within an organization.
D. The inability to make decisions in a timely fashion.
29: What does the word "Binary" mean?
A. Having one possibility
B. Having three possibilities
C. Having two possibilities
D. Having four possibilities
30: What does casual attributes mean?
A. A sudden short attack of an illness or fever
B. The state or quality of being fashionable
C. The act of creating or producing something
D. The assignment of causes to outcomes or events that are observed.
31: What is Casual Dependence?
A. Variation that is not directionless
B. Variation that is related
C. Co-variation where direction matters to determine the influence.
D. Variation that is not related
32: What is the name of the statistical concept that is described in the text?
A. Casual Dependence
B. One-Way Causation
C. Reverse Casual Dependence
D. Two-Way Causation
33: What is the relationship between variables called?
A. Correlation
B. Association
C. Causality
D. Regression
34: One factor that can contribute to the production or prevention of another is known as a:
A. Contributing factor
B. Causal factor
C. Correlation
D. Factor
35: What is a certainty equivalent?
A. A gamble with known probability
B. Single quantity, judgmentally equated to a gamble, i.e., certainty equivalent in construction of a utility function.
C. A situation where all outcomes are known in advance
D. A set of values that are related by an equation
36: What does a "Choice Fork" represent?
A. The point at which a project branches
B. Decision point in a process flow
C. A type of software testing
D. Branches are options, i.e., act fork.
37: What is Choice?
A. Something that is required
B. A difficult decision
C. Selecting among identified options, a phase of the decision process.
D. The best option
38: What is the process of selecting among identified options called?
A. Deciding
B. Selecting
C. Optioning
D. Choice
39: What is an example of a civic decision?
A. A government policy
B. A private issue
C. A business decision
D. A personal decision
40: What does it mean to have perfect information?
A. Knowing everything about a situation
B. Having a sense about the future
C. Knowing more than others
D. Knowing the future
41: What does Clairvoyance refer to?
A. Having Clairaudience
B. Having precognition
C. Having the ability to see the future
D. Having perfect information
42: What is a coarse model?
A. A model with simpler structure
B. A model with a more complex structure
C. A model that is not well-defined
D. A model with a coarser grain
43: What does the word "coherent" mean?
A. Scattered
B. Obeys logical rules of consistency.
C. Lacking organization
D. Gibberish
44: What is the process of changing the value of a variable in a model called?
A. Econometrics
B. Mathematical optimization
C. Comparative statics
D. Regression analysis
45: What does "complex model" mean?
A. A model that is simple.
B. A model that is difficult to understand.
C. A model with an elaborate structure.
D. A model that is not well-defined.
46: What is Comprehensive coherence?
A. Decision maker judgments are partially rational.
B. Decision maker judgments are fully irrational.
C. Decision maker judgments are not logically consistent; he/she is not fully rational.
D. Decision maker judgments are logically consistent; he/she is fully rational.
47: What are the building blocks of theories?
A. Concepts
B. Abstractions
C. Theorems
D. Propositions
48: What is conditional probability?
A. Given some specified possibility based on ignorance of other events.
B. Given some specified possibility based on randomness of other events.
C. Given some specified possibility based on knowledge of other events.
D. Given some specified certainty based on knowledge of other events.
49: What is probability based on knowledge of other events called?
A. Prior probability
B. Conditional probability
C. Base rate
D. Market probability
50: What is conflict?
A. A psychological state characterized by anxiety or fear
B. A fight or battle
C. Disagreement among people with different interests, views, or agendas, causing emotional disturbance and stress.
D. A feeling of anger, resentment, or hostility
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