MGT503 Quiz

Q1. Which of the following term is defined as a firm’s obligation, beyond that required by law and economics, to pursue long-term goals that are good for society?

1. Social responsibility
2. Values-based management
3. Social acceptance
4. Social screening

Correct answer: Social responsibility

Q2. Once the complete information is gathered for solving the problem, the next step is:

1. Identify the alternatives
2. Define the problem
3. Chose a course of action
4. Gather information

Correct answer: Identify the alternatives

Q3. While making the rational decision, which of the following is the first step in decision making?

1. Identify the alternatives
2. Gather information
3. Define the problem
4. Chose a course of action

Correct answer: Define the problem

Q4. ______________involves conveying the decision to those individuals that are affected by it and getting their commitment to it.

1. Implementing alternatives
2. Identifying problem
3. Identifying decision criteria
4. Evaluating alternatives

Correct answer: Implementing alternatives

Q5. Discrepancy between existing and a desired state of affairs is called:

1. Opportunity
2. Problem
3. Weakness
4. Solution

Correct answer: Problem

Q6. In effective decision making, monitoring the work situation for changing circumstances that may indicate the emergence of a problem is called:

1. Evaluating state
2. Diagnosis stage
3. Problem identification
4. Scanning stage

Correct answer: Scanning stage

Q7. In Step 6 of the decision-making process, each alternative is evaluated by appraising it against:

1. Criteria
2. Subjective goals of the decision maker
3. Implementation strategy
4. Assessed values

Correct answer: Criteria

Q8. Best alternative is selected when:

1. Problem is identified
2. None of the given options
3. All alternatives are identified
4. Each alternative is assessed against criteria

Correct answer: Each alternative is assessed against criteria

Q9. The first step in the decision-making process is which of the following?

1. Identifying a problem
2. Developing decision criteria
3. Analyzing alternatives
4. Allocating weights to the criteria

Correct answer: Identifying a problem

Q10. Which of the following is true about a situation where outcome of every alternative is known?

1. Certainty
2. Bounded rationality
3. Unbounded rationality
4. Uncertainty

Correct answer: Certainty