The decision-making process begins by identifying decision criteria.

Which of the following statements is not correct regarding a firm's decision-making? A: The decision to shut down and the decision to exit are both short-run decisions. B: The decision to shut down and the decision to exit are both long-run decisions. C: The decision to shut down is a short-run decision, whereas the decision to exit is a long-run decision. D: The decision to exit is a short-run decision, whereas the decision to shut down is a long-run decision.

Which of the following statements is NOT true about Decision making? A: The objectives, resources, and policies of the organization are determined by both of the strategic decision and knowledge decision. B: Strategic decision making plays an important guiding role in the process of management decision making. C: Knowledge-level decision making are dealing with knowledge communication and distribution. D: The units which carry out tasks are determined by operational decision making.

When a decision maker chooses an alternative under perfect rationality, she ______________ her decision, whereas under bounded rationality she chooses a ______________ decision. A: minimizes; satisficing B: satisfices; maximizing C: maximizes; satisficing D: maximizes; minimizing

When one money management decision is made, an alternative must be given up.