RBC Problem-Solving and Decision-Making 3

Question 1

Which cognitive bias causes people to rely too heavily on the first piece of information they receive?

Accepted Answer

Anchoring bias

Answer

Anchoring bias occurs when an initial value or piece of information disproportionately influences subsequent judgments.

Question 2

A project is already 30% over budget but only 10% complete. Using a sunk-cost framework, the rational decision is to:

Accepted Answer

Reassess whether the projected future benefits justify the remaining costs

Answer

Rational decision-making requires evaluating future costs and benefits independently of money already spent, which is unrecoverable.

Question 3

A decision matrix is most useful when:

Accepted Answer

Multiple options must be evaluated across several weighted criteria

Answer

A decision matrix structures the comparison of multiple alternatives against weighted criteria, making trade-offs explicit and objective.

Question 4

Root cause analysis (RCA) is best described as:

Accepted Answer

A structured process to identify the underlying cause of a problem

Answer

RCA aims to identify and address the fundamental reason a problem occurred so that it does not recur.

Question 5

When time is extremely limited, which decision-making approach is MOST appropriate?

Accepted Answer

Recognition-primed decision-making based on experience

Answer

Recognition-primed decision-making leverages expertise to quickly identify a workable solution when time prohibits exhaustive analysis.

RBC - Online Assessment Practice Test