Problem Solving and Decision Making Flashcards
7 cards from real Korn Ferry Assessment practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Problem Solving and Decision Making flashcards as text
The Pareto Principle (80/20 rule) applied to problem solving suggests that:
Answer: 20% of causes typically account for 80% of the problem's effects
The Pareto Principle highlights that a small number of root causes typically drive the majority of a problem's impact, allowing teams to prioritize high-leverage interventions.
What does 'risk tolerance' mean in the context of organizational decision making?
Answer: The degree of variability in outcomes an organization is willing to accept when making a decision
Risk tolerance defines the boundaries within which an organization is willing to operate, informing how much uncertainty is acceptable when evaluating decision alternatives.
What is the primary function of a SWOT analysis in the problem-solving process?
Answer: To assess internal strengths and weaknesses alongside external opportunities and threats
SWOT analysis provides a structured view of internal capabilities and external conditions, helping decision makers understand the full context before choosing a course of action.
Brainstorming sessions are most effective when:
Answer: Judgment is suspended during idea generation to encourage creative thinking
Deferring judgment during brainstorming removes psychological barriers that inhibit creative thinking, resulting in a larger and more diverse pool of potential solutions.
Herbert Simon's concept of 'bounded rationality' in decision making means that:
Answer: Decision makers operate within cognitive, informational, and time constraints rather than optimizing perfectly
Bounded rationality recognizes that human decision makers cannot process all information perfectly, so they 'satisfice' — choosing a solution that is good enough given available constraints.
When is relying on intuitive decision making most justified according to leadership research?
Answer: When the leader has extensive domain experience and time constraints are severe
Intuition in decision making draws on deep pattern recognition built through experience; it is most reliable when a leader has significant expertise in the relevant domain and cannot wait for full analysis.
Stakeholder analysis is conducted during the problem-solving process primarily to:
Answer: Understand whose interests, concerns, and influence will affect or be affected by the solution
Stakeholder analysis maps out all parties who have a stake in the problem or solution, enabling decision makers to anticipate resistance, build buy-in, and address legitimate concerns proactively.