Lesson 10 Quiz Values by Aurora Bedova

“Statistically we expect that good decisions will lead to favorable outcomes more often than will either poor decisions, or decisions reached by default. In a sense, this is a statement of faith on which all rational approaches to human affairs are based” (Amara and Lipinski, 2020). Discuss this statement, and assess the value of the analytical decision approach as an operational tool of management decision-making.

Decision making is a fundamental management function. In the light of this statement, define and explain including all the 3 approach of decision making (rational, behaviour and practical), with examples, all the views on how managers make decisions. Explain with Examples.

First, read a Content on Data and How Information Supports Decision Making, paying particular attention to the Levels of Decision Making. For this discussion, we will use a retail business as an example. The retail business will consist of corporate headquarters, regions (oversees several stores in a geographic area), and individual stores. Each of these aligns with one of the three levels of decision makers in an organization. Select one of the levels of decision making and identify one decision that a manager at that level might make. The decision must relate to the retail business and what it does. Then, explain what information a manager at that level might get from the IT systems, such as inventory management or customer information system, to aid in making that decision.

How individuals in the organization make decisions are largely influenced by their perceptions. The optimizing decision maker is rational. Rational decision-making model describes how individuals should behave in order to maximize some outcome. Let’s talk about a self-created example / scenario. After completion of your BBA program, you intend to take a decision regarding admission in MBA or MS Program in any university. QUESTION: Apply the RATIONAL DECISION MAKING MODEL and step by step elaborate how will you make sure to optimize your decision with maximum outcome. In other words, elaborate in 6 steps how will you make sure to take a rational decision with maximum outcome.

1) What are the key decisions that Andrew Mason has made during Groupon's brief history? How have these decisions influenced Groupon's evolution as an Internet-based business? 2) How can I describe the decisions identified in my previous questions ask in terms of programmed and non programmed decision making? 3) How can I describe the decisions in terms of the rational, bounded rationality, and garbage can models of decision making? 4) How, if at all, has creativity and intuition played a role in the decisions to found and rapidly expand Groupon? 5) Suppose i think the market for group-based online coupons has great potential, and you desire to enter the competitive fray, what factors would i consider in deciding whether to come a Groupon competitor?

Can you Please hep me with this

a, How is your rationality bounded with respect to your decisions in general, for example buying a new car? In what ways are you optimizing? In what ways are you satisficing? Explain. b. Which cognitive biases and behavioral challenges could affect your decision-making? How could noise, as described in this class, affect your decision-making? Explain. c. Suggest a heuristic that should be helpful when making this decision. Explain why it should usually help (which bias is it related to) and when it might lead to mistakes. d. How can you nudge yourself to a better decision? Why do you expect it to work? What other techniques can you use to limit the effects of biases and noise? e. How might the cognitive effects of scarcity (e.g. focus dividend, bandwidth tax) or present bias affect the financial aspect of your decision? How will you reduce this effect?

An effective decision maker spends much time determining the possible scenarios in future. In the light of this statement, define and explain with examples all three approaches on how managers make decisions. Answer this question in not more than 700 words.

Discuss the different roles played by the qualititative and quantitiative approaches to managrial decision making.  Why it is important for a manager or decision maker to have a good understanding of both of these approaches to decision making?

Can you describe the difference between a rational decision and a non-rational decision? Is it possible to always make rational decisions?

4. Write a brief note on Decision making in Business problems. List the types of decision-making environments and explain any one type of Decision environment with a suitable example.

First, read a Content on Data and How Information Supports Decision Making, paying particular attention to the Levels of Decision Making. Use a retail business as an example. The retail business will consist of corporate headquarters, regions (oversees several stores in a geographic area), and individual stores. Each of these aligns with one of the three levels of decision-makers in an organization. Select one of the levels of decision-making and identify one decision that a manager at that level might make. The decision must relate to the retail business and what it does. Then, explain what information a manager at that level might get from the IT systems, such as inventory management or customer information system, to aid in making that decision. please I want a simple and concise solution, not plenty. Thank you

Think of an important decision you have made. It may work or non-work related.  a. Use the six steps in the decision making rational model to syematically review your decision. b. Would you have arrived at the same decision without applying the model? c. What actual or potential bias or errors may have played a factor in your decision making. Explain   I am asking if you can help me come to a understanding to answer in my own words for the following an example. Thank you!

Herbert Simon (cited in Certo & Certo (2014) questioned the ability of managers to make rational decisions. In his opinion, managers are not able to make perfectly rational decisions. a. Do you agree? Why/Why not? b. Secondly, it is often said that managers often make decisions without all the necessary information. Why is this so?

Using relevant examples, use your own words to explain the term participation in decision-making. Identify and discuss the different styles of participation in decision making. Discuss why you think teachers, parents and school management need to participate in educational decision-making at the school level.

Discuss the steps in the Problem-Solving Process and explain the steps by providing an example of how a decision-maker uses each step to solve a problem. You may choose a problem of your choice.

Decision-Making Simulation: Create a simulation of a Diversity, Equity, and Inclusion (DEI) decision-making scenario that an organization might face. Analyze the different types of decisions and decision-making techniques that could be used to solve the problem. What are the common Diversity, Equity, and Inclusion topics trending in your field? Pick one and use in this decision-making scenario assessment. It’s important to be thoughtful and consider the sides of all involved. Be sure to refer to the APA Inclusive Language Guidelines handbook provided in your Courses Resources Lib Guide.   Scenario background: Please describe the DEI decision-making scenario for this assessment. Give an Indepth narrative background story.   Management & Organization Structure: Please describe the type of organization for this scenario.   What is the narrative background of each participant in the scenario?  What is the disagreement?  List 3 possible solutions that may benefit all…

Positive thinking is defined as a mental attitude or world view of optimism that interprets situations and events as being the best. Positive thinking has been used in various management and organizational behavior context; and the general idea is to accept positive thinking as being good. The main idea of positive thinking is that one must banish negative thoughts. Only positive thinking should be pursued and implemented. But questions arise whether this positive thinking is really beneficial. How does positive thinking would lead to sub optimal decision making process in the context of non-programmed decision making?

what do you believe will be your greatest challenge in relation to financial risk management? Describe a time when you had to make a financial decision that had a component of risk. Were you able to apply the decision-making framework of applying intelligence and considering your goals? Explain your answer.

1. What are structured, unstructured, and semistructured decisions? Provide an example of each. Why is it important to understand the structure of decision-making when solving business problems?

Need Unique Answer don't copy please Write a two-paragraph essay describing your decision process (as outlined above), including its strengths and weaknesses. Your essay must include at least two properly described and referenced decision methods or styles from the text. For example, if your decision was impeded by bias, describe if it was confirmation bias, anchoring, or some other kind of bias. Answer and address these questions: What is your preferred decision-making style? How does your style work for you? Are you always satisfied with your decisions? What method from the text would you consider for your future decision making? How important is decision making in the role of a business leader? Provide an example. In addition to the text, you are encouraged to research decision-making methods using reliable and properly cited Internet resources. You may also draw from your personal experience with appropriate examples to support your references.

D through G please

Cathy is the manager of Fancy Bags, a store that sells designer purses. Cathy knows that the economy greatly affects her business. Therefore, she is developing alternative courses of action for each of the four possible economic outcomes that may occur over the next four to six years. In this situation, Cathy is following the garbage can model. generating contingency plans. engaging in satisficing. implementing a decision. making a programmed decision.

Describe a problem or decision you might face in your personal or professional life and share which decision-making method from chapter 3 of your textbook you would use to resolve it. Why is it important to ask questions when problem-solving? Why do many employers specifically seek employees who are excellent problem-solvers?

Decision-Making (Cognitive) Biases Obtain from your library (or, from https://hbr.org/2011/06/the-big-idea-before-you-make-that-big-decision) a copy of the following article:D. Kahneman, D. Lovallo, and O. Sibony, “Before You Make That Big Decision. . . ,” HarvardBusiness Review, June 2011, pp. 51–60. In this article, the authors argue that “Even highly experienced, superbly competent, and well-intentioned managers are fallible” (p. 60). They discuss avariety of cognitive biases associated with the decision-making process. Such biases can diminishthe quality of decisions. The authors maintain that understanding these biases may decrease theireffect and offer a checklist designed to facilitate decision quality control.Required1. What is meant by the term “cognitive bias”?

Write a paper  that addresses the following points: Identify at least one bias that impacts your decision making process.  Discuss what triggered this particular bias and what steps you plan to take it to address it.  Discuss how this bias impacted your decision.  How confident do you feel about your decision making processes in general?  Do you suffer from the "overconfidence" syndrome? If so, under what circumstances?