Decision making is a fundamental management function. In the light of this statement, define and explain, with examples, all the views on how managers make decisions. Answer this question in not more than 400 words
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Decision making is a fundamental management function. In the light of this statement, define and explain, with examples, all the views on how managers make decisions.
Answer this question in not more than 400 words
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- Decision making is a fundamental management function. In the light of this statement, define and explain, with examples, all the views on how managers make decisions.Why is decision making often described as the essence of a manager’s job?Is there a difference between wrong decisions & bad decision?Why do good managers sometimes make wrong decision? Bad decision?How can managers improve their decision-making skills?What are the biases that frequently cause managers to make poor decisions? What are some of the innovative techniques managers can use to make decisions? Describe at least two techniques
- 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?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.The Principles of Management emphasise logical decision making and avoiding bias or prejudice at all costs. The above statement points out that knowledge of these principles help in...........................
- “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.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?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?
- Miriam and Devon are both upper-level managers, but have very different decision-making styles. Please name and describe in your own words four decision making processes that could be used to guide their decision making. In addition, provide and explain in your own words 10 ways in which their decision could, in general, be derailed or hindered, and explain each.The decision-making model that best describes the actual day-to-day decision-making activities of real-world managers is the ________ model. Select one: a. administrative b. behavioral c. bounded rationality d. all of the above are correct answers Typically, a plan that encompasses six months to two years is a Select one: a. Strategic plan b. Operational plan c. Tactical plan d. None of the aboveWhat are the four personal decision styles used by managers? What are the biases that frequently cause managers to make poor decisions? What are some of the innovative techniques managers can use to make decisions? Describe at least two techniques.