Explain the difference between risk and ambiguity. How might decision-making differ for a risky versus an ambiguous situation in each business?
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Explain the difference between risk and ambiguity. How might decision-making differ for a risky versus an ambiguous situation in each business?
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- Explain the difference between risk and ambiguity.How might decision making differ for a risky versus anambiguous situation?a. What are the ethical theories and approaches for decision making? Explain.Ethics is a conception of right and wrong behavior, defining for us when ouractions are moral and when immoral. A business is considered to be ethical only ifit tries to reach a trade off between pursuing economic objective and its socialobligations. b. Explain various ethical theories? sir kindly give me introduction ,explanation and conclution. thank you.How can managers effectively manage risk and uncertainty in their decision-making processes, and what tools and techniques are available to help them do so?
- GATEWAY CHIEF MAKES DARING DECISIONS Read the case and answer the questions that follow. Studying this case will help you better understand how decision- making concepts can be applied in a company such as Gateway. Bill Gates, Michael Dell, and . . . Ted Waitt? Like Gates and Dell, Waitt left college to form a computer company, Gateway. He and Mike Hammond, now senior vice president of manufacturing, started the firm in a farmhouse with a loan secured by a $10,000 CD owned by Waitt’s grandmother. Initially, they sold hardware peripherals and software to owners of PCs made by Texas Instruments; later they expanded into designing and assembling their own fully configured PC systems for direct sale to consumers and businesses. As his company grew, Waitt used his Midwestern roots to differentiate the South Dakota–based company from competitors such as Dell and Hewlett-Packard. For example, he used eyecatching cow spots to establish a brand image, which can be quite difficult…GATEWAY CHIEF MAKES DARING DECISIONS Read the case and answer the questions that follow. Studying this case will help you better understand how decision- making concepts can be applied in a company such as Gateway. Bill Gates, Michael Dell, and . . . Ted Waitt? Like Gates and Dell, Waitt left college to form a computer company, Gateway. He and Mike Hammond, now senior vice president of manufacturing, started the firm in a farmhouse with a loan secured by a $10,000 CD owned by Waitt’s grandmother. Initially, they sold hardware peripherals and software to owners of PCs made by Texas Instruments; later they expanded into designing and assembling their own fully configured PC systems for direct sale to consumers and businesses. As his company grew, Waitt used his Midwestern roots to differentiate the South Dakota–based company from competitors such as Dell and Hewlett-Packard. For example, he used eyecatching cow spots to establish a brand image, which can be quite difficult…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?
- Is risk important in an organization's decision making?Which Nonrational decision making model does Byford employ? How?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.