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Op2.
All of us use heuristics when making decisions. By better understanding the nature of these various rules of thumb, we can improve our ability to make more rational decisions.
a). Discuss any four judgemental heuristics that influence decision-making
b). Your decision-making style reflects the manner in which you use information to make decision. Discuss this statement with appropriate examples of decision-making styles.
Step by step
Solved in 4 steps
- a) Why is decision making often described as the essence of a manager’s job? b) Is there a difference between wrong decisions & bad decision?Why do good managers sometimes make wrong decision? Bad decision? c) How can managers improve their decision-making skills? (600-700 wordsPlease please answer that full answer please please a) Why is decision making often described as the essence of a manager’s job? b) Is there a difference between wrong decisions & bad decision?Why do good managers sometimes make wrong decision? Bad decision? c) How can managers improve their decision-making skills?a) Why is decision making often described as the essence of a manager’s job? b) Is there a difference between wrong decisions & bad decision?Why do good managers sometimes make wrong decision? Bad decision? c)How can managers improve their decision-making skills
- Which of the following statements about intuitive approaches is/are false?-Ignoring or discounting items that are complex or not understood well.-Little (formalised) thinking about risks, uncertainties and unknowns.-Rapid decision-making, with a bias to reinforce initial conclusions.-Lack of transparency into decision criteria and the importance placed on various items.-All statements about intuitive approaches are true. KINDLY EXPLAIN36 Which of the following is not an assumption of rational decision-making? A.Rational decision maker is subjective B.Problem faced is clear and unambiguous C.Decision maker would have clear, specific goal and be aware of all alternatives and consequences D.The alternative that maximizes achieving this goal will be selected E.Decisions are made in the best interest of the organization instead of the manager1. 'Statistically we expect that good decisions will lead to favourable 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 Examination questions and answer notes 337 rational approaches to human affairs are based' (Amara and Lipinski). Discuss this statement, and assess the value of the analytical decision approach as an operational tool of management decisionmaking..
- 1. What are some of the factors that enabled to Jen Rubio and Stephanie Korey to make good decisionswhen they established their luggage company, Away?2. What are the two systems that the brain uses in decision-making? How are they related to programmedand nonprogrammed decisions?3. What is a heuristic, and when would it be appropriate to use a heuristic for decision-making?4. What is confirmation bias? Explain how it can be a barrier to effective decision-making.5. What is a logical fallacy?6. What are the two types of conflict? Which one is constructive, and which is destructive?7. What are the steps in the decision-making process? Which ones do people tend to skip or spendinsufficient time on?8. What can individuals do to improve the quality of their decision-making?9. What can groups or group leaders do to improve the quality of group decision-making?10. What are the benefits of decision-making in a group, instead of individually?Identifying a problem and matching it with established routines and procedures for resolving it is a a. tactical decision. b. programmed decision. c. operational decision. d. non-programmed decision. Communication is important to managers and organizations because it Feelings are more likely to be communicated a. verbally. b. in written documents. c. nonverbally. d. electronically. Situations with important consequences for the organization that are poorly defined and unstructured are a. tactical decisions. b. programmed decisions. c. operational decisions. d. non-programmed decisions. Decisions that have long-range perspectives of two to five years and affect the entire organization are a. operational decisions. b. strategic decisions. c. programmed decisions. d. tactical decisions. Crystal is a marketing manager who is deciding how to allocate the financial resources among three different product launches…Using your own words, provide a summary (3 paragraphs minimum) on Techniques of Decision Making in an organization
- We learned about 4 Approaches to Great Decision Making". Create a specific scenario when Participatory Decision Making would be the most appropriate and justify your reasoning.Which of the following represents the three decision making modes? a. oral, written, nonverbal b. distinctiveness, consensus, and consistency c. feeling, expertise, experience d. rational decision making, bounded rationality, and intuitionWhat effect do mental models have on the decision-making process? a They reduce the importance of developing alternative solutions to the problem. b They allow decision makers to maximize the potential of their decision making. c They adversely influence evaluations by making it difficult to see new opportunities. d DThey allow decision makers to obtain accurate information from their surroundings.