Spreadsheet Modeling & Decision Analysis: A Practical Introduction to Business Analytics (MindTap Course List)
8th Edition
ISBN: 9781305947412
Author: Cliff Ragsdale
Publisher: Cengage Learning
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Chapter 1, Problem 24QP
Summary Introduction
To provide: An example in which the business or political organization influence the decision-making using anchoring effects.
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Ahmed's interest was cricket. When he finished university, he wanted to work in a management job. He wanted to do his research project on some aspect of general management and social sciences, preferably for a sports goods manufacturer but had no research idea. He asked five friends, all taking business education degrees, to help him brainstorm the problem. You are requested to use the following problem-solving techniques to generate and refine the research idea in this business scenario.
1. The technique of Brainstorming
2. Delphi Technique
A simple explanation would be honourable.
What is a preferred decision-making style
Identify two problems and their tools that a given entity can used in its decision support system to solve a problem.
Chapter 1 Solutions
Spreadsheet Modeling & Decision Analysis: A Practical Introduction to Business Analytics (MindTap Course List)
Ch. 1 - Prob. 1QPCh. 1 - Prob. 2QPCh. 1 - Prob. 3QPCh. 1 - Prob. 4QPCh. 1 - What is the relationship between business...Ch. 1 - What kinds of spreadsheet applications would not...Ch. 1 - Prob. 7QPCh. 1 - Prob. 8QPCh. 1 - What is a dependent variable?Ch. 1 - What is an independent variable?
Ch. 1 - Can a model have more than one dependent variable?Ch. 1 - Can a decision problem have more than one...Ch. 1 - Prob. 13QPCh. 1 - Prob. 14QPCh. 1 - In what ways are descriptive models different from...Ch. 1 - Prob. 16QPCh. 1 - Prob. 17QPCh. 1 - Consider the spreadsheet model shown in Figure...Ch. 1 - Prob. 19QPCh. 1 - Prob. 20QPCh. 1 - Prob. 21QPCh. 1 - Prob. 22QPCh. 1 - Prob. 23QPCh. 1 - Prob. 24QPCh. 1 - Prob. 25QPCh. 1 - Prob. 26QPCh. 1 - Prob. 27QP
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- 1. Explain what is meant by the term decision model. 2. Distinguish between qualitative and quantitative decision analyses. 3. Choose an organization and a particular decision situation. 4. Then give examples, using that context, of each step in the decision-making process described in this session.arrow_forwardWhat are some common decision-making biases and heuristics that can impact decision quality?arrow_forwardLeenders and Waarts (2003) have made a distinction between a company’s family orientation and business orientation. These two dimensions are used to develop a space of family businesses which include 'Houses of Business', 'Family Money Machine', 'Family Life Traditions', and 'Hobby Salons'. The figure at below shows the family business space. Houses of Business include companies that have high business orientation compared to family orientation. Management and ownership in these companies are separated. Family Money Machine include companies with strong family as well as business orientation. Business value creation and family togetherness are important for these companies. Family Life Traditions covers the companies that the family’s needs and aspirations get priority over business objectives and finally, families running their businesses to earn a living, to meet their expenses, or keep themselves busy fall in the category of Hobby Salon. Find out at least one family business for…arrow_forward
- What is the importance of a decision tree?arrow_forwardThe board of directors of Megacorp Berhad, a public listed company comprises of executive directors as well as independent and non-executive directors. The Chief Executive Officer (CEO) is also the chairperson of the board of directors. A study shows that the lack of separation of the CEO and the chairmanship of the board of directors has led to the board being aligned to the management rather than the shareholders despite the presence of the independent non-executive directors. In addition, the study also shows that companies which have CEO duality are likely to have lower shareholder returns. The independent non-executive directors of the company subscribe to the view that directors have a legally mandated fiduciary duty to their shareholders to maximize the profit of the company. Thus, to them, ethical standards are less important than legal standards in the pursuit of making profit. (a) Describe the specific contributions that independent non-executive directors could make to…arrow_forwardWhich types of decisions should the decision trees be used to address for?arrow_forward
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