Operations Management: Sustainability And Supply Chain Management Custom Edition For Temple University, Version 3
11th Edition
ISBN: 9781269383578
Author: HEIZER
Publisher: PEARSON
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Question
Chapter A, Problem 2DQ
Summary Introduction
To give: An example of a good decision and a bad decision.
Introduction:
Decision process:
Managers are those who make the critical decisions in an organization. These are managers who must clearly know what decisions to make and what decision-making tools to use.
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Give an example of a good decision you made that resulted in a bad outcome. Also give an example of a bad decision you made that had a good outcome. Why was each decision good or bad?
Can you describe the difference between a rational decision and a non-rational decision? Is it possible to always make rational decisions?
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.
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Chapter A Solutions
Operations Management: Sustainability And Supply Chain Management Custom Edition For Temple University, Version 3
Ch. A - Prob. 1DQCh. A - Prob. 2DQCh. A - Prob. 3DQCh. A - Prob. 4DQCh. A - Prob. 5DQCh. A - Question: 6. Explain how decision trees might be...Ch. A - Prob. 7DQCh. A - Prob. 8DQCh. A - Question 9. Identify the five steps in analyzing a...Ch. A - Prob. 10DQ
Ch. A - Question 11. The expected value criterion is...Ch. A - Question 12. When are decision trees most useful?Ch. A - Given the following conditional value table,...Ch. A - Prob. 2PCh. A - Prob. 3PCh. A - Jeffrey Helm owns a health and fitness center...Ch. A - Prob. 5PCh. A - Prob. 6PCh. A - Prob. 7PCh. A - Prob. 8PCh. A - Prob. 9PCh. A - Prob. 10PCh. A - The University of Miami bookstore stocks textbooks...Ch. A - Palmer Jam Company is a small manufacturer of...Ch. A - Prob. 13PCh. A - Prob. 14PCh. A - Prob. 15PCh. A - Prob. 16PCh. A - Prob. 17PCh. A - Prob. 18PCh. A - Prob. 19PCh. A - Philip Musa can build either a large video rental...Ch. A - Prob. 21PCh. A - Prob. 22PCh. A - Prob. 23PCh. A - Question A.24 On the opening page of Module A and...Ch. A - Question Warehouse Tenting at the Port of Miami...Ch. A - Question Warehouse Tenting at the Port of Miami...Ch. A - Question Warehouse Tenting at the Port of Miami...
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Similar questions
- 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?arrow_forward“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.arrow_forwardDescribe one professional experience in which you used evidence as the basis for decision making and one experience in which you made a decision without evidence for support. For each of the situations described, explain how the use of evidence (or the lack of it) impacted the outcome of your decision making. Be specific in terms of positive and negative impacts. What were your previous experiences, identify two or more “lessons learned” regarding the practice of evidence-based decision making. How might you change your approach in the future?arrow_forward
- Answer on these two senarios: Senario 1: You have decided to form a new start-up company developing applications for the iPhone. Give examples of the three distinct types of financial decisions you will need to make. Senario 2: You are the CEO of a company and you are considering entering into an agreement to have your company buy another company. You think the price might be too high, but you will be the CEO of the combined, much larger, company. You know that when the company gets bigger, your pay and prestige will increase. What is the nature of the agency conflict here and how is it related to ethical considerations?arrow_forwardExplain the difference between risk and ambiguity. How might decision-making differ for a risky versus an ambiguous situation in each business?arrow_forwardNeed 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.arrow_forward
- Identify factors that are important for good decision-making and what factors can inhibit good decision making.arrow_forwardSouth African homes have been covered with the delicious smell of Rajah Curry Powder for many years. You know that it is Rajah’s aroma that tells you that you’re using quality curry powder, that is the best for your family and for your pocket. We all know it makes us proud to have our family love the food we make. Rajah has that special flavour and aroma that gives you and your family .... More mmm for your money! question : We distinguish between three types of decision making; real and impulse and habitual decision making. Identify the type of decision Rajah would fall into and substantiate your answer.arrow_forwardWhat decision theory style is closest to the decision making style used by Steve jobs?arrow_forward
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