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Business Decision Analysis

Do you have an example for me of an important business decision you have made in the past in which the results of your decision turned out poorly.

Lets say your manager is concerned and wants to make sure that you learned from this mistake and the likelihood of this happening in the future is minimal. Therefore she would like you to email her a reflective analysis about that decision.

1. Describe the decision, you had and the negative consequences of the decision, and its relative importance to you as the decision maker.

2. Can you compare and contrast your understanding of judgment and/or decision making using the three theories.

3. What would your analysis imply about our understanding of how we make judgments and decisions?

4. How will your analysis of this decision help you to make better decisions in the future?

Solution Preview

1. Describe the decision, you had and the negative consequences of the decision, and its relative importance to you as the decision maker.

This question is straightforward. We have probably all made decisions that have had negative consequences; some with minor or major consequences, while others may have fallen in the middle somewhere. Let’s look at Enron and the scandal as an example. The manager cooked the book, using the rationale that it was okay to make the accounting books appear like the company was actually doing better than it was, because over time it would help the company. However, that was a very serious error in judgment and had serious consequences (i.e., court case, charges, the accountant being charged, and serious consequences associated with the company).

Another business example could be as minor as having an argument with a co-worker (expedient) without ...

Solution Summary

In about 575 words, this response provides by example 'poor' past business decisions and uses reflective analysis e.g. decision, consequences, importance, theoretical application, etc. about that decision as a learning experience to prevent it from occurring in the future. This solution utilizes good examples so that a student can easily think of further examples of their own.

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