Decision Making in Management and Business
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Summarize the role of decision making in business.
Describe common biases in decision making.
Interpret reflective and expedient decision making.
Apply the standard of APA style to all research and writing tasks.
Apply critical thinking skills to analyze business situations.
1. How will accomplishing these objectives support your success in management?
2. What risks or challenges might a manager encounter if they have not mastered these objectives? Explain.
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Solution Summary
This is review of information about decision making and how it relates to successful management.
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Summarize the role of decision making in business.
Decision making is the most important action in a business. Decision making involves gathering all the information possible, analyzing it, considering alternatives, and choosing the best action for the problem. Without decision making, there is no business. Decisions are necessary for every business. Opening a business is a decision. Decision making needs to apply the skills of critical thinking. Considering alternatives and having enough information helps make decisions easier. However, bad decisions can happen, often with the most comprehensive information available. Sometimes this is because the time constraints put pressure on the decision maker. Sometimes the choices are limited or the information is incorrect. While every decision leads to either success or failure, the skill to make decisions takes practice and input where possible from the most reliable sources.
Describe common biases in decision making.
Self interest is when a person ignores the effect of a decision on others beyond the decision maker or the decision maker's department. The best way to address such bias is to view each decision as an opportunity to make the best decision for the most people.
Harmony or groupthink is when each decision is made with an attempt to please the people likely to reward or help the decision maker. This could be an individual or a specific group. Groupthink strives for consensus and people sometimes make decisions they think the group wants to hear or to be made.
Anchoring bias means trying to maintain the status quo and avoid risks or problems even when ...
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