Individual versus Group Decision-Making Processes
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Ordering off a menu is a very different process if you are ordering your own meal or if you are working on a group order that will be split amongst a number of people. If you are alone, you can use one set of criteria: What do you like? What are you hungry for? What have you had at this restaurant in the past that was good? If you are working on a group order, you might have to engage an entirely different set of criteria: Are there any food allergies in the group? Are there people in the group whose religious or ethical beliefs require them to avoid certain dishes or ingredients? Will the cost be split amongst the group fairly so that some are not paying much more for the preferences of a few?
Question: In this Assignment, you will consider the similarities and differences between individual and group decision-making processes.
Minimum of 1000 words without internet copy/paste please. If possible with some referencing and images / graphs will be a plus.
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Solution Summary
This solution of 1075 words discusses how individual decision-making differs from group decision-making processes with various examples, looking at both similarities and differences. References used are included.
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http://smallbusiness.chron.com/group-vs-individual-decision-making-business-448.html
http://www.princeton.edu/~blinder/papers/00NBER7909.pdf
Question: In this Assignment, you will consider the similarities and differences between individual and group decision-making processes.
Individual decision-making is entirely different from group decision-making. To determine if individual or group decision-making is more appropriate for business decisions, the company must ascertain the decision that is required to be made and whether or not the group will be affected by an individual decision. Individual decision-making is predicated upon a person taking the information that they have acquired, and subsequently using this information to reach a conclusion on any topic. This could entail making decisions about general life occurrences or it could entail decisions about business and monetary issues. The similarity that exists between individual decisions whether in life or business is that the decision will be lacking in different points of view as the individual is only making the decision based upon their interpretation of the information.
The individual decisions humans make are usually made in reference to economic analyses wherein consumers determine the most appropriate purchases to make for their families based upon budget constraints, family necessities, etc. or when businesses, which are modeled as individual decision-makers determine how to most efficiently maximize profits, and sole proprietor owners that must determine the number of employees they need for their business. Many economic decisions are predicated upon individual analysis even when others in society will be impacted by these decisions such as a central bank governor that ...
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