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Your supervisor had asked that you expand on your self-evaluation by identifying at least two judgment issues that you had to address. Write a memo to your supervisor describing these issues. Explain how you addressed them and the degree to which your decision was based on expedience and/or reflection. Potential issues include: bias, or ethical issues related to the availability heuristic, bias related to the representative heuristic, bias related to anchoring and adjustment, avoiding uncertainty, framing effects, positive illusions, egocentrism, and regret avoidance.

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The response addresses the queries posted in 723 words with references.

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The response addresses the queries posted in 723 words with references.
Part 3

// In the below part, we will discuss the judgment issues involved in the decision taken in unit 1 discussion board. The study of issues involved in a decision is very important. The current decision is based on the manufacturing of small cars.//

The Issues for Judgment of Car Business Decision

The business decision, i.e. about what product is going to be manufactured, is based on many other concerns associated with the success of that product which are very important to be taken in view from the company's point of view. The manager has to take decisions based on the issues that contribute to the success or failure of the prospective product. Hence, they are of prime importance. Those decisions are generally based on many factors such as the available Heuristics, prior experiences of the manager taking the decision, avoiding uncertainty, positive illusions, etc. Our decision of manufacturing small cars is also based on two important judgments.

Recession and Increased Fuel Prices

Firstly, the demand for small cars in industry is on a new ...

Solution provided by:
Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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