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Decision Making

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The Technically Techno company has several patents for a variety of different Flash memory devices that are used in computers, cell phones, and a variety of other things. A competitor has recently introduced a product based on technology very similar to something patented by Technically Techno last year. Consequently, Technically Techno has sued the other company for copyright infringement. Based on the facts in the case as well as the record of lawyers involved, Technically Techno believes that there is a 40% chance that it will be awarded $300,000 if lawsuit goes to the court. There is 30% chance that they will be awarded only $50,000 if they go to the court and win, and there is 30% chance they would lose the case and be awarded nothing. The estimated fees if they go to court is $50,000. However, the other company has offered to pay Technically Techno $75000 to settle the dispute without going to court. The estimated legal cost of this would only be $10,000. If Technically Techno wishes to maximize the expected gain, should they accept the settlement offer?

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Case 1 : They go for court

Nature of state Probability Gain Expected Gain
Pi Xi ...

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Solution analyzes the various options available in the given case.

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Decision Making Process: Individual Vs Group

(Scenario) The CEO of your company has been extremely frustrated with what has been occurring within the organization lately. In a recent managers meeting he exclaimed,

"Everyone around this place just follows the status quo. No one ever has any unique ideas on how we can make this organization better. You just sit here and wait for me to give you directions on what to do. Then you follow those directions word-for-word without asking any questions or making any improvements. We need to change this attitude and change it quickly."

He then pointed out each of your group members stated, "I'm assigning you all to a working group. Your goal is to help me fix this problem. I want you to work together, do some research, and come up with concrete ideas and suggestions to fix this problem."

Your group must do analysis, have discussions (either via the small group chat or discussion board) and come to a consensus to prepare a report (paper) that addresses the following:

Part 1 - Define the term "group" after discussion with your fellow team members. Avoid repeating a dictionary definition. For this scenario what would constitute a "group"?

Part 2 - Are there any differences in how individuals and groups make decisions? If so what are they?

Part 3 - Identify the applicable decision concepts (theories, principles, paradoxes, etc.) from our learning all semester (not just the group decision concepts identified in Unit 5) that your group believes will best explain what is occurring within the organization. Be sure your group provides rational to support each of the concepts your group identifies.

Study Material The Psychology of Judgment and Decision making(Plous) Chapter 17-18 and earlier theories and thoughts concerning Decision Making concepts.

Part 4 - Identify at least three (3) recommendations (from your group to the CEO) that will help him improve or overcome the current decision making conditions within the organization.

thank you for your insight and professional thoughts.
very important group assignment. Best Regards

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