Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Explain the relationship between extensive, limited, and routine decision making relative to high and low involvement. Identify examples of extensive, limited, and routine decision making based on your personal consumption behavior.
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- Differentiate between high-involvementdecisions and low-involvement decisionsarrow_forwardDescribe, using examples, the six-step decision-making processarrow_forwardWhat is the difference between normative and descriptive decision theory, and how can these approaches be used to analyze and understand human decision-making behavior?arrow_forward
- describe an original decision-making scenario that conveys how the heuristic (availiability, representativeness, or confirmation) and associated bias(es) played a part in the outcomearrow_forwardCompare and contrast the option to make or buy. What factors would one need to consider while making such a decision?arrow_forwardHow can decision analysis be used in making technology decisions?arrow_forward
- Apply different career decision-making theories to a real life examplesarrow_forwardBias in decision-making happens without a thought in most decisions. Identify a recent or current event in which you think bias was evident in the decision-making process surrounding that event.arrow_forwardDescribe the situation when the decision maker used qualitative analysis using the first two steps of the five-step decision-making process.arrow_forward
- First, read a Content on Data and How Information Supports Decision Making, paying particular attention to the Levels of Decision Making. For this discussion, we will use a retail business as an example. The retail business will consist of corporate headquarters, regions (oversees several stores in a geographic area), and individual stores. Each of these aligns with one of the three levels of decision makers in an organization. Select one of the levels of decision making and identify one decision that a manager at that level might make. The decision must relate to the retail business and what it does. Then, explain what information a manager at that level might get from the IT systems, such as inventory management or customer information system, to aid in making that decision.arrow_forwardHow does decision theory address the concept of bounded rationality in decision- making?arrow_forwardFirst, read a Content on Data and How Information Supports Decision Making, paying particular attention to the Levels of Decision Making. Use a retail business as an example. The retail business will consist of corporate headquarters, regions (oversees several stores in a geographic area), and individual stores. Each of these aligns with one of the three levels of decision-makers in an organization. Select one of the levels of decision-making and identify one decision that a manager at that level might make. The decision must relate to the retail business and what it does. Then, explain what information a manager at that level might get from the IT systems, such as inventory management or customer information system, to aid in making that decision. please I want a simple and concise solution, not plenty. Thank youarrow_forward
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