Managerial Week 1
Part One: Answer question, roughly 100-150 words, all citing must be APA style
Please share what concepts make up the foundation of managerial decision-making?
Part Two: Answer each question, roughly 200 words, all citing must be APA style
Consider the last decision that you have made (purchase of an automobile, purchase of a home, seeking a new job, etc.). Then, discuss that decision in terms of the rational decision making model. How could you have improved your decision?
Discuss how bias has blocked your ability to make a rational decision. In your answer, discuss the heuristic that you may have used and the bias associated with that heuristic. What could you have done to overcome the bias generated by the heuristic?
Discuss the concept of satisficing. In your answer, discuss the positive and negative aspects of applying satisficing in decision-making.
Discuss bounded rationality. In your discussion, explain the term as well as its importance in rational managerial decision-making.
Bazerman, M. H., & Moore, D. A. (2009). Judgment in managerial decision making (7th ed.). Hoboken, NJ: Wiley.