Answered: Consider the following list of business…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

Transcribed Image Text:BUS325 MANAGEMENT APPLICATION & THEORY NAME DATE 7. Consider the following list of business decisions. Which decisions would be handled most effectively by group or team decision-making? Which would be handled most effectively by individual decision-making? Explain your answers. A decision about switching pencil suppliers A decision about hiring a new CEO A decision about firing an employee for stealing A decision about calling 911 to report a fire in the warehouse A decision about introducing a brand-new product Feb 12, 2022, 12:46 PM cessibility: Unavailable

Expert Solution

Step 1

In general terms, group decision making refers to a type of decision making under which the inputs of all the members are considered before making any final decision. On the contrary, individual decision making is a type of decision-making approach in which a single individual can use his logic in order to make a prompt decision.