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MindTap Business Statistics for Ragsdale's Spreadsheet Modeling & Decision Analysis, 8th Edition, [Instant Access], 2 terms (12 months)
8th Edition
ISBN: 9781337274876
Author: Cliff Ragsdale
Publisher: Cengage Learning US
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Using an example, explain the statement "every business decision is at the same time a moral decision."
Describe one professional experience in which you used evidence as the basis for decision making and one experience in which you made a decision without evidence for support.
For each of the situations described, explain how the use of evidence (or the lack of it) impacted the outcome of your decision making. Be specific in terms of positive and negative impacts.
What were your previous experiences, identify two or more “lessons learned” regarding the practice of evidence-based decision making. How might you change your approach in the future?
You are required to choose a business scenario that involves a complex problem needing thorough analysis. Use business analysis tools and techniques to dissect the problem, identify underlying issues, and propose actionable solutions.
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- Briefly explain your or a specific ethical decision-making style based on the five ethical decision-making principles.arrow_forward"You have two equally qualified employees who both deserve a promotion. However, you only have one available position. How would you determine who gets the promotion and justify your decision to both employees?" This question challenges managers to consider their decision-making process, their ability to assess and compare employees' qualifications objectively, and their communication skills in handling potential disappointment or conflict.arrow_forwardHow can managers effectively manage risk and uncertainty in their decision-making processes, and what tools and techniques are available to help them do so?arrow_forward
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- Suppose you are a manager in some leading firm / organization. The owner of the firm wants you to uplift the profit of the firm by introducing some new commodity in the market. Explain all decision making process relating to successfully introducing your commodity in the market.arrow_forwardShort Case A group of entrepreneurs has launched a privately funded spaceship and has created the beginnings of the space tourism industry. The Ansari X Prize Foundation announced that it would award $10 million to the first private company that would fly a manned rocket into space and return safely. Many entrepreneurs competed for the prize but one called Space Ship One succeeded first. It was designed by Burt Rutan, owner of a company that sells build-it-yourself airplanes and was funded by Paul Allen, co-founder of Microsoft. The long-term goal of the X Prize is to create an affordable space tourism industry where trips to other planets become common for all people. QUESTIONS 1. (a) Identify and discuss Three (3) of the risks a privately funded space tourism company would face. (b) Identify and discuss Two (2) advantages and disadvantages of an aerospace project funded by the government? 2. Based on the above case, identify the different roles of entrepreneurs have played in the…arrow_forwardConflict resolution is the process of addressing and resolving disputes or disagreements in a constructive manner. It involves identifying the source of conflict, understanding the perspectives and interests of all parties involved, and finding mutually acceptable solutions. Effective conflict resolution requires active listening, empathy, communication skills, and a willingness to collaborate towards a resolution. It may involve negotiation, mediation, or other conflict resolution techniques to reach a compromise or consensus. By resolving conflicts promptly and effectively, organizations can maintain positive relationships, minimize disruptions, and foster a culture of cooperation and mutual respect among team members. Question: What are some strategies for preventing conflicts from escalating and resolving them before they negatively impact team dynamics and productivity?arrow_forward
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