How baseball front office executives and college coaches could use each of the following to make better decisions (a) rationality, (b) bounded rationality, (c) intuition. Introduction: Decision making and strategies also work in games. There may be structured or non-structured decision taken in a game just like in running a business. Structured decisions and take for the predefined and estimated situations and non-structured decision are taken for unknown situations. Strategies and decision making is equally important in playing a game like running a company. Managers take three approaches to make decisions: Rational approach: Using this approach the managers take the decision on the basis of value maximization within specific constraints. Bounded rationality approach: As the name suggests bounded rationality approach is used by the managers to take rational decisions within their authority or limits. Intuitive approach: This approach is free to approach of decision making which makes decisions on the basis of expertise, feelings, and judgment.

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Chapter 4, Problem 19DQ

Summary Introduction

To determine:

How baseball front office executives and college coaches could use each of the following to make better decisions (a) rationality, (b) bounded rationality, (c) intuition.

Introduction:

Decision making and strategies also work in games. There may be structured or non-structured decision taken in a game just like in running a business. Structured decisions and take for the predefined and estimated situations and non-structured decision are taken for unknown situations. Strategies and decision making is equally important in playing a game like running a company.

Managers take three approaches to make decisions:

Rational approach: Using this approach the managers take the decision on the basis of value maximization within specific constraints.

Bounded rationality approach: As the name suggests bounded rationality approach is used by the managers to take rational decisions within their authority or limits.

Intuitive approach: This approach is free to approach of decision making which makes decisions on the basis of expertise, feelings, and judgment.

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