Organizational Behavior
OER 2019 Edition
ISBN: 9781947172715
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 6.3, Problem 3CC
What are heuristics, and when are they helpful?
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Pam and Jim are saving money for their two children who they plan to send to university.The eldest child will enter university in 5 years while the younger will enter in 7 years. Each child is expected spend four years at university. University fees are currently R20 000 per year and are expected to grow at 5% per year. These fees are paid at the beginning of each year.Pam and Jim currently have R40 000 in their savings and their plan is to save a fixed amount each year for the next 5 years. The first deposit taking place at the end of the current year and the last deposit at the date the first university fees are paid.Pam and Jim expect to earn 10% per year on their investments.What amount should they invest each year to meet the cost of their children’s university fees?
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Chapter 6 Solutions
Organizational Behavior
Ch. 6.1 - What are some positive outcomes of decision-making...Ch. 6.1 - How is managerial decision-making different from a...Ch. 6.1 - In addition to the owners of a business, who are...Ch. 6.2 - Explain the two-systems used by the brain in...Ch. 6.2 - What is emotional intelligence, and why is it...Ch. 6.3 - Given an example of a programmed decision that a...Ch. 6.3 - Given an example of a non-programmed decision.Ch. 6.3 - What are heuristics, and when are they helpful?Ch. 6.3 - How are programmed and non-programmed decisions...Ch. 6.4 - Explain the concept of confirmation bias.
Ch. 6.4 - List and describe at least three barriers to...Ch. 6.4 - When is conflict beneficial, and when is it...Ch. 6.5 - Explain what satisficing is and when it may be a...Ch. 6.5 - What are the six steps in the decision-making...Ch. 6.5 - What are the four steps involved in ethical...Ch. 6.6 - Explain why group decision-making can be more...Ch. 6.6 - What are some things that can prevent groups from...Ch. 6.6 - As a manager, what can you do to enhance the...Ch. 6 - What are some of the factors that enabled to Jen...Ch. 6 - What are the two systems that the brain uses in...Ch. 6 - What is a heuristic, and when would it be...Ch. 6 - What is confirmation bias? Explain how it can be a...Ch. 6 - What is a logical fallacy?Ch. 6 - What are the two types of conflict? Which one is...Ch. 6 - What are the steps in the decision-making process?...Ch. 6 - What can individuals do to improve the quality of...Ch. 6 - What can groups or group leaders do to improve the...Ch. 6 - What are the benefits of decision-making in a...Ch. 6 - Why do you think vinyl records are appealing to...Ch. 6 - Do you think the sales growth will continue to be...Ch. 6 - What research would you want to conduct prior to...
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