If most catastrophes in business occurs because of a series of small problems. Introduction: A catastrophe is usually a large damage or a sudden damage, in an organizations perspective catastrophe could be when the business does not give attention to cashflow interruptions. This could eventually disrupt the entire operations. This is due to the lack of attention given to the series of small issues such as less attention given into outgoings and incomings of cash.

Question

Experts advised that most disasters in organizations are the result of a series of small problems or mistakes. Most bad decisions are errors in judgment that originate in the human mind’s limited capacity and in the natural biases that managers display during decision making. As a consultant specialising in strategic planning and development, explain how might you apply this understanding in helping your clients to avoid making major mistakes.

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Question

Chapter 9, Problem 7DQ

Summary Introduction

To determine:

If most catastrophes in business occurs because of a series of small problems.

Introduction:

A catastrophe is usually a large damage or a sudden damage, in an organizations perspective catastrophe could be when the business does not give attention to cashflow interruptions. This could eventually disrupt the entire operations. This is due to the lack of attention given to the series of small issues such as less attention given into outgoings and incomings of cash.

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