If you were to be in charge of convincing the skeptics about the use of big data and business analytics in the decision-making process, discuss how you would make the case to change their minds.
If you were to be in charge of convincing the skeptics about the use of big data and business analytics in the decision-making process, discuss how you would make the case to change their minds.
The next five weeks or so will be the home-stretch to complete this semester. As a reminder, we still have one exam before the final. As an FYI, the final exam will be cumulative. Again, as you are preparing for these exams and working on the weekly assignments, please do not hesitate to let me know if you need help.
As future managers, you will find yourselves making a lot of decisions. Some of them are straightforward, and usually, you know what the outcome would be. For example, deciding on how many employees you should have in a shift during your busy hours if you have a retail business? How much supply should you order? Then you have the decisions that are not so obvious. Things like should you expand in a new market. Should you invest in R & D of a new product? How would you make these decisions?
Before touching base on chapter seven, I invite you to watch a TED talk, How Can Groups Make Good Decisions? By Mariano Sigman and Dan Ariely. This segment put in perspective the decision-making process and outcomes. Click here to watch the segment https://www.youtube.com/watch?v=JrRRvqgYgT0 .
This chapter will introduce you to rational and nonrational decision-making and why you should be aware of both. We spoke a couple of times about evidence-based management. Here, you will learn how it is applied in the decision-making process. Also, this chapter will introduce you to the four general decision-making styles: analytical, conceptual, behavioral, and directive.Based on chapter seven, discuss the following:
- Compare and contrast rational and nonrational decision-making.
- Discuss why you think this chapter has a section about making ethical decisions when we all should have solid ethics that guides our daily lives.
- Discuss how does evidence-based management improves decision-making.
- If you were to be in charge of convincing the skeptics about the use of big data and business analytics in the decision-making process, discuss how you would make the case to change their minds.
- The chapter discussed nine common decision-making biases. Discuss which top three, in your opinion, are the most prevailing ones and why.
- Based on chapter seven, discuss if artificial intelligence can enhance the decision-making process.
- How would you characterize group decision-making and discuss if you would recommend it?
Subject: Management
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CHAPTER 7
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