Lesson 1050 of 1524
Perception and Managerial Decision Making
Stakeholders are all the individuals or groups that are affected by an organization (such as customers, employees, shareholders, etc.)
Practice this chapterStakeholders are all the individuals or groups that are affected by an organization (such as customers, employees, shareholders, etc.) Decision-making is the action or process of thinking through possible options and selecting one
It is important to recognize that managers are continually making decisions, and that the quality of their decision-making has an impact—sometimes quite significant—on the effectiveness of the organization and its… Members of the top management team regularly make decisions that affect the future of the organization and all its stakeholders, such as deciding whether to pursue a new technology or product line.
Stakeholders — Individuals or groups who are impacted by the organization. These include owners, employees, customers, suppliers, and members of the community in which the organization is located. Decision-making — The action or process of thinking through possible options and selecting one. Heuristics — Mental shortcuts that allow a decision maker to reach a good decision quickly. They are strategies that develop based on prior experience. Process conflict — Conflict about the best way to do something; conflict that is task-oriented and constructive, and not focused on the individuals involved.
Be able to explain the two systems used by the brain in decision-making; recognize that a decision needs to be made; analyze the alternatives.
Worked example
What does “Stakeholders” mean in Perception and Managerial Decision Making?
- 1Use the wording this chapter gives for Stakeholders.
- 2The book says: Individuals or groups who are impacted by the organization. These include owners, employees, customers, suppliers, and members of the community in which the organization is located.
- 3Do not use the meaning of Decision-making. That term means The action or process of thinking through possible options and selecting one.
Result: Individuals or groups who are impacted by the organization. These include owners, employees, customers, suppliers, and members of the community in which the organization is located
Why. That is the meaning this chapter gives for Stakeholders.
Do not swap Stakeholders and Decision-making. Stakeholders means Individuals or groups who are impacted by the organization. These include owners, employees, customers, suppliers, and members of the community in which the organization is located. Decision-making means The action or process of thinking through possible options and selecting one.
Practice margin
This chapter
A fresh set from this chapter only. Choose 10 or 20. Multiple choice and fill-in, with no repeat inside the set.