Business Studies Title: decision making
When you arrived at work, Mr. Myers (your manager) informs you that the board of directors wishes to meet with you. Not knowing what the meeting could be about, you prepare yourself for the worst. At the meeting, the board tells to you that you have passed all the assignments leading up to the promotion, and you will be promoted next week. Excited, you immediately thank everyone in the room.
With the promotion already set in stone, Mr. Myers reveals to you that he has one more assignment for you before you move to a new position. He asks you to prepare a report discussing the improvement of decision making. He explains that the report must cover the 6 strategies of decision making.
For full credit, you must address the following in you report:
•Explain the improvements of decision making.
•Discuss Strategy 1: Use decision-analysis tools.
•Discuss Strategy 2: Acquire expertise.
•Discuss Strategy 3: Remove bias from your judgment.
•Discuss Strategy 4: Reason analogically.
•Discuss Strategy 5: Take an outsider’s view.
•Discuss Strategy 6: Understand biases in others.
•Discuss how the strategies can help your company implement the new line of business suits.
For the past 5 years, you have been working as an Account Manager for a company named, Value Topics Inc. Value Topics Inc., which is a medium-sized men’s apparel manufacturer, has recently expanded their business services by implementing a new product line of men’s business suits. Because of the expansion, your company, Value Topics Inc. is in need of superior managerial decision making and they are flirting with the idea of promoting you from within.
With that in mind, you explain to your manager, Mr. Myers, that you are ready and interested in the promotion. He explains to you that Value Topics Inc. requires all Account Managers’ that wish to be promoted, to pass a series of assignments which are reviewed and graded by the Board of Directors. He also tells you that the assignments will test your knowledge and skills of managerial decision making in rational choices, alternative solutions, value models, judgment heuristics, and complex approaches.