Reference no: EM131971456
You have just been promoted from frontline supervisor to be one of the firm's senior managers. During your business education, you learned that the primary role of a manager is to make good decisions.
As a supervisor, you had frequently been making routine decisions, but you realize that decision making for the overall company can and will have far greater impact on the company and its employees.
Your boss, the chief executive officer (CEO), realizes that you do not have much practice in this higher level, decisionmaking process and has asked you to write a memo describing your understanding of how to make important decisions.
Your memo should address the following questions:
Describe at least 3 criteria that would determine whether the manager is making good decisions. What should be done to better assure that you are making a good decision?
In the realm of decision making, what are assumptions?
Rather than use a dictionary definition, cite several specific assumptions that would go with any reallife decision you have made or have seen made at a company at which you have worked.
Given the importance of proper assumptions, your boss asked you to assess the accuracy of certain business assumptions and what could you do to test or confirm the credibility of them.
The following were major assumptions for each firm:
An automobile manufacturer's assumption that the demand for SUVs would continue because gas prices would continue to rise
An airline's assumption that there was a need for an airline that provided no added amenities
Example of classical probability
: Classify each statement as an example of classical probability, empirical probability, or subjective probability. Explain your reasoning.
|
Development and adoption of the accounting software packages
: What is the most likely system acquisition method- commercial software, custom software, or ERP - Identify any control problems in the system and what sorts
|
How can policies and regulation impact financial institution
: What role do financial institutions play within the global marketplace? How can policies and regulations impact financial institutions?
|
Make a model that predicts the average bank
: Make a model that predicts the average bank balance with all available independent variables (Age, Education, Income, Home value, and Wealth).
|
In the realm of decision making what are assumptions
: Describe at least 3 criteria that would determine whether the manager is making good decisions. In the realm of decision making, what are assumptions?
|
Create a draft product backlog for the project
: ITECH2101 - Software Engineering: Processes and Methods Assignment - Need to create a draft product backlog for the project described
|
Independent exponential random variables
: For an n-component series system in which the component lifetimes are independent exponential random variables with respective parameters
|
How will your older employees feel about the new system
: How will your older employees feel about the new system and what can you do to ensure a smooth transition?
|
Executive summary-table of contents
: Students will be presented with a set of numerical data, and a business scenario. From this you will need to present, summarise and manipulate sample data
|