Reference no: EM132257211

Section 3: Once again there are questions listed for each of the chapters in this section.

Respond to them fully after stating the questions.

Section 3: Chapter 7: Question 1

The five steps for classical decision making are found on page 169, and the definition is on page 171. In a risk environment or an uncertain environment, it may be very difficult to follow these steps. How can a risk environment or an uncertain environment affect this process?
What is the difference between a risk environment and an uncertain environment?

Section 3: Chapter 7: Question 2

In the text, there is a discussion of framing errors, confirmation errors, escalating commitment, availability bias, representativeness bias, anchoring bias, and adjustment bias. Briefly define each of these errors and biases and provide an example of each one (not the one in the text). These are particularly important since they are found in all levels of an organization.

Section 3: Chapter 7: Question 3

Managers are often confronted with structured problems which require programmed decisions, and unstructured problems which require non-programmed decisions. Serious problems may require a crisis decision which is the most serious type of non-programmed decision.

Provide an example of a programmed and non-programmed decision which you have encountered in your own experience. How do you determine whether a decision is really a programmed decision, or whether it actually requires a unique solution? When should senior management become involved?

(Many programmed decisions are just that today. In retail they may be built into the computer system, and made at the cash register - such as returns, returns with or without receipts, or information available regarding a customer's past transactions!)

Section 3: Chapter 8: Question 1

Organizations should have a mission statement, a strategic plan, organizational plans, tactical plans, goals and objectives. Which of these should primarily be developed by directors and senior management, middle management, and supervisors and other first level management personnel? How can these plans be best aligned in order to clearly involve all levels of management in these goals?

Section 3: Chapter 8: Question 2

Benchmarking is often used as a way to improve an organization. What is organizational benchmarking and how is it developed?

Section 3: Chapter 8: Question 3

Planners often use forecasting, contingency planning, and scenario planning. Define and provide an example of each. The example should differ from the one found in the text. It may be either from additional reading or the student's own experience.

Section 3: Chapter 9: Question 1

See if you can solve Puzzle Number One and Puzzle Number 2 on page 207. How did you do it? Did you use math, special reasoning - or ask a friend? (Five extra credit points)

Actual Question - Different companies have different basic strategies. Michael Porter's model includes competitive, differentiation, cost leadership and focus differentiation strategies. Briefly define each one and provide an example which is not found in the text. Why did you choose this example?

Section 3: Chapter 9: Question 2

Almost every class in management uses a SWOT analysis to identify analyze organizational strengths and weaknesses. Choose an organization and develop a brief SWOT analysis for that organization. It can be an organization that you work with either for pay or on a volunteer basis or a company in which you are interested.

Section 3: Chapter 9: Question 3

Marketers often refer to products based on their position and potential. They call these products Stars, Question Marks, Cash Cows and Dogs. Define each and identify a product which meets the description in the text. Why did you choose this product?

Once again select one of these questions and develop it into a two to three page single spaced essay.