100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Harvard Business Essentials, Chapters 1-5, 7 and 8 Exam Questions & Answers. $11.49   Add to cart

Exam (elaborations)

Harvard Business Essentials, Chapters 1-5, 7 and 8 Exam Questions & Answers.

 7 views  0 purchase

Harvard Business Essentials, Chapters 1-5, 7 and 8 Exam Questions & Answers. business decisions - CORRECT ANSWER difficult when they involve uncertainty, present many alternatives, are complex, and raise personal issues uncertainty makes us hesitate alternative courses of action can be e...

[Show more]

Preview 2 out of 14  pages

  • September 12, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • hbs
All documents for this subject (14)
avatar-seller
ROSEGRADES
Harvard Business Essentials, Chapters
1-5, 7 and 8 Exam Questions & Answers.

business decisions - CORRECT ANSWER difficult when they involve uncertainty, present many
alternatives, are complex, and raise personal issues



uncertainty makes us hesitate



alternative courses of action can be equally troubling when each alternative has its own uncertainties
and unknowable outcomes



purpose of making decisions is to achieve a meaningful objective



5 step decision process - CORRECT ANSWER establish a context for success

frame the issue properly

generate alternatives

evaluate the alternatives

choose the alternative that appears best



step 1: establish a context for success - CORRECT ANSWER ensure the right people participate in the
process

those people meet in a physical setting that encourages creative thinking and careful deliberation

also has ground rules that determine how a decision will be made



step 2: frame the issue properly - CORRECT ANSWER need a clear understanding of the issues at hand
and the ways each will affect the objectives of the business



step 3: generate the alternatives - CORRECT ANSWER must develop alternative choices; in absence of
alternatives, there cannot be a genuine decision

, step 4: evaluate the alternatives - CORRECT ANSWER assess the feasibility, the risk, and implications of
each possible choice



step 5: choose the best alternative - CORRECT ANSWER in reality, personal preferences, ambiguity,
dissention often makes the final choice difficult



decision traps - CORRECT ANSWER opportunities for the team to make mistakes and allow personal
prejudices to channel thinking; human biases leading to poor choices



context - CORRECT ANSWER refers to the environment of interpersonal relationships and behaviors
within which ideas and data are considered and decisions are made



effective decision making - CORRECT ANSWER takes place only when the organization and its leaders
promote healthy debate and make room for diverse viewpoints



characteristics of healthy context:

right people asked to participate in decisions

decision makers meet in a physical location that encourage creative thinking

participants agree in advance on how the decisions will be made

healthy debate and diverse viewpoints are supported



right people - CORRECT ANSWER knowledgeable, have experience, and have a stake in the outcome



people with the authority to allocate resources and make a decision stick; one or more with this
authority



key stakeholders; these will be most directly affected by the decision; those who will be held responsible
for results, as well as key implementers of the decision; implementers are more likely to support a
decision they helped make

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ROSEGRADES. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

83637 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$11.49
  • (0)
  Add to cart