Explain the five advantages of using a group to make a decision.

What will be an ideal response?


Student answers will vary, but should demonstrate accurate knowledge about group decision making. Using groups to make a decision offers at least five potential advantages: 1) More information is available when several people are making the decision. If one member does not have all the facts or needed expertise, another member might. 2) A greater number of perspectives on the issues, or different approaches to solving the problem, are available. The problem may be new to one group member but familiar to another. Or the group may need to consider other viewpoints-financial, legal, marketing, human resources, and so on-to achieve an optimal solution. 3) Group discussion provides an opportunity for intellectual stimulation. It can get people thinking and unleash their creativity to a far greater extent than would be possible with individual decision making. 4) People who participate in a group discussion are more likely to understand why the decision was made. They will have heard the relevant arguments both for the chosen alternative and against the rejected alternatives. 5) Group discussion typically leads to a higher level of commitment to the decision. Buying into the proposed solution translates into high motivation to ensure that it is executed well.

Business

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Explain Michael Porter's 'diamond of national advantage.'

What will be an ideal response?

Business

Which of the following assertions are usually the two most relevant assertions related to long-lived assets?

a. Existence and Presentation. b. Completeness and Existence. c. Existence and Valuation. d. Valuation and Completeness.

Business

In the context of the Internet usage example, suppose we wanted to test whether the probability of observing a K value of .222, as determined by the normalized z statistic, is 0.103

Because this is more than the significance level of 0.05, the null hypothesis cannot be rejected. What do the results mean? A) The distribution of the Internet usage does deviate significantly from the normal distribution. B) The distribution of the Internet usage does not deviate significantly from the normal distribution. C) The proportion of users for males and for females is not significantly different for the two samples. D) The proportion of users for males and for females is significantly different for the two samples.

Business

Purpose is a key aspect of the self-goal-setting process, especially:

a. self-setting short-term goals b. self-setting nonfuzzy goals c. self-setting long-term goals d. self-setting nonfuzzy goals and short-term goals

Business