Discuss below in 600 words:
Discuss bounded rationality. In your discussion, explain the term as well as its importance in rational managerial decision-making.
Consider the last decision that you have made (purchase of an automobile, purchase of a home, seeking a new job, etc.). Then, discuss that decision in terms of the rational decision making model. How could you have improved your decision?
Rad the article concerning the Ford Pinto. How did the decision making process help to create the problems for the Ford Pinto? Do these decisions represent optimizing behavior or satisficing on the part of Ford? If you were Lee Iacocca, would you have decided differently? How?
Define and discuss the differences between vision and mission statements.
Discuss the importance of the implementation phase of strategic management. Support your answer with at least two examples and detail where applicable.