This exam is open-note, open-readings, open-slides, but closed Internet
Use the Word template provided. Please also bold any class terms in the write-up.
Strict 1500-2000 word limit (No headings). no introduction, background, or conclusion.
Questions
Part I: Descriptive
Evaluate the decision making described in this case. Focus on the following four questions (but some sections will be longer than others will).
A. Analyze the JCP shopping experience using course concepts, both before and after the changes described in the case. (Hint: This is asking about the shopper's judgments and decision-making).
B. Analyze the strengths in the decision making process, if any, and what decision errors these strengths reduced or eliminated. (Hint: B & C are NOT about shopper psychology).
C. Analyze the weaknesses in the decision making process (errors, biases, etc.). Be specific about identifying the psychological drivers underlying these shortcomings.
D. The CEO is not the only player in this story. What organizational factors either exacerbated or reduced decision errors? (Hint: Think Organizational Decision week)
Part II: Prescriptive
Based on your Part I analyses, how can JCP (or a similar company) improve their decision making process in this type of scenario?
E. Suggest one or two prescriptions that would help a company like JCP make better decisions in such situations. Be as specific as possible about what you would do and what biases or problems you are trying to combat. Be concrete about how these prescription(s) would be implemented.
Take into account the costs (money, time, and psychological) associated with your suggested changes and be realistic. Feel free to be creative here, but please make sure to rely only on concepts from this class.
F. Be aware that CEOs and managers may not be particularly receptive to your advice. What are the sources of resistance and how would you overcome them?