Problem: Most business decisions are made under conditions of either risk or uncertainty. Is it easier to make a decision under risk or uncertainty conditions? Why?
Consider the following list of business decisions. What decision would be handled most effectively by a group or team decision making? Which would be handled more effectively by individual decision making? Explain why?
- Switching pencil suppliers
- Hiring a new CEO
- Firing an employee for stealing
- Calling 911 to report a fire in the warehouse
- Introduction of a brand new product