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...
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
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