1. Describe the difference between programmed and nonprogrammed decisions. What are the implications of these differences for decision makers? Programmed decision is structured and planned out compared to nonprogrammed decisions. The implications are based on if the decisions are spur of the moment or not. 2. Describe the behavioral nature of decision making. Be certain to provide some detail about political forces, risk propensity, ethics, and commitment in your description.
3. What is meant by the term escalation of commitment? In your opinion, under what conditions is escalation of commitment likely to occur? A decision maker’s staying with a decision even when it appears to be wrong. This is likely to occur when an employee has a strong connection to the company.
1. Describe the similarities and differences between entrepreneurial firms and large firms in terms of their job creation and innovation. Most of the products made by big manufacturers are sold to consumers by small businesses. Small firm’s higher quicker and larger firms fire employees’ quicker. Innovations are more likely to come from smaller businesses.
2. What characteristics make an industry attractive to entrepreneurs? Based on these characteristics, which industries are most attractive to entrepreneurs? Entrepreneurs need to consider organization design and develop job descriptions, organization charts, and management control systems. Industries that are well established or that are starting from the ground up are always catching entrepreneur’s eyes.