Many business decisions are made under situations of either risk or uncertainty. Is it easier to make the decision under risk or uncertainty conditions? Describe why?
Let the following list of business decisions. Describe what decision would be tackled most effectively by group or team decision making? Which would be tackled more effectively by individual decision making? Describe why?
Switching pencil suppliers
Hiring new CEO
Firing the employee for stealing
Calling 911 to report fire in warehouse
Introduction of brand new product.