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Business Course Retrospective
Comment on how journaling activities helped you recognize the real or potential impact of stakeholder biases as well as your own biases. How do biases or differing perspectives influence the media, public opinion, and decision-making in business and society? Use example from your activities to support your commentary.
The Journaling process provided direct examples of individual bias and of the degree to which pre-existing beliefs and perception color the perceptions of individuals. For example, journaling revealed that people with predominantly conservative political views maintain fundamental beliefs that differ substantially from the views maintained by people with fundamentally liberal points-of-view. I learned that one aspect of modern media consumption is that people tend to seek out editorial opinions that are consistent with the ones they already espouse and that only reinforce them. They do not seek out objective opinions and critical review of the reports...
I learned from exercises involving internal and external stakeholder identification that within business organizations, the very definition of stakeholders (especially external stakeholders) depends substantially on the internal policies and values of business organizations and their leaders.
2) Did participating in the online discussions make you more aware of your views and other people's views about the course topics? Explain you answer.
Yes. In that regard, I became much more aware that many individuals who accept the conservative political position about where fault lies for the current economic environment and about the nature of macroeconomic dynamics tend to believe that the Obama administration is neglecting the importance of empowering the wealthiest industries and organizations to support job creation. They do not…
Business Decision-Making Process Decision-making through Business Environmental Scanning As a relatively new research agency in the market research industry, our firm has two main objectives for this year. The first objective is to increase profitability through increased number and/or higher research costs. The second objective, meanwhile, is to increase the firm's "visibility" in the market research industry, and be recognized as one of the major players in it. In order to achieve
00 income if Mr. Pecos accepted the committed sale made by his Office Assistant Manager. Prepare a contribution margin income statement for the month Based on Mr. Peco's Decision Recommended Sales 286,500.00* 578,000.00** Variable Cost 245 per unit) 925*245-226,625.00) 471,625.00) Fixed Cost Income Computed as follows: of units Selling Price Accepted Orders by Sam Smooth talk Accepted Orders by Harry Hustler Accepted Orders by Garry Giftofgab Total Selling Price 286,500.00* Computed as follows of units Selling Price Recommended orders to accept: Total amount of accepted order Total Selling Price 203000+286,500 578,000.00** Assumption that $475,000 fixed cost is
Behavioral Economics Many academics advocate that markets are "efficient." They argue that all stock and business information is embedded in the current price of an asset. As new information enters the market, the asset price immediately adjusts to reflect the new market sentiment. As a result of these efficient markets, investors can only hope to achieve the market rate of return given the amount of risk taken. There is very little
By knowing how to read visual presentations of data, the manager will be able to spot the central tendencies and distributions found in data in order to correctly asses whether a given decision is likely to reach the biggest part of the market or cut the highest percentage of inefficiency. Second, the manager must understand what central tendency and variability mean. Specifically, these are simply measures showing where the data
Decision Making Mind Map Concept Decision Making Decision making is a process of identifying and choosing the best option among all the available alternatives in a given situation. The purpose of making decision in a particular context is to select an option that can bring the most desirable outcomes for the decision maker or for the people or groups that have a stake in those outcomes (Hardman, 2009). A decision can be
Decision-Making Process in Business Environment The activity of decision-making may be defined as mental processes leading to the choosing of one alternative out of many. All decision-making processes generate an ultimate choice. Decision-making output may be a chosen view or action. Broadly, decision-making represents a process of choosing between numerous alternatives and making a commitment to adopting some particular option for the future (Masood). The Nature of Decision-Making Successful decision-making, realizing where one has made the