Compare and Contrast a Small Business Manager and an Entrepreneur

question 53

Essay

Compare and contrast a small business manager and an entrepreneur.

Understand the mechanisms that lead to group polarization including social comparison and normative influence.

Recognize the differences in decision-making processes between groups and individuals, including tendencies towards risk-taking or conservatism.

Comprehend the impact of group dynamics on decision-making efficacy, including the effects of shared mental models and groupthink.

Identify the phases and best practices in group decision-making processes.

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Definitions:

Regression Analysis

A statistical technique for estimating the relationships among variables, often used to predict the value of a dependent variable based on the values of one or more independent variables.

Trend Line

A line drawn on a graph that shows the general direction in which data is moving over time.

Deseasonalize

The process of removing seasonal effects from a time series to better identify trends.

Seasonal Indexes

Quantitative measures that represent how a seasonal pattern affects the data over a specific period, often used in time series analysis to adjust predictions for seasonal effects.