Define the Two Types of Conflict That May Spontaneously Occur

question 23

Essay

Define the two types of conflict that may spontaneously occur in situations of group decision making. List and explain the approaches to structured conflict that may help to enhance the quality of group decisions. Be sure to comment on the research results which evaluate their effectiveness.

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Definitions:

Implicit Costs

The opportunity costs that are not directly paid for or incurred in transactions but represent real costs to a business.

Implicit Costs

refer to the opportunity costs that occur when a company uses internal resources that could have been used for another purpose but do not directly affect cash flow.

Entrepreneurial Talent

The specific skills, creativity, and innovation that individuals bring to starting and managing new ventures or businesses.

Forgone Interest

The potential interest earnings lost by choosing to invest capital in one option over an alternative that offers a higher return.