Mini-Case: the In-Box Is Full

question 48

Essay

Mini-Case: The In-Box Is Full. Returning from a wonderful vacation at Disney World, "It's a small world after all," you go through the memos that have been stuffed in your box. A short scenario of each memo is provided. Situation 1: The workers down in the yard are refusing to wear their hard hats. OSHA visits tomorrow.
Situation 2: The people in the back room would like to play their radios while they work. Their supervisor has no problem with it. The issue appears whether it is rock or country.
Situation 3: Your boss must leave town and will be unable to give a speech to his daughter's fourth-grade class on "What I do for a living." He has asked you to take his place.
Situation 4: Production has informed your salespeople that they don't think they can meet the orders requested. They must know tomorrow what the priority should be. You have a meeting with your sales force at 9:00 a.m. tomorrow.
Situation 5: You have a performance review scheduled for George tomorrow. His performance has slipped but he says he needs to talk to you.
-Using the framework for the collaborative approach to problem solving, identify when a mediator should be used. Explain the guidelines a mediator should use in mediating a problem.

Evaluate the effects of overconfidence and other biases on managerial decision-making.

Understand the principles of efficient market hypothesis (EMH) and its critics.

Analyze the impact of gambler’s fallacy and law of small numbers in financial decision-making.

Interpret the role of frame dependence in influencing financial decisions and perceptions.

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Definitions:

Graph

A plot that illustrates the relationship between two or more variables, typically used in mathematics to display functions or data sets.

Vertices

Points where two or more curves, lines, or edges meet; in geometry, it is the corner points of polygons and polyhedra.

Ellipse

A set of points in a plane such that the sum of the distances from two fixed points (foci) to any point on the ellipse is constant.

Center

The middle point of a geometric figure, which is equidistant from all boundary points in the case of a circle or sphere.