Managers Can Use a Variety of Techniques in Group Decision-Making

question 41

Essay

Managers can use a variety of techniques in group decision-making situations to counteract situations in which the group is suffering from groupthink or cognitive biases. Two such techniques have been shown to be especially useful in such situations. Discuss these two techniques.

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Definitions:

Action Figures

Small figures representing a character from a movie, comic book, video game, or television program, designed for play or collection.

Marginal Utility

The added delight or usefulness a person acquires by consuming an extra unit of a good or service.

Utility Theory

A concept in economics that suggests individuals make decisions based on the expected utility or satisfaction they will derive from those decisions.

Consumer Surplus

The disparity between what consumers are inclined and financially able to spend on a good or service compared to what they ultimately pay.