Discuss Three Major Ways in Which Managerial and Entrepreneurial Decision

question 23

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Discuss three major ways in which managerial and entrepreneurial decision making differs.
Eight areas of difference students can choose from:
1.strategic orientation
2.commitment to opportunity
3.commitment of resources
4.control of resources
5.management structure
6.reward philosophy
7.growth orientation
8.entrepreneurial culture
Basic differences in each dimension:
Source:This table is taken from T.Brown,P.Davidsson,and J.Wiklund,"An Operationalization of Stevenson's Conceptualization of Entrepreneurship as Opportunity-Based Firm Behavior," Strategic Management Journal 22 (2001).

Identify and utilize different problem-solving strategies like subgoal setting and working backward.

Understand the advantages and disadvantages of using heuristics in decision making.

Acknowledge the impact of cognitive biases and heuristics on perception and choice.

Differentiate between algorithms and heuristics and their use in cognitive processes.

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.