About This Chapter
Evaluating Business Decisions - Chapter Summary
In this chapter, your company's managers will review a handful of lessons about evaluating business decisions. These short and expertly taught lessons cover essential concepts such as:
- The factors involved in decision making
- Decision errors and biases
- Ethical decision making
- The legal considerations of business decisions
Following each lesson is a short quiz that helps managers retain important concepts. If your managers have any questions about the material, they can easily reach out to our instructors online. The chapter is also accessible on any desktop, laptop or mobile device.
How It Helps
- Builds awareness: Lesson are designed to establish an awareness of the effects and impacts of business decisions.
- Points out common decision-making errors: Managers will be able to recognize errors and biases that are often involved in decision making.
- Improves decision-making skills : The chapter can help your front-line managers become better and more effective decision makers.
By the end of the chapter, your company's front-line managers should be able to:
- Identify factors that are involved in the managerial decision-making process
- Recognize common decision, leadership and judgment errors in decision making
- Assess common decision-making biases
- Explain how stakeholders can be impacted by business decisions
- Discuss the importance of ethical decision making
- Evaluate legal considerations regarding the making of business decisions
1. Factors Used to Evaluate Managerial Decisions
Evaluating managerial decisions is important to ensure that companies focus on the good and avoid negative consequences. In this lesson, you'll learn more about factors that can be used to evaluate these decisions.
2. Common Decision & Leadership Errors
Front-line managers make many important decisions day to day, but mistakes can also occur. In this lesson, you'll learn more about some common decision and leadership errors that front-line managers make.
3. Common Biases and Judgment Errors in Decision Making
In order for companies to be successful they have to be able to learn from their mistakes. One way they can do that is to identify biases and errors that might occur during decision making.
4. The Impact of Business Decisions on Stakeholders
In this lesson, you will learn about the impact of business decisions on stakeholders and the various difficulties in making appropriate ethical decisions that result in fair outcomes for all constituents.
5. Ethical Decision Making
We have to make decisions every day, and many of these decisions have an ethical dimension. In this lesson, you'll learn about ethical decision-making and a process you can use to make ethically sound decisions. A short quiz follows.
6. Legal Considerations When Making Business Decisions
When it comes to making decisions for a business, many hold both legal and ethical consequences.There are several important things to consider, including customers, shareholders, employees and even society.
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