Thank you for visiting Managers must rely on their to make the best decision when faced with uncertainty and ambiguity A intuition and judgment B cognitive biases C bounded. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Final answer:
Managers rely on intuition and judgment, which are honed by experience and training, to make decisions in uncertain and ambiguous situations, while being mindful of cognitive biases.
Explanation:
Managers must rely on their intuition and judgment to make the best decision when faced with uncertainty and ambiguity. The intuitive decision-making model suggests that experts in a field can scan the environment for cues, recognize patterns, and quickly formulate a course of action based on their extensive experience and training. This process allows for effective decision-making in situations where time is of the essence and there is too little information for a fully rational, systematic analysis. In contrast, common decision-making traps like cognitive biases can hinder the decision-making process and lead to less optimal outcomes. Managers often must rely on heuristics, or rules of thumb, when making decisions, but it's crucial to be aware of potential biases to improve decision-making quality.
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