Section4 Define the following terms Essay Example

Section4 Define the following terms: Essay Name: Instructor: Course: Date: We will write a custom essay sample on Section4 Define the following terms: specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Section4 Define the following terms: specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Section4 Define the following terms: specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Section4Define the following terms: Minimax Minimax is a management decision rule that guides the manager to minimize maximum possible loss. This is usually used to gauge the maximum possible loss that a manager can gain from the effect of a decision. Hence, Minimax allows the management to consider the effect of a decision on the organization. Maximax Maximax is an alternative that maximizes maximum possible gain. The management usually considers the decision that will enable them receive the highest potential gain out of the implication of the decision on the organization. Payoff Payoff is one short event, a result of pairing a decision alternative with an outcome. The objective of the payoff is to allow the management determine the advantages in terms of gain that they will receive from a certain event based on their decision. Expected Value Expected Value is the outcome of multiplying the probability of an uncontrolled event times the value of the potential outcome and subtracting associated costs. Abbreviated as E.V, the term is a long-run concept. Zero Sum Zero-sum is as opposed to non-zero sum, indicates that one loses and the other one gains. The non-zero term indicates that all the players lose or gain. What is this sections opinion about superstar decision makers? In order to cope with temporariness, managers have always been concerned with change. What is paramount is the length of time one takes to implement change. Superstar decision makers are termed as â€Å"heroic decision makers†. These employees made good decisions under conditions of uncertainty, and continued to do this repeatedly. They are admired, but caution should be taken in the future since just like a heroic penny that turns up heads, four times in a row, chances are, they can still make a wrong decision. As a result, most managers will tend to deal with individuals who are level headed and who take their time before making any rash decisions that could affect the organization negatively. Why is Tosca unable to facilitate the outcome where she saves both her virtue and her lover? From the pay off matrix, it is realized that both Scarpia and Tosca are minimaxers and thus they fail to see that they do not have a zero sum game. Moreover, a coalition solution would produce positive payoffs for both. Why do you think human beings are risk averse when it comes to positive outcomes, but â€Å"risk seeking† when it comes to situations of negative outcomes? Would it not make more sense to be risk seeking when it comes to positive outcomes and risk averse with regard to negative outcomes? Human beings are risk averse when it comes to positive outcomes, but â€Å"risk seeking† when it comes to situations of negative outcomes, because when they enter into a position of possible adversaries or collaborators they fail to analyze beforehand whether the situation is a non-zero sum game or a zero sum game. As a result, it is crucial to be risk seeking when it comes to positive outcomes and risk averse with regard to negative outcomes. Chapter 22 Why do companies have gift policies, and why are some of these policies so strict? A conversation exists between Faust and Stanley. It is realized that gifts generally can be used to influence decisions in an organization. Even though an individual in a lower cadre cannot influence decisions in an organization, the individual can belong to a group that will eventually collectively, influence decisions in the organization. How do you respond to Stanley’s question of whether this is really an ethical issue? Behavior is predictable if the individual under review is known. While a person’s behavior may not appear rational to an outsider, more often than not, it is intended to be rational. Moreover, the subject views their behavior as rational. This summarizes the ethics that the employee should not have received the gift. How can you deal with the ethical lapse -as you view it- of another person, other than by â€Å"turning them in†. For example, what alternatives would you consider if you were aware that another employee had accepted an inappropriate gift? Foremost, an alternative that would work best instead of whistle blowing is a review of the Code of Conduct. Instead of turning in the employee, I would consider reviewing the Code of Conduct with him or her and exemplify or emphasize on the illegal action of accepting gifts and the implications that arise from the action of accepting. Doesn’t it make practical sense to overlook common, petty ethical lapses in order to maintain your credibility for dealing with weightier issues? Typically, ethical issues affect organizations considerably irrespective of how petty or serious they seem to be. Usually, issues that are regarded as petty become compounded over time thus affecting the organization drastically. This would be avoided if the issues were reported early. Why would the NCAA care about an athlete receiving a 10-cent cookie? Does this policy not seem a bit petty? The NCAA realizes the considerable effect of ethical issues regardless of their simplicity or complexity. Therefore, the NCAA was unwilling to allow the athlete receives a 10-cent cookie based on the magnitude that it would have on ethics in the organization. Thus, it is crucial not to overlook any petty ethical lapses in the organization. As a result, the NCAA did not overlook the cookie. Chapter 23 What was the problem and benefit of Stanley telling Ted what he thought of the orientation program? One fear of Stanley telling Ted what he thought of the orientation program was that he would offend Ted, but ultimately it helped Ted improve on the delivery. Why does Stanley’s widespread name recognition result in his being chosen as the best candidate for an important New York assignment? Stan is chosen because of his honesty of judgment, since he would have lied to Ted in order to gain the opportunity than say how he honestly felt. Is self-promotion ethical? There is ultimately nothing wrong with self-promotion. Chapter 24 Using payoff matrices for Ted and Ben, how would you explain the outcome of this tale? In terms of using the payoff matrices, Ted will receive a +10 due to the favorable outcome arising out of Ben’s acceptance of the SUREFIRE program. Nevertheless, Ben will also receive a moderately favorable payoff of +5 respective of the fact that he rejects the program but accepting it would work in his favor. At this point, there would be no strike. However, if a strike occurred, then Ted would gain slightly and thus gain a moderate outcome of -5. However, Ben will lose considerably since he is in charge of management at the plant and thus gain a -10. What are the upside and the downside of Ted’s tactics? Ted’s upside in his move is that he is giving himself more power to control the workers in the organization, while the downside is that he is creating a disconnect, thus reducing their morale of the employees. How can you explain the text’s claim that Ben and Ted do not seem to be trying to reach the best managerial decision, but rather â€Å". . . a personal decision dressed up as a managerial one†? This is a personal decision since both Ted and Ben are trying to usurp power, creating disarray, and thereby reducing their output. Chapter 25 What functions does the MERIT system serve from a cultural/interpretive viewpoint? The rating system gives each employee a position in terms of his performance and thus curbs bias in the organization. It also gives the true worth of an employee to the organization. Additionally, the ranking system allows employees to gauge their performance based on their rankings in the organization. What functions does the MERIT system serve from a technical/rational viewpoint? The MERIT system provides a platform that will allow the organization to determine their overall performance based on the performance of the employees. This is rational from the organization’s point of view since the system allows organization to monitor the individual performances of each employee and thus ascertain those that add or decrease value. Why is the issue of rating versus ranking performance primarily a technical/rational issue? Rating and ranking performance is a rational issue since it forces employees to apply self-interest in the sense, that an employee is only considered about his or her individual performance and does not become concerned with the performance of other employees. This further creates tension and animosity between employees. There is also no aspect in ranking value other attributes. These are the technical/rational issues that affect both the rating and ranking approach in the MERIT system. What is the upside and downside of both the rating and rankings approach? The upside of the rating approach is that it allows employees to rate their performance and thus note the areas they need to change in order to perform more effectively. Additionally, the upside of the ranking approach is because employees are able to receive incentives to work harder and add value to the organization based on their rankings on their efforts. However, ranking and rating possess a downside that is based on discord and tension. This is because rating instills discord between employees and their seniors, while ranking creates tensions between employees due to competitive rivalry.