Question 1) You have just been promoted from front-line supervisor to be one of the firm's senior managers. During your business education, you learned that primary function of a manager is to make good decisions. As a supervisor, you had frequently been making routine decisions, but you realize that decision making for the overall company can and will have far greater impact on the company and its employees.
Your boss, the chief executive officer (CEO), realizes that you don’t have much practice in this higher level, decision-making process and has asked you to write memo explaining your understanding of how to make vital decisions.
Your memo must address the following questions:
Explain at least three criteria that would determine whether the manager is making good decisions. What must be done to better guarantee that you are making good decision?
In the realm of decision making, what are assumptions? Rather than use dictionary definition, cite some specific assumptions that would go with any real-life decision you have made or have seen made at company at which you have worked.
Given the significance of proper assumptions, your boss asked you to measure the accuracy of certain business assumptions and what could you do to test or confirm the credibility of them. The main assumptions for each firm are:
An automobile manufacturer's assumption that demand for SUVs would continue as gas prices would continue to rise
An airline's assumption that there was a need for the airline which provided no added amenities
Word limit is 500 words.