A professional economist once told his class, "The individual decision maker should process all relevant information and select the economically rational alternative." Do you agree?
Answer to relevant QuestionsWhat are some differences one might expect among stakeholder expectations for a nonprofit organization versus a for-profit business? Do you think nonprofit managers have to pay more attention to stakeholders than do business ...Explain the difference between an open system and a closed system. Can you give an example of a closed system? How is the stakeholder approach related to the concept of open and closed systems? If managers frequently use experience and intuition to make complex, nonprogrammed decisions, how do they apply evidence-based management, which seems to suggest that managers should rely on facts and data? Can you think of a decision you have made in your personal, school, or work life that reflects a stronger desire to avoid a loss than to make a gain? How about a time when you stayed with an idea or project for too long, ...What is the difference between power and authority? Is it possible for a person to have formal authority but no real power? Discuss.
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