134 Part 2 . Planning DISCUSSION QUESTIONS 4-1 Why is decision making often described as the essence of a manager's job? 4-2 Provide an eight-step illustration of any decision- making process undertaken by you. 4-3 Since decision making is personalized, do you think bias plays an important role for a CEO or a first-line manager in a developing country? Explain the poten- tial daily bias that managers may encounter. 4-4 Managers make decisions by planning, organizing. leading, and controlling. Which of these skills is more important for a manager to master in order to be a com- petent manager? 4-5 What is intuitive decision making? In your opinion, when is this method best used? What are the major drawbacks of this managerial decision-making style? 4-6 Herbert A. Simon started work on bounded rational- ity and satisficing because of his hypothesis, which indicated that people had limited ability to grasp the present and anticipate the future. Discuss the problems associated with making decisions using the rational model. 4-7 Explain how a manager might deal with making decisions under conditions of uncertainty. * 4-8 Why do companies invest in nurturing group deci- sion making rather than individual decision making? Explain the advantages and disadvantages of both techniques. 4-9 Find two examples each of procedures, rules, and policies. Bring your examples to class and be prepared to share them. 4-10 Do a Web search on the phrase "dumbest moments in business and get the most current version of this list. Choose three of the examples and describe what happened. What's your reaction to each example? How could the managers in each have made better decisions