Mi Ola: Managerial Decision Making (Lead)

Watch the following video in which Helena Fogarty discusses the decisions she makes as owner of swimwear company Mi Ola. Then answer the questions that follow.

Transcript

Helena Fogarty, the CEO and founder of Mi Ola, states "You have to work with an imperfect amount of information. You're never going to have the answer." This is an example of what decision making concept?

Prospect theory

Nonprogrammed decisions

Evidence-based management

Brainstorming

Use your knowledge of the different concepts about the creative process to classify the following statement or situation according to the appropriate definitions

Helena Fogarty, the CEO and founder of Mi Ola, moved to Costa Rica after losing her job and spent time surfing and enjoying life.

Preparation

Incubation

Insight

Verification

Use your knowledge of managing creativity to answer the following questions.

Assume you are Helena Fogarty, the CEO and founder of Mi Ola, and you are facing a difficult decision about whether or not to outsource manufacturing from the United States to another country. You would like to manufacture only in the United States but competitive pressures are forcing you to consider alternatives. You have a team of advisors with diverse backgrounds whom you trust and with whom you work closely. Some of the advisors work from other locations. You would like to maximize the quality of the group's decision making.

Which of the following is an approach that you might use to maximize the effectiveness of the group's decision making process?Check all that apply.

Develop contingency plans

State situational goals

Determine if the decision is programmed or nonprogrammed

Use escalation of commitment

Assume you are Helena Fogarty, the CEO and founder of Mi Ola, and you are engaged in an intense group decision making process with your trusted advisory board. You would like to use evidence-based management to improve your decision making process.

Which of the following things might you do to improve your evidence-based decision making?

Base decisions on previous decisions because if it isn't broken, the evidence suggests you shouldn't try to fix it

Encourage experimentation and learning by doing

Build a culture in which people avoid having unpleasant or difficult conversations

Encourage people to stick with a decision, even if it seems to be failing, so that you will eventually succeed