Adam Ward Progress Check Questions for Chapter 4 4. Explain the satisficing approach to decision making. Satisficing means to select the first alternative that meets the decision maker’s minimum standard of satisfaction because the decision maker has incomplete knowledge of the alternatives. 6. Explain the difference between the maximax and maximin approaches to decision making. The maximax (optimistic) approach is selecting the alternative whose best possible outcome is the best of all possible outcomes for all alternatives. The maximin (pessimistic) approach compares the worst possible outcomes for each alternative and selecting the one that is least undesirable. 11. Which would be more important – a manager who is creative or a manager who knows how to encourage creativity among his employees? Why? A manager who encourages creativity among his employees is a more successful manager because creativity is a thinking process and involves coming up with a new idea. A manager that lets his employees use their creativity has a better chance of coming up with a solution to a
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This note was uploaded on 05/09/2011 for the course BUS 125 taught by Professor Ryan during the Fall '09 term at Northeast State.