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Rules of Thumb in Business Decision-Making (Paperback)
Loot Price: R1,574
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Rules of Thumb in Business Decision-Making (Paperback)
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Business executives face the challenge of making every day better
business decisions. They make those decisions using gut feel,
common sense, intuition, experience, and, often without knowing it,
various forms of heuristics or rules of thumb. Over the past 25
years, as a senior executive of several Canadian hi-tech
businesses, I noticed that the decision-making process I have
applied was often based on personal experience. This book explores
the heuristics personal experience is based on. The research this
book is built on confirms the use of heuristics in business
decision-making, presents some common business heuristics, and
proposes methods of making the application of heuristics more
useful for better decision-making in various business situations.
Two main conclusions resulting from this research are: executives
apply extensively various forms of business heuristics when solving
business problems, and the heuristics they use are both tacit and
explicit. Finally the book suggests a set of what-how rules that
can assist in converting tacit business heuristics into explicit
ones by expanding their information content.
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