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Author Question: The tendency for decision makers to be overconfident of their ability to control activities and ... (Read 58 times)

awywial

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on: Jul 6, 2018
The tendency for decision makers to be overconfident of their ability to control activities and events is known as
 
  A) escalation of commitment.
  B) the illusion of control.
  C) intuition.
  D) groupthink.

Question 2

To analyze the need to balance the interests of a variety of stakeholder groups, what questions should management ask?
 
  What will be an ideal response?


af

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Reply #1 on: Jul 6, 2018
Answer to Question 1

B

Answer to Question 2

When a stakeholder group makes demands on a firm, management should first perform an analysis by answering the following questions:
 Who are the stakeholders?
 How are the stakeholders affected by the company policies?
 What are the stakeholders' interests in the business?
 How have the stakeholders behaved in the past, and what coalitions are they likely to form around their issues?
 How effective have the company's strategies been in dealing with these and other stakeholders?
 What new strategies and action plans need to be formulated to deal effectively with the stakeholders?


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