GMS 200 Lecture Notes - Bank Teller, Rationality, New Coke

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Shavin Malhotra

Document Summary

Ex: 36-inch tv: , 46in: , 50in: >> ideal. Observing and recording data is the central aspect of management. Sometimes, the data at hand is not ideal. When look at number in figure collectively/ in total, it gives you a different result when you break it up in categories. One stock broker provides monthly predictions that correctly predicted. What if he said down 34 times not a reliable source. Experts predict no better than any other person. She becomes: 1/ bank teller; or 2/ bank teller and active feminist. The likelihood of one thing to be true is larger than two things to be true. Rationality classical model rarely happens in most cases. Always have complete info to make predictions: classical decision ex: deciding between 2 computer suppliers. Think & rank factors needed for computer. Make most satisfactory decision, not the best. Singles single adults" food in baby jar.