MGM102H5 Lecture Notes - Lecture 3: Decision-Making, Sunk Costs, Takers
Document Summary
In class mount everest case dicussion- (cid:284)decision making(cid:285) Weather; they only planed based on bad weather; they didn(cid:284)t see the bad weather coming. 1996 expedition two teams-became commercial enterprises; guiding clients up to summit. Contexts are always changing so does the decisions. #2 personal qualities? (who were those ppl climbed up the everest?, what are the characterisitcs?) For recognition; improves your personal quality; to set a record, legacy. Pride; not a lot of people have done this. People are pretty well off if you are so poor you wouldn(cid:284)t consider climbing up the mountain to. Poor time management, resource allocation (some of the guys didn(cid:284)t carry oxygen supplements) or energy management (when fisher took client down; roles) Ppl kept thoughts to themselves; poor conversation skills- climbers who already climbed the summit often override client(cid:284)s opinion. (some of climbers didn(cid:284)t feel comfortable speaking up or offering a choice. First mover advantage ex/ oldest man to climbed up the mountain.
