MGM101H5 Lecture Notes - Lecture 4: Bounded Rationality, Elon Musk, Takers

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

If we improve our decision-making process, we have a higher chance or likelihood of a(cid:272)hie(cid:448)i(cid:374)g ou(cid:396) o(cid:271)je(cid:272)ti(cid:448)es, u(cid:374)de(cid:396)sta(cid:374)di(cid:374)g that the(cid:396)e"s (cid:373)a(cid:374)(cid:455) diff app(cid:396)oa(cid:272)hes (cid:449)he(cid:374) solving a problem and choosing how to make decisions makes us good managers. Mou(cid:374)t e(cid:448)e(cid:396)est case took pla(cid:272)e i(cid:374) 1996, the(cid:396)e (cid:449)as(cid:374)"t te(cid:272)h/(cid:396)esou(cid:396)(cid:272)es a(cid:448)aila(cid:271)le at that time compared to now or info, we have to put ourselves in the place of decision maker to see what they would do. They relate to the qualities of elon musk since he was a good entrepreneur. They want to be unique compared to other people in the world since not a lot of people climb this mountain or survive through it. Maybe they see a thrill in taking a risk like climbing this dangerous mountain. They need to have the suitable resources to fund it such as financial funds, read the situation and responsive to the situation such as changes in weather.