Faster collection of pertinent data fosters faster decision
When you sit down at a restaurant, how long does it take you to decide what you would like to eat? Are you the first person at the table to make up your mind? Or does your server have to check back several times as you agonize over the options? What factor does risk play in such a decision? Would you choose a dish you had never eaten before if a friend recommends it or if it was a ‘speciality of the house’-or would you more likely choose something you have had a hundred times and the safety of a known quantity?
In this Discussion, you will consider decision-making and risk and what role the availability of data plays in the decision-making process.
To complete this Discussion:
Post: The propensity to assume or avoid risk has an impact on how long it takes managers to make a decision and how much information they require before making their choice. Information and communications technology allows managers to collect information faster than ever before.
Discuss whether faster collection of pertinent data fosters faster decision making on the part of managers or whether a risk-averse personality would take the same amount of time in making a decision no matter what data happened to be available. Support your argument with practical examples.
Your document should have 600+words
