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Group decision making has two advantages over individual decision making. · Sharing of information - Group decisions take into account a wider scope of information as each group member may contribute distinct information and expertise. Sharing information increases understanding, clarifies issues, and facilitates movement towards a collective decision. · Synergy - It is the idea that the whole is greater than the aggregate of its parts. When a group makes a decision collectively, its judgment can be powerful than that of any of its members. Through discussing, questioning, and collaborative approach, group members can identify more complete and robust solutions and recommendations. The major disadvantages of group decision making are as follows − · Diffusion of Responsibility - Group decision making results in distribution of responsibility that results in lack of accountability for outcomes. In this way, everyone is responsible for a decision, and no one really is. Moreover, group decisions can make it easier for members to refuse personal responsibilities and blame others for bad decisions. · Lower Efficiency - Group decisions can sometimes be less efficient than individual decisions. It takes additional time because there is a need of active participation, discussion, and coordination among group members. Without good facilitation and structure, meetings can get eliminated in trivial details that may matter a lot to one person but not to the others. · Groupthink - One of the biggest disadvantage of effective group decision making is groupthink. It is a psychological phenomenon that occurs within a group of people in which the wish for harmony or conformity results in an illogical or dysfunctional decision-making outcome. By refraining themselves from outside influences and actively suppressing opposing viewpoints in the interest of minimizing conflict, group members reach a consensus decision without critical evaluation of substitute viewpoints.
If X and Y are independent random variables and Var(X)=Var(Y)=4, then find Var(2X-3Y+1)?
Which of the following sectors received significant emphasis in the Renewable Energy Development Bill as highlighted in the Economic Survey 2023-24?
Consider an economy described by the following equations:
C = 100 + 0.6 ∗ (Y − T) (consumption function)
What is the elasticity of demand given by x=100-50p at price = 10?
Calculate national income from the following data:
If input prices adjusted very rapidly to output prices as classical economists argue the Phillips cure would be
What is the primary theme of India’s Union Budget 2024-25?"
Any straight-line supply curve that intersects the vertical axis above the origin has an elasticity of supply
Which of the follow statements about price discrimination is not true?
For the following demand curve, Q=10P-1 , calculate the profit made by the monopolist when Total cost is Rs.2Q and he sells discrete goods i....