A special resolution is a resolution of the members of a company that must receive the approval of at least 75% of the members to be valid. It’s a crucial mechanism for making significant changes within a company, requiring thorough notice to all members and detailed information about the proposed resolution.
Splintered authority refers to the division of authority among many managers, resulting in a manager having to deal with several other managers before decisions can be finalized.
Sunk costs are previous expenditures that cannot be recovered and are typically irrelevant to future decision-making.
Team management refers to the process of managing a prescribed set of activities by an organized work group in an organization. This involves setting goals and priorities, analyzing group work methods, and examining decision-making processes.
A trade-off involves giving up one benefit or advantage to gain another that seems more favorable. This concept is prevalent in various decision-making processes where resources such as time, money, and effort are limited. Trade-offs are a fundamental aspect of economics, business strategy, and personal decision-making. For example, investing in education might involve a financial loss in the short term but yield higher earning potential in the future.
A tree diagram is a graphic representation of a sequence of events where subsequent decisions depend on the results of previous decisions. Tree diagrams are used to map the possible alternatives and develop strategies for decision making.
A teleological theory of ethics emphasizing that decisions should be made based on achieving the greatest good for the greatest number of people.
A value judgment is a judgment reflecting values and personal opinions. Often, it is a biased opinion influenced by the individual's beliefs, emotions, and biases rather than objective facts.
