Podcast
Questions and Answers
How many total ChotuKool units did Godrej sell in the first two years?
How many total ChotuKool units did Godrej sell in the first two years?
- 12,000,000
- 2,500,000 (correct)
- 300,000
- 15,000
What was the announced investment by BMW and Daimler in Free Now?
What was the announced investment by BMW and Daimler in Free Now?
$1 billion
How many subscribers did Disney Plus secure in its first year of existence?
How many subscribers did Disney Plus secure in its first year of existence?
- 10 million
- 40 million
- 20 million (correct)
- 70 million
True or False: Free Now continued its operations in the United States and Canada after December 2019.
True or False: Free Now continued its operations in the United States and Canada after December 2019.
What are two reasons stated for why Free Now left certain cities?
What are two reasons stated for why Free Now left certain cities?
The COO of Godrej expected to sell ______ units of ChotuKool in the first three years.
The COO of Godrej expected to sell ______ units of ChotuKool in the first three years.
How many subscribers did Disney Plus secure in its first year of existence?
How many subscribers did Disney Plus secure in its first year of existence?
How many total ChotuKool units did Godrej sell in the first two years?
How many total ChotuKool units did Godrej sell in the first two years?
What investment amount did BMW and Daimler announce for their car-sharing joint venture Free Now?
What investment amount did BMW and Daimler announce for their car-sharing joint venture Free Now?
Free Now decided to leave the United States and Canada due to a stable state of the global mobility landscape.
Free Now decided to leave the United States and Canada due to a stable state of the global mobility landscape.
The COO of Godrej mentioned they expected to sell ___ units of ChotuKool in the first three years.
The COO of Godrej mentioned they expected to sell ___ units of ChotuKool in the first three years.
How many customers did Free Now have under the BMW brand DriveNow and Daimler’s Car2go?
How many customers did Free Now have under the BMW brand DriveNow and Daimler’s Car2go?
What is an example of uncertainty rules in daily life mentioned in the text?
What is an example of uncertainty rules in daily life mentioned in the text?
Flashcards
Scientific Approach to Decision-Making
Scientific Approach to Decision-Making
Using data, probabilities, and expert advice instead of just intuition to make decisions.
Decision-Making Uncertainty
Decision-Making Uncertainty
The possibility that the outcome of a decision is not known before it's made.
Probability in Decision-Making
Probability in Decision-Making
The likelihood of a specific outcome.
Free Now's Failure
Free Now's Failure
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ChotuKool Refrigerator
ChotuKool Refrigerator
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Data-Driven Decision
Data-Driven Decision
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Expert Advice in Decision-Making
Expert Advice in Decision-Making
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Probability of Rainfall
Probability of Rainfall
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Chance of Rainfall
Chance of Rainfall
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Weather Forecasts
Weather Forecasts
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Everyday Decision-Making
Everyday Decision-Making
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Gut Feeling in Decision Making
Gut Feeling in Decision Making
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Quantitative method in decision making
Quantitative method in decision making
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Study Notes
Why We Need A Scientific Approach to Decision-Making
- In 2019, Disney+ launched its new streaming service and Reed Hastings (Netflix CEO) predicted it would only reach 20 million subscribers in its first year.
- In 2008, Godrej introduced ChotuKool, a low-cost refrigerator targeted at Indians who could not afford regular refrigeration and did not have access to electricity.
- Godrej’s COO expected to sell “millions” of ChotuKool units in three years.
- In 2019, BMW and Daimler announced they would invest $1 billion in Free Now, their joint venture that offered car sharing services.
- Free Now included Share Now, a short-term car rental division with 4 million customers in 30 cities under the BMW brand DriveNow and Daimler's Car2go.
- Free Now planned to extend its services to 90 cities and grow tenfold in three years.
- In 2019, BMW and Daimler announced Free Now would leave the United States and Canada, citing the “volatile state of the global mobility landscape” and complex infrastructure in North America.
- Free Now also stated they would leave Brussels, London, and Florence because of low adoption rates.
- DriveNow and Car2Go continued operating in 18 European cities, including seven in Germany.
- The text uses weather forecasts as an example of how uncertainty rules our daily lives.
- The text includes two types of information: chance of rainfall and probability of rainfall.
- The text suggests that the probability of rainfall is more informative than simply stating the chance of rainfall.
Decision Making
- Decision making is a crucial skill, even for everyday decisions
- It's important to consider a range of factors, including probabilities, and not rely solely on gut feeling
- Using data-driven methods and consulting experts are valuable techniques for making informed decisions
- Decision-making often involves uncertainty
- Weather forecasts are a real-world example of how probabilities and uncertainty are expressed in quantitative terms
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Description
This quiz explores the importance of a scientific approach to decision-making through various case studies related to companies like Disney, Godrej, and BMW. Review how strategic predictions can shape the future of businesses and their growth trajectories. Test your understanding of these concepts and the implications of effective decision-making.
