Speed Ventures Case Study on Decision Making
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Speed Ventures Case Study on Decision Making

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Questions and Answers

What is the format of the recruitment test for the position of Accounts Payable?

  • Multiple-Choice (correct)
  • True/False
  • Free Response
  • Essay

    • Which puzzle is categorized under 'Snack'?

  • Meep meep!Hors d’oeuvre
  • Gattaca (correct)
  • Breathalyzer (correct)
  • Hoppity Hop!Hors d’oeuvre

    • What is the primary goal associated with the Recruiting Coordinator position?

  • Cost Efficiency
  • Hiring Speed
  • Hiring Accuracy (correct)
  • Team Collaboration

    • Which of the following statements is a potential target for the position of Recruiting Coordinator?

    <p>Attention to Detail</p> Signup and view all the answers

    What is the expected value of not racing?

    <p>-$10,000</p> Signup and view all the answers

    Which phrase would you likely rate as 'Very Accurate' regarding your personality in the questionnaire?

    <p>I am self-aware</p> Signup and view all the answers

    What is the chance of finishing in the top 5 if the decision is to race?

    <p>50%</p> Signup and view all the answers

    What is the difficulty rating associated with the puzzle 'Meep meep! Hors d’oeuvre'?

    <p>Moderate</p> Signup and view all the answers

    What is a consequence of the decision to race in terms of engine damage?

    <p>Blown engine with 29% chance</p> Signup and view all the answers

    Which of the following is NOT a characteristic being assessed in the questionnaire?

    <p>Aggressiveness</p> Signup and view all the answers

    What financial impact occurs if the team does not race and opts for a partial refund?

    <p>Loss of $25,000 from entry fee</p> Signup and view all the answers

    Which of these positions specifically targets 'Accounting Knowledge' for hiring?

    <p>Accounts Payable</p> Signup and view all the answers

    What must teams do during the Speed Ventures exercise?

    <p>Reach a group decision</p> Signup and view all the answers

    What occurs if the decision is made to race and the engine blows?

    <p>$232,000 loss from sponsorship</p> Signup and view all the answers

    What is the purpose of designating a spokesperson in the group decision-making exercise?

    <p>To ensure clear communication</p> Signup and view all the answers

    In the decision-making scenario, what does the term 'Withdraw' represent?

    <p>Choosing not to race</p> Signup and view all the answers

    Which component of group influence focuses on who is being targeted?

    <p>Audience</p> Signup and view all the answers

    What does the term 'framing' relate to in the context of influence?

    <p>What you say</p> Signup and view all the answers

    Which of the following strategies is suggested for dealing with foes?

    <p>Identify allies</p> Signup and view all the answers

    In the context of decision-making for influence, what is crucial to establish credibility?

    <p>Source</p> Signup and view all the answers

    What should be avoided when trying to influence a group?

    <p>Showing your cards</p> Signup and view all the answers

    Which aspect of influence relates to the timing of your actions?

    <p>When you say it</p> Signup and view all the answers

    What is recommended for addressing undecided voters?

    <p>Target fringe, not foes</p> Signup and view all the answers

    Which of the following tactics describes procedural rules in group influence?

    <p>How decisions are made</p> Signup and view all the answers

    Which tactic involves creating vivid examples to make an argument more compelling?

    <p>Simulation</p> Signup and view all the answers

    What does 'Agreement on Criteria' primarily help to establish among group members?

    <p>Consensus on specific goals</p> Signup and view all the answers

    What does Fonda use as an influence tactic that is characterized by being calm and non-defensive?

    <p>Rational persuasion</p> Signup and view all the answers

    What is the primary focus of the 'Fundamental Attribution Error' in discussions?

    <p>Highlighting situational factors over personal factors</p> Signup and view all the answers

    Using which type of tactics means influencing others by initially gaining their support?

    <p>Pull tactics</p> Signup and view all the answers

    What does the principle of 'Cognitive Dissonance' suggest about people's behavior?

    <p>People strive for consistency in their beliefs and actions</p> Signup and view all the answers

    Which of the following describes how influence is primarily established according to the 'Timing' aspect?

    <p>By taking calculated risks</p> Signup and view all the answers

    What is a crucial aspect of the 'Source' in group influence?

    <p>The credibility of the influencer</p> Signup and view all the answers

    What character trait distinguishes a credible source according to the content?

    <p>Being articulate and polite</p> Signup and view all the answers

    When should 'push' strategies be employed?

    <p>When calling for action or a vote</p> Signup and view all the answers

    What should be avoided when trying to undermine an opponent's credibility?

    <p>Highlighting their best arguments</p> Signup and view all the answers

    What approach does Fonda initially use during deliberations as a minority member?

    <p>Pull by involving others</p> Signup and view all the answers

    How should dissent be framed according to the content?

    <p>To focus on the issue at hand</p> Signup and view all the answers

    Which of the following is a characteristic of a non-credible source?

    <p>They have a personal agenda</p> Signup and view all the answers

    What is the goal of using 'pull' strategies in persuasion?

    <p>To build connections and involvement</p> Signup and view all the answers

    What is the recommended action when faced with a juror displaying emotional outbursts?

    <p>Give them room to express their emotions</p> Signup and view all the answers

    Study Notes

    Speed Ventures Case Study

    • The Speed Ventures business case study tests teams on decision-making in situations with risk and uncertainty.
    • The task revolves around a racing team faced with engine trouble, requiring a decision: to race or not to race.
    • The decision involves weighing potential rewards (a significant prize) against potential losses (engine repair costs).
    • The case is designed to illustrate common decision-making traps.

    Decision Making Traps

    • Framing Bias: The case presents the decision as a choice between racing with a potential prize and withdrawing with a partial refund.
    • Anchoring Bias: The presentation of the potential prize (goodstone) as the main focus could lead to overemphasizing the potential reward.
    • Confirmation Bias: Teams may gravitate towards information that supports their initial assumptions and preferences, whether to race or not.
    • Availability Bias: Teams may overestimate the probability of losing the oil sponsorship due to the vivid description of the potential consequence.

    Group Influence

    • Five Provinces of Group Influence: The text outlines five key areas of influence within groups: rules, audience, message, timing, and source.
    • The Audience: It is important to strategically target individuals within the group, recognizing allies, foes, and fence-sitters.
    • The Message: Influence relies on effectively (re)defining a goal, framing arguments, and being mindful of the timing of information delivery.
    • The Source: Establishing credibility and trust through expertise, experience, and impartiality is crucial.

    Influence Tactics

    • Rational Persuasion: Using logic, evidence, and well-reasoned arguments to influence others.
    • Emotional Appeals: Connecting with others on an emotional level, often through shared experiences, storytelling, or empathy.

    Fonda as a Leader

    • Fonda utilizes both push and pull tactics for influence.
    • Pull tactics: Fonda initially builds consensus through involvement, listening, and common ground to attract support.
    • Push tactics: Once Fonda gains significant traction, he asserts his position through more forceful arguments, evaluations, and calls to action.

    Emotional Intelligence in Leadership

    • Fonda demonstrates emotional intelligence by remaining calm and not defensive, which contrasts with other jurors' more emotional responses.
    • Emotional appeals can play a role in persuasion but are less effective than rational arguments in certain situations.
    • Fonda's deliberate use of rational persuasion, calculated arguments, and nonverbal communication enhances his credibility.

    Key Takeaways on Group Dynamics

    • Finding Option C: Seek alternative solutions or perspectives that might be overlooked.
    • Targeting Allies: Focus on individuals who are similar, lacking conviction, or on the periphery for greater influence.
    • Framing Dissent: Frame opposition in a way that targets the issue rather than individual members of the majority.
    • Recognizing Biases: Become aware of common decision-making biases and mitigate their influence.

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    Related Documents

    OB 206 Organizational Behavior Slides PDF

    Description

    This quiz examines the Speed Ventures case study, focusing on decision-making under risk and uncertainty. Participants will analyze the racing team's dilemma regarding whether to race with engine issues, balancing potential rewards against losses. The case highlights common decision-making traps, such as framing and confirmation biases.

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