MGMT 345 1st Edition Lecture 4Outline of Last Lecture I. Lab Assignment InformationII. Tips for ExcelOutline of Current Lecture I. Organization Decision Making LevelsII. 4 Decision StylesIII. Uncertainty FieldsIV. Important things to rememberCurrent Lecture:Organizational Decision Making Levels:Executive/strategy- upper management (exterior)Managerial/ tactical- middle level managementOperational Level- operational level4 Decision Styles:Rational- Data and #sIntuitive- subconsciously processing the informationAvoidant- not wanting to make a decision out of fear of being wrongSpontaneous- the worst kind of decision making! * Perlow et all 2002- the company was meeting every 2 weeks to make decisions on the spot, and they ended up going bankrupt. If youhave 7 days to decide, wait 6 days, 23 hours, and 59 minutes to do it. Uncertainty Fields:Guggenheim 2014:Dynamism: revenue stream/how smooth everything worksHostility- what are competitors willing to doThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.Munificence- how fast is the market growingWhen in uncertainty- you end up looking at Exploration vs. ExploitationExploration- innovation, new ideas, differentiationExploitation- becoming more efficient internallyCombine the two and you have ambidexterity-(two types, sequentially if the firm is small, or simultaneous is the firm is large enough.)Important things to remember:In 1819 David Ricardo said that the top one or two companies in a field are the only ones with competitive advantage. In 1849, John Stuart Mill said all but the very bottom companies in a field have a competitive advantage. It wasn’t until 1990 when Shoemaker said that all companies above the half-way point have a competitive advantage and all below that point do not.Brynjolfsson& Hitt did research in 200 that said for every $1 you put into IT you get $.60 back. Later in 2011 with another researcher named Kimm they found that with Data Driven Decision Making, a company is 6% more productive and nets 5% more