Reference no: EM131802522

What ar the steps in making decisions by owners in details

1. We began to introduce you to the ABCs of game theory in this course with hopes that you will continue reading, practicing, and learning strategic thinking in the years ahead, so that you can "work smarter rather than harder." The first four rules for sequential and simultaneous "game" situations are: 1) Look forward and reason backward. 2) If you have a dominant strategy, use it. 3) Eliminate dominated strategies from consideration. 4) Look for an equilibrium, a pair of strategies in which each player's action is the best response to the other's.

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2. Scientific research in genetic determinism, psychic determinism, and environmental determinism has proven that we are shaped by our genes, our early childhood experiences in our family, and our social, economic, and political circumstances. While we do not have any real power to resist these forces, and must react in accordance with them, we can be proactive in the sense that we can take the initiative to go with the flow with a positive attitude, rather than make ourselves and others miserable and ineffective through a negative attitude.

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3. In seeking to create and to utilize the power of "synergy" in relationships, we need to identify those people who have natural affinities with us and develop a stronger bond with them. In organizations, the habit "synergize" would lead us to form work teams of people who are more naturally "kindred spirits" and can get along, so that they can work most effectively as a team.

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4. Strategic thinking is the art of outdoing an adversary, knowing that the adversary is trying to do the same to you. All of us must practice strategic thinking at work as well as at home. The leaders and managers of organizations too must engage in strategic thinking in order to help their organizations to succeed. The science of strategic thinking is called "game theory."

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