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Decision Making: Improvements

When you arrive at work, Mr. Myers (your manager) informs you that the board of directors wishes to meet with you. Not knowing what the meeting could be about, you prepare yourself for the worst. At the meeting, the board tells to you that you have passed all the assignments leading up to the promotion, and you will be promoted next week. Excited, you immediately thank everyone in the room.

With the promotion already set in stone, Mr. Myers reveals to you that he has one more assignment for you before you move to a new position. He asks you to prepare a report discussing the improvement of decision making. He explains that the report must cover the 6 strategies of decision making.

You must submit a report consisting of 1,000-1,500 words in which you discuss the improvements of decision making.

You must address the following in you report:

Explain the improvements of decision making.
Discuss Strategy 1: Use decision-analysis tools.
Discuss Strategy 2: Acquire expertise.
Discuss Strategy 3: Remove bias from your judgment.
Discuss Strategy 4: Reason analogically.
Discuss Strategy 5: Take an outsider's view.
Discuss Strategy 6: Understand biases in others.
Discuss how the strategies can help your company implement the new line of business suits.

Assess the relevance of each of these approaches to specific decisions.
Apply each of the three models to complex business decisions.

Solution Preview

Discuss Strategy 1: Use decision-analysis tools.
The use of decision analysis tools makes decision making more efficient. One approach when there is team decision making is to use multi-voting. This helps reduce a long list of ideas to a few manageable ideas. For example, there is a list of ideas relating to the designing of business suits. A meeting of the designing staff can be called and multi-voting can be used. This will reduce the number of ideas to a manageable level. Decision-analysis tools that can be used are Pareto analysis, paired comparison, and grid analysis. For example, if there are a large number of options with regards to the texture of fabric appropriate for business suits each option can be compared against another option weighting relative importance. Other tools are decision trees, force field analysis, and six thinking hats. For example, the "six thinking hats" means seeing the issue from six different perspectives. The promotions of business suits should be viewed from six different perspectives to get a good decision.

Discuss Strategy 2: Acquire expertise.
The business requires decision making relating to different aspects of business. This means acquiring expertise in those areas. For instance, the manufacturing of suits requires knowledge, of fashion, trends, styling, and tailoring. If the decision maker has adequate knowledge relating to these areas the decision making will be fast and effective. For example, if the production supervisor has knowledge of fashion and design but does not know tailoring, he must acquire that expertise. By acquiring expertise in those areas which he does not know his decision making improves. In teams, cross-functional tasks and responsibilities improve the expertise of individuals in other areas. This improves decision making in the team. Formally, if a decision maker is found to be lacking in expertise in some areas, training can be provided to the individual. This will improve his efficiency in decision making.

Discuss Strategy 3: Remove bias from your judgment.
Removing bias from judgment is important. ...

Solution Summary

Decision Making is explained in a structured manner in this response. The answer includes references used.

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