When you arrived at work, your manager (Mr. Smith) 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 members tell to you that you have passed all the assignments leading up to the promotion and that you will be moving up the corporate ladder next week. Excited, you immediately thank all of the board members in the room for their approval.
With the promotion already set in stone, Mr. Smith reveals to you that he has one more assignment for you before you move to a new position. He asks that you to prepare a report discussing the improvement of decision making. He explains that the report must cover the 6 strategies of decision-making.
Discuss the improvements of decision making. 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.
Need of Improving Decision Making:
In any organization the right decision actually decides the fate of the organization. A small effortless decision taken with out much consideration can cost very high to the company. People fall in love with their decisions and remain biased with it and do not give a second thought to it to review whether they have considered every point correctly before taking the decision. Most of the people do not behave optimally, they overlook information, take decisions with impatience, resulting in high costs and the probable gains turns into heavy losses. Hence, there is an utmost need to review the decision and to improve the decision taken before finally implementing them. It is very important to find out the ways, the strategies that lead in better decision making.
As the businesses are growing day by day, the need to take correct decision is also increasing. The people of today are educated and have immense knowledge and it is expected that they take decisions with more rationality and by making proper strategies, thinking logically, reviewing the given information, taking expert advice if they feel that they have less knowledge about the subject matter. During the present age there is too much information available with the people and there is a pressure on them to take a lot of decision but the time is limited with them. Hence at times people do not consider small loop holes of the decision and in hurry make wrong decisions.
After discussing the need and importance of the Improving Decision Making, in the following paragraph we will discuss the strategy for the same.
Keeping all these points in mind about the wrong decision making and their after effects, some strategies have been derived which are helpful in improving the decision making. These strategies have been explained below:
1. Use of decision analysis tool:
In today's age, where complex business decisions have to be taken like buy or make, or redesigning the process, or selection of site, or selection of right marketing mix, the decision taken on the basis of intuitions, traditions, thumb rule or simply on the basis of financial analysis cannot guarantee a right decision. A ...
The response discusses strategies to improve decision-making and how these strategies will be beneficial for the new clothing line that the company is going to launch along with tips on avoiding bias. 1488 words with 3 references.