Critical Thinking and Managerial Decision Making: Doc
Added on 2021-06-17
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Leadership ManagementProfessional Development
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Critical Thinking and Managerial Decision Making 1CRITICAL THINKING AND MANAGERIAL DECISION MAKINGStudent’s NameCourseProfessor’s NameInstitutionDate
Critical Thinking and Managerial Decision Making 2Critical Thinking and Managerial Decision MakingIntroductionCritical thinking becomes a fundamental element when managerial decision-making is considered (Facione and Gittens, 2015, p.183). Every manager and his team are expected topossess strong critical thinking ability, so that they can be able to run the organization and companies in the right direction. The course that I have gone through; Critical Thinking and Managerial Decision-Making, has helped me in developing skills that are directly applicable in improving my levels of critical thinking, applying managerial and organization leadership theories in the managerial reflections and in workshops. The skills I have developed in this learning environment and practices will be directly applied in my future career to make sure that I will be able to work well as a manager (Kinicki et al., 2014, p. 53).Week 1: Introduction to Problem solving and Managerial DecisionProblem solving abilities and communicating effectively is what people in businesses relate to as critical thinking. Use of logic and brain to understand all the life situations will depend on how someone thinks critically. Managerial decision making on the other hand involves solving problems and making resolutions, which leads to good management skills (Goetsch and Davis, 2014, p. 106). Critical thinking and managerial decision making will therefore help one be a good manager by ensuring that all what happens within is because of thoughtful conclusion. Any good learner will apply the two to ensure success in everything infuture that is after joining them with the educational knowledge. As a learner, I am also able to plan my time and manage it. In exam, I am needed to think critically so that I can score well. I am capable of solving all the problems, which I come across in life because in mind I know that any decision I make should aim at ensuring peace of my mind. Any conclusion I come to should always be welcomed by the people I lead or in the society, as I should always
Critical Thinking and Managerial Decision Making 3solve my problems observing that I do not harm other people after what I do now and in future.Week 2: Reflection on Prospect Theory and Application of the Theory in Making ManagerialDecisionsPeople choose alternatives in life through probabilities, which may result to risking with unknown outcome. Daniel Kahneman describes this as Prospect theory. Use of this theory is evident in how people risk in their real life as they try to work and make a living through businesses. Daily routine of working hard to put something on the table makes them toss or risk their lives and property with an intention of gaining more not knowing that they may end up making losses (Wang, Zhang and Wang, 2015, p.68). All this is due to the decisions made based on assumptions of gaining which is the mentality of every businessperson. Failure to know the outcome makes the person put more effort to make profitor achieve the target in the business. With this in mind, any risk I take is geared towards attaining what is worthy. I have been able to understand that alternatives I take requires critical thinking and making wise decisions. Knowledge will also enable me accept losses because they can be because of risking without knowing the outcome. This has helped me in knowing that in risking I should always be prepared for different results, which may be favorable or unfavorable. Bearing this in mind, I can always be prepared in future for anything worth taking risks.Week 3: Reflection on Science of Personality and Automatic ThinkingScience of personality help people understand and manage time. It helps one become an important member in any business. People learn about themselves and about other people hence making it very easy for them to relate well. This knowledge leads to healthy living whereby one can understand the other ensuring peace between them. In business, all the
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