The Decision-Making Mid-term paper discusses problem analysis, potential solutions, decision-making steps, and cognitive biases. It also provides a decision-tree chart for studying at GBS and a goal. The paper suggests using lists, counseling others, and making and sustaining decisions as effective decision-making strategies.
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Running head: DECISION-MAKING Decision-Making Mid-term Name of the student: Name if the university: Author note:
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1DECISION-MAKING Problem analysisis important to understand the issues and reach the solutions. Hence, problem analysis must be aligned with a systematic process listing the possible steps to be followed to identify and analyze the problems. These are (Linkedin): Categorizing the Problemmay sound an easier act to do; however, it is actually a tricky process. The one compulsory thing with the problem identification is thinking of the problem objectively rather than focusing on its consequences. It, therefore, encourages to collect the necessary data to understand the problem that had caused painful consequences. Defining the Problemof a problem analysis is the next stage where one is encouraged to define and analyze the severity of the problem or problems. It means reaching to the root causes of it and identifying the urgency level. In Potential Solutions, this is required to go through brainstorming sessions to be able to reach to an ample number of solutions addressing the issues. At Solutions to a Part of Problem,it is advisable to go for a part of a solution as compared to the whole. It is advisable to take help from a cross-functional problem-solving group. This will generate different ideas as this is important to look at the problems from various perspectives to identify the most feasible solution. Notably, collaboration is one of the pearls of innovation. In Decision-Making, each problem-solving steps must be evaluated on short and long- term advantages and disadvantages of each solution. It helps to identify the best of the solutions. At the Implementation and Evaluationstage, the selected solution will be implemented. It needs to be evaluated as well, which can be done in many ways such as measuring its performance against the set key performance indicators (KPIs).
2DECISION-MAKING Course-of-action developmentmakes up the foundation of the plan. It consists of the following steps (Globalsecurity): Firstly,‘What’: The Type of Action Secondly,‘When’: Time, the action begins Thirdly,‘Where’: Location of Zone Fourthly,‘How’: Tactics of Employment Fifthly,‘Why’: Intent Possible problemsare poor work environment, lack of motivation to work, low morale in the workplace, personal issues such as family stress, or cultural misunderstandings. Decision-making steps,the type of action is related to both of Julia's personal and professional lives. The action is required on an urgent basis as personal issues will add up the stress level and workplace issues will further affect the work motivation. Actions are required to identify the potential causes of low morale and motivation. At the implementation process, Julia will require the support of the managers and employees both. Managers can help with valuable ways to overcome the issue. The support from employees is required because they can only assist in the implementation of actions.The intent should be to help Julia overcome the challenging circumstances. Positive results will indicate that Julia took theright decisions.
3DECISION-MAKING An aspiration to take the admission Search on Google, newspapers, and other media Admission process and related inquiries Decided to go with the GBS Shortlisted a few schools Contacted to the concerned person Visited official website Time-Management Strict time-management rules in schools Punctual teachers and principals It helped me to be habituated with it I had no option than to be adaptable with it It helped me to work harder to become a punctual person person They were my motivations in schools Figure 1: Decision-Tree Chart for the Decision to Studying at GBS (Source: created by author) The above tree shows how decisions were taken to studying at GBS.
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4DECISION-MAKING Figure 2: Decision-Tree Chart for a Goal (Source: created by author) Time management is set as the goal achieved this year. CognitiveBiases,ConfirmationBias,peopleseektorememberinformationthat resembles their existing ideas. Loss Aversion,fear to lose something, which is easily gettable such as a $5-off voucher. Customers perceive that if not availed they will purchase the concerned products at a loss. Anchoring Bias,anchoring bias is there when people give more significance to the first information that they receive. For example, the first review has a more impact on customers. The Mere Exposure Effect,it is observable in a case when customers easily pick up the Adidas shoes over any other manufacturers with same product and quality. The Halo Effect,it is about creating an impression with the first look. It can be in the form of a marketing message or the website content. Many customers perceive on the basis of their first impression of a product or a service. (Lockton; 3-5) Decision-Making Strategies, Compensate for the Biases,a person stops being objective when his or her biases and emotions interfere with the evaluations. In order to make effective
5DECISION-MAKING decisions, there is a need to critically think about the mentality and factors those contribute to a subjective decision. Use of Lists consisting of Pros and Cons,it helps to evaluate a set of decisions on the basis of its pros and cons. Once evaluated, this would become easier to select the best decision. Imagine Counseling the other Person,a person can have distorted views of his or her problems. However, if that person is counseling the others he or she becomes able to deliver the useful strategies. Make and Sustain the Decision,there is no avoiding making a decision. On a similar note, once the decision is being made it needs to be retained. This is despite a fact that it is not the best but rather the possible decision considering the given circumstances. (Harvard Business Review)