Report on Decision Making Process

Added on - 28 May 2020

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Running head: MANAGEMENT IN GLOBAL ENVIRONMENTManagement in global environmentName of the studentName of the universityAuthor note
1MANAGEMENT IN GLOBAL ENVIRONMENTExecutive summaryThe aim of this report is to discuss about the various factors that can get generated from theinitiation of the decision making process. Moreover, this report also discussed about the biasesthat will get emerged during the process of the decision making. This report discussed about thesteps to be taken by the decision makers in order to have an ideal decision making process and tospeed up the effectiveness of the process. It is being discussed in this report that, determinationof the availability of the resources is one of the key steps to be taken by the decision makersprior to the initiation of the decision making process. From the discussion, it is being concludedthat, determination of the availability of the resources is important due to the reason that, it willenable the decision makers to have the fair idea about the resources that are being available andinitiating the decision making process accordingly.This report also discussed about some of the key social influences that will affect the decisionmaking process. These factors are being discussed in this report due to the reason that, in thecurrent business scenario, there are various social influences emerge, which will have negativeimpact on the decision making process. One of the key social influences being identified in thisreport is the age group of the decision makers. Critical analysis is being done in this report withthe help of some of the articles. It is being concluded that, decision making process of thedecision makers from the younger age groups will be more aggressive and will have more risktaking ability. This report also discussed that; decision makers from the older age groups willhave lower risk taking ability in their organization. Common biases that can get originated fromthe decision making process are also being discussed in this report. It is being concluded that oneof the key and most probable biases is the self interest of the decision makers. It is beingdiscussed in this report that, in the current business scenario, the competition is high and the
2MANAGEMENT IN GLOBAL ENVIRONMENTdesire for success is also increasing at a rapid pace. Thus, in accordance to that, decision makersare being influenced by their personal choice of organizational success and initiate the decisionmaking process. Thus, it is being recommended in this report that, decision makers shouldrefrain themselves from instigating their personal interest in the organizational decision makingprocess. In addition, this report also concluded that, initiation of the decision making without theinfluence of self interest will have favorable impact on the organizational stakeholders. This isdue to the reason that, considering the greater interest of the organization will help the decisionmakers to have an ideal and effective direction for their subordinates. Thus, effectiveimplementation of the steps being discussed in this report will help the decision makers to reducethe barriers in the decision making process.
3MANAGEMENT IN GLOBAL ENVIRONMENTTable of ContentsIntroduction......................................................................................................................................4Decision making heuristics:.............................................................................................................5Common biases while making decisions.........................................................................................9Biases Resulting from Attention:.................................................................................................9Biases Resulting from Under processing...................................................................................11Social factors in determining the decision making process...........................................................12Age group of the decision makers.............................................................................................12Masculinity of the society..........................................................................................................13Location and country of origin..................................................................................................14Conclusion.....................................................................................................................................15Reference.......................................................................................................................................17
4MANAGEMENT IN GLOBAL ENVIRONMENTIntroductionIn the current business scenario, decision making process is one of the key aspects to beconsidered by the contemporary business organizations in order to have an effective internalmanagement. This is due to the reason that, the current business scenario is witnessing variouschallenges. One of the key challenges being faced by the contemporary business organizations isthe increase in the rate of competition in the market. In addition, it is also to be noted in thepresent era of the globalization, majority of the business organizations are operating and cateringto different markets around the world (Bond and J. O’Byrne 2014). Thus, it is important for thecontemporary business organizations to have the effective decision making process in order toinitiate the organizational decisions effectively. Moreover, it is also important to consider thatdespite having the fact that, contemporary business organizations are having different elementsand factors to be considered in their business operation, decision making process is the mostimportant and key element for the organizational success.This is mainly due to the reason that, the more effective will be the decision makingprocess, the more will be the efficiency of the organizational operation (Ford and Richardson2013). However, in having an effective and ideal decision making process, there are variousfactors to be considered by the contemporary business organizations. One of the key factors isthe origination of the biases from the decision making process. Biases refer to the barriers in thedecision making process, which are being intentionally or unintentionally being generated in dueof the decision making process (Oliver et al. 2014). Thus, it is important for the businessorganizations and their key decision makers to initiate activities in order to reduce the generation
5MANAGEMENT IN GLOBAL ENVIRONMENTof biases. However, other than the generation of the biases, there are other key factors to beconsidered by the decision makers in having effective decision making process.Another important influencing factor is the social influence of the decision makers in theprocess of decision making. Social influence is important to be considered due to the reason that,the approach of the decision makers in dealing with certain business situation will be different indifferent social environment. On the other hand, there will be differences in the approachesbetween the decision making process of the decision makers belonging from different socialbackgrounds. Thus, it is important for the business organizations to identify the common biasesand social influences that determines the effectiveness of the decision making process.However, with the challenges being faced by the decision makers in initiating effectivedecision making process, there are various effective solutions being generated. Implementationof these steps will help the decision maker in reducing the barriers in the decision makingprocess along with speeding up the process of decision making. Thus, apart from determining thebarriers and influencing factors in the decision making process, it is also important to identify thesteps to be taken to enhance the effectiveness of the decision making process.This report will discuss about the various barriers of decision making process includingthe social factors and common biases. Moreover, the factors that will help the decision makers inspeeding up the process of decision making will also be discussed in this report.Decision making heuristics:Heuristics are some general decision making procedures that are widely used by thepeople. These are based on little information but correct. It is a psychological short cut methodwhich people use to reduce intellectual burden related to their decision making process
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