Practical Experience Record: Reflecting on Decision Making Skills

This practical experience record reflects on the student's understanding and application of negotiation and decision-making skills in a professional context. It highlights the importance of negotiation in building supplier and customer relationships, resolving conflicts, improving the bottom line, and fostering respect. The record also emphasizes the role of informed decision-making in resource utilization, problem-solving, organizational growth, goal achievement, innovation, and employee motivation. Market research and managerial knowledge are identified as crucial components of effective decision-making. The student supports their reflections with a bibliography, underscoring the academic foundation of their understanding. Desklib provides access to similar assignments and resources for students.

Running head: PRACTICAL EXPERIENCE RECORD
PRACTICAL EXPERIENCE RECORD
Name of the Student
Name of the University
Author note

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Negotiating and Decision making:
According to me negotiating is the process of bargaining with the supplier or buyer or
anyone to get a favourable deal. If negotiation is done properly then the organization will be
highly benefited and can decrease the operation cost by a huge margin. Good negotiation skills
are very helpful in many ways. Some of the key usefulness of good negotiation skill is: Supplier and customer relationship: Every deal with the supplier or the customer
is a type of negotiation. If the employee of an organization knows how to handle
negotiate with the customers or vendors for the best prices without any arguments
or damaging the relationship between them then the organization can make a
longstanding ties, which will beneficial for everyone in the organization.
 Conflict resolution: I have seen that conflict may occur anytime in the
organization. There may include disputes within the departments of the
organization. The manager needs to have a good negotiation skill so that he can
negotiate the truce between the two parties and reduce the conflict in the
organization. The manager needs to be fair upon both the parties while
negotiating this will help in solving the issue effectively.
 Improves bottom line: According to me, the ultimate goal behind negotiation is to
get best deals that is possible for the organization. Getting the best deal from the
supplier reduces the making charges of the product that ultimately helps in
decreasing the production cost of the product.
 Negotiation builds respect: Respect is one of the most essential parts of the
business. It is vital that the employees in the organization respects the leader and

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respects what the leader wants from them. It is important that the clients, vendors
or anyone with whom he is negotiating respects you.
According to my research decision making needs a wide market research and managerial
knowledge. Without proper planning and forecasting the decision-making process becomes
ineffective.
The importance of the decision-making from the management’s point of view:
 Decision-making helps in proper utilization of resources.
 It helps in facing the problems and challenges with ease and improves the
effectiveness of the risk management in the organization.
 Proper decision making helps in the rapid growth of the organization.
 It helps to achieve the goals of the organization, which is set by the organization.
 It helps in bringing innovative ideas in the organization.
 Rational decision-making results to greater employee motivation. When rationale
decisions implemented the organization earns a lot of profit.

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Bibliography
Jones, S.R., Torres, V. and Arminio, J., 2013. Negotiating the complexities of qualitative
research in higher education: Fundamental elements and issues. Routledge.