Free Essay: Decision Theory Within The Global Market Place

Published: 2022-03-14 08:35:15
Free Essay: Decision Theory Within The Global Market Place
Type of paper:  Critical thinking
Categories: Leadership analysis Management
Pages: 2
Wordcount: 486 words
5 min read
143 views

The behavioral decision has led to a lot of insight based on managerial behaviors. The lesson learned gives a clear understanding of an individual tendency in decision making, Learning of biases that are cognitive that will help in decision-maker. Our rational judgment is influenced by biases that include overconfidence. The main factor that influences decision quality is the whether the decision does involve a group. Group thinking is a concept that was developed to explain group effect on decision making. Group thinking has challenges in a group or team members. This challenge includes conformity, keeping one's opinion to themselves or conforming to one's opinion to that of a group. The other challenge is the maintenance of social identity, where a group is tied to be members of a given group and works a lot towards maintaining the positive image of that group. Then the desire to keep the group going tends to bring about a pull factor where in case the group is faced with a problem they tend to make those decisions whether they are rational or not in order to keep the group going.

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Group Members may be hesitant in speaking up when they suffer from group thinking. because of fear of shot down and the trust they have towards that group. Members' preconception may lead to a disagreement which may lead to conflict. There are strategies that the group or the team members may use to avoid group thinking. They include the company should establish norms that indicate individual's expectation in conflict and in speaking their minds, the senior management should avoid criticizing team members ideas. The organization should foster and encourage open discussion. The organization should designate decision's critical evaluators. A practical example of my experience in group thinking in a case when I was working in a designers cloth company which deals with ladies wear. I suggested of improved and upcoming products but the company was not willing to consider the new advanced alternative of the outdated clothes as they insisted that they have a cloth line.

The leadership concepts that have had a great impact on me as a decision maker is strategic and tactical decision making. This is because the decision made is infrequent but affects the organization in its survival. They are characterized by high stake, the involvement of function of the organization and strategic and tactical position. This decision defines long and medium-term goals.I will apply this decision making concepts in cases when there is a high stake problem that involves human judgment and perception where its resolution calls for a rational approach or have a long or medium term repercussions.These concepts have helped me as a leader to come up with a strategic vision, mission, values, and goals of the organization.They have also helped me build tactical plans that include creating specific goals, listing of budgetary requirements, managing resources, planning for immediate marketing and funding strategies.

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