bus300 20 decision making essay
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BUS300-20: Decision Making Essay
For this assignment think about an important business decision you have made in the past when the results of your decision proved poorly.
The manager is involved and wants to make sure that you learned from this oversight and the likelihood of this taking place in the future is minimal. As a result she would as if you to email her a reflective analysis about that decision. Be sure to treat the following inside your analysis:
1 ) Describe your decision and its comparable importance for you as your decision maker.
2 . Use three different theories linked to this products resources and readings to illustrate your decision making process. (3 paragraphs).
three or more. Compare and contrast knowing about it of judgment and/or making decisions using these types of three several theoretical methods. (3 to 4 Paragraphs)
Exactly what does this mean about our understanding of steps to make judgments and decisions? (1 to a couple of Paragraphs).
a few. How will familiarity with this research help you to make better decisions later on? (1-2 paragraphs)
1 ) Describe your decision and its relative importance to you as the decision maker.
The choice was made once i was a Production Supervisor. Top quality of item was having much focus due to various customer problems as a result a large number of standards had been put into practice.
In an effort to decrease the customer complaints, all staff were expected to follow the new standards. Although the standards had been in place we all received just one more complaint. I had been able to search for the problem to an individual and even though, according to the documentation all the criteria were implemented, I concluded that the paperwork was incorrect. I self-disciplined the employee with three days off without pay out however , the disciplinary actions was used more an example to the rest of the labor force as opposed to an effort to change the employees behavior.
2 . Use three different hypotheses associated with this units solutions and psychic readings to illustrate your decision production process.
First, I actually made presumptions regarding the trustworthiness of the individual. This kind of judgment was context dependent in that it was made relative to the data available and the habit of his co-workers. My personal conclusion that this person was dishonest was derived from assumptions and the distinction effect.
Second, in my make an effort to eliminate risk, the certainty effect of the prospect theory was practiced. The information available led to the choice to reduce to probability of recurrence. A consequence of the possibility of an result by a constant factor recieve more impact if the outcome was initially certain that because it was merely probable.
(Tversky & Kahneman, 85, Plous, 1993, p. 99)
Third, My spouse and i feared what would happen if nothing was done. What would my personal employees believe? Am I a pushover? Is going to more problems occur? To avoid these queries and any kind of resulting feel dissapointed about the decision was performed based on the regret theory (Plous, 1993 p. 101).
3. Compare and contrast your understanding of judgment and decision making applying these 3 different assumptive approaches.
My own understanding of the judgment was based on surrounding context. The baseline intended for the behavior with the employee was determined by a reference point, getting the carry out of his co-workers.
Second, even though the probability of one more complaint had not been reduced I actually naively decided to go with work with the available info and assumptions. I would include liked to get more of an goal picture.
Third, I needed to understand the full effects of the decision. In this case my own fear of just how my actions would be recognized outweighed the actual issue and what genuinely needed to be completed correct that.
In fact the regret theory likely had the strongest effect in that My spouse and i believed that making among the an individual would ensure good behavior by his co-office workers.
4. Exactly what does this indicate about the understanding of steps to make judgments and decisions?
Anxiety induces judgments. In this decision my tension was created by need to do a thing to stop grievances. This wisdom was made on assumptions and incomplete information which leads to potentially ethical and moral implications.
How will understanding of this evaluation help you to make better decisions in the future?
Any presumptions used in making decisions should be measured with the least expensive value and used with the most caution. Employing people to replace the behavior more.