The activities of managers/leaders is centred around making decision – some good, some bad. If the result of the decisions reflects a favourable outcome then it is a good decision, but if the contrary is true than it is a bad decision. Most of the decision can be future-oriented.
- Decision making and Control are among the most crucial work of any manager. The possibility for an organisation to succeed or fail is determined by the quality of a manager’s decision over a given period of time.
- Making decision in uncertain condition can be very challenging for even the most experienced managers especially when time is not in their favour, and with insufficient info. It is interesting to know that in the midst all these barriers, choosing not …show more content…
What are some of the attitude that be challenging in decision making – decision making traps?
Overconfidence bias denotes the tendency of decision makers to overestimate their abilities – the tendency to think that they are perfect, leaving no room for probabilities.
Hindsight bias denotes the tendency to ignore signs or indications of potential problems. Looking back after the incidence, you realized that it is due to you ignoring the warning signs.
Anchoring denotes the tendency to make decision based on one source of information. Depending on one source limits your options and the ability to make a comprehensive decision.
Framing bias denotes the tendency to make decision based on the “face value” of the situation. What is presented might not be the real/actual issue. So making decision on what is presented at time can be misleading.
Escalation of commitment denotes the tendency to continue to make wrong decision along specific situation with the notion that you are already into it, so just continue. This can involve wasting of time and …show more content…
Coordination challenge. The inability to easily arrive at a unified decision. 2. Social loafing: the tendency for some members in the group to hide and become inactive or less effective in the group. 3. Groupthink involves the tendency for some members of the group to become unwell to make critical suggestions. Just because majority agrees or says it is good does not mean that it is always right. At times we need to take a responsible critical evaluation. Being alone does not mean that you are always wrong, give it some time you might end up being in the majority. Groupthink becomes more evident when the group is large and cohesive – thy like each other, and deviating from the majority can be unjustly seen as an opponent of an “enemy of
- Decision making and Control are among the most crucial work of any manager. The possibility for an organisation to succeed or fail is determined by the quality of a manager’s decision over a given period of time.
- Making decision in uncertain condition can be very challenging for even the most experienced managers especially when time is not in their favour, and with insufficient info. It is interesting to know that in the midst all these barriers, choosing not …show more content…
What are some of the attitude that be challenging in decision making – decision making traps?
Overconfidence bias denotes the tendency of decision makers to overestimate their abilities – the tendency to think that they are perfect, leaving no room for probabilities.
Hindsight bias denotes the tendency to ignore signs or indications of potential problems. Looking back after the incidence, you realized that it is due to you ignoring the warning signs.
Anchoring denotes the tendency to make decision based on one source of information. Depending on one source limits your options and the ability to make a comprehensive decision.
Framing bias denotes the tendency to make decision based on the “face value” of the situation. What is presented might not be the real/actual issue. So making decision on what is presented at time can be misleading.
Escalation of commitment denotes the tendency to continue to make wrong decision along specific situation with the notion that you are already into it, so just continue. This can involve wasting of time and …show more content…
Coordination challenge. The inability to easily arrive at a unified decision. 2. Social loafing: the tendency for some members in the group to hide and become inactive or less effective in the group. 3. Groupthink involves the tendency for some members of the group to become unwell to make critical suggestions. Just because majority agrees or says it is good does not mean that it is always right. At times we need to take a responsible critical evaluation. Being alone does not mean that you are always wrong, give it some time you might end up being in the majority. Groupthink becomes more evident when the group is large and cohesive – thy like each other, and deviating from the majority can be unjustly seen as an opponent of an “enemy of