Posted: May 11th, 2022

Decision making is an essential element of business success

Law

Law
Decision making is an essential element of business success. Decisions that are grounded on a basis of sound reasoning and knowledge can lead the organization into long-term prosperity; on the contrary, decisions made on the foundation of faulty logic, inadequate information, or emotionalism can quickly cripple even large corporations over time (Wang, 2011). This paper will discuss how I will utilize various areas learned in the course to enhance managerial decision-making.
Overcoming bias
To overcome bias, I will do my best to introduce a set of alternatives to be put into consideration. I will also ensure that each new alternative is realistic and serves to cover the whole scope of the problem. Notably, I will not forget to always answer the “whys” of any plan I introduce. If my goal is to convince team members to accept the ideas, it is necessary to develop strong arguments working in their favor.
Awareness of boundaries
It is important to be aware of boundaries so as not to cross them when making decisions. Each company has policies and procedures established for how work should be carried out (Yu, & Lagnado, 2014). In other words, the policies and processes partly set boundaries. As such, they offer the framework for work. Therefore, I will ensure that the decisions I make fall within the organization’s policies and procedures. These will ensure that I do not overstep on my roles.
Awareness of framing
Awareness of framing is essential in business making because it will guide me in making decisions based on facts rather than on the basis of how the information is presented. One of the strategies that I would use to escape framing is to comprehend that other people will not view the problem from the same standpoint as I do. Therefore, I will strive to seek out dissimilar perspectives on the problem. This would greatly assist in reframing the problem. This way, I will also be able to make the correct decisions by incorporating other people’s views.
Motivation in decision-making
I will ensure that I motivate the employees by encouraging them to take part in the decision making process. As such, they will be given the opportunity to give their input in certain situations, and ensuring that their input is put into consideration when making decisions. This will make them feel that their opinions are valued and hence take an active role in meeting the goals of the organization. Importantly, the employees will be provided with reasons why certain decisions were made.
Emotions in decision-making
Emotions have a tendency of affecting both the nature of the decision and the speed at which it is made. For instance, anger can cause impatience and rash decision-making (Rolls, 2013). The key to making good decision lies in removing negative emotions from decision-making. To achieve this, I will ensure that adopt a 3rd person perspective. This will assist in tapping into an objective mode of judgment-one that is founded of on facts and understanding of the consequences.
Fairness and ethics
I understand that I am supposed to demonstrate fairness and ethics in decision-making. The goal is to decrease the role of bias in my decision making, and as a result, “level the playing field.”That said, I will attain ethics by ensuring the following factors are considered in decision-making:
• commitment- I will strive to make the right decisions regardless of the costs
• consciousness-I will ensure my decision-making actions are consistent and apply the moral convictions of day-to-day behavior
• competency-this is where I will gather and evaluate information, formulate alternatives, and forecast possible consequences and risks
To demonstrate fairness, the following actions will be implemented:
• providing employees with more information regarding decision-making
• offering clear explanations for decisions made, particularly for those that may be disliked and uncomfortable to discuss
• providing employees with opportunities to voice their opinions
• offering employees with sufficient responses to the points they put across
• toning down the focus on power
Investments
When it comes to decisions that pertain to investments, I will apply the following strategies:
• Investigating the proposed investments in detail
• Involving experts in the entire process of decision-making
• getting the perspective of outsiders
• evaluating the proposals from staff
• communicating my decisions and improving on it based on the employees’ input
Negotiations
To make effective decisions when it comes to negotiations, the following strategies will be applied:
• ensuring that I listen more than I talk so as to understand the issues presented by both parties
• clarifying goals, interests, and perceptions of both sides
• ensuring that the decisions made demonstrate a win-win outcome- this is where the disagreeing parties feel they have gained something positive through the process

The six issues in negotiator cognition
I am aware that as a negotiator planning to take part in conflict resolution the six issues in negotiator cognition can affect the decision making process. Therefore, it is important for me to take the following actions to address this issue:
• familiarize myself with the six issues in negotiator cognition to ensure I avoid them
• increasing my self-awareness by noting my reactions and responses as well as judgments all through the day to different circumstances and individuals
• identifying people and situations that make me uncomfortable-this is an brilliant glance into unconscious biases (Bazerman, Management & Carroll, 2018)

References
Bazerman, M. H., Management, S. S., & Carroll, J. S. (2018). Negotiator cognition. Sagwan Press.
Rolls, E. T. (2013). Emotion and decision making explained. Oxford University Press.
Wang, C. (2011). Managerial decision making leadership: The essential pocket strategy book. John Wiley & Sons.
Yu, E., & Lagnado, D. A. (2014). Dynamics of decision making: From evidence to preference and belief. Frontiers E-books.

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