At this point in the course, you should have received a comprehensive education
ID: 426782 • Letter: A
Question
At this point in the course, you should have received a comprehensive education of the strategies, challenges, and opportunities within the topic of managerial decision-making. Write a 4-6 page paper that answers the following questions: What is bounded awareness and bounded rationality? How has overconfidence limited the success of business goals for companies and individuals? How do emotions affect decision-making? How should a manager approach working with an employee who is perceived as "emotional"? What are the potential issues that arise when a manger or organization escalates commitment to a previous plan, process, or program that has clearly failed? What are the tools of value creation and how are they used today? Once you have addressed these questions, the remainder of your paper should be a synthesis of your findings in the form of a future plan of action for your professional journey. In this plan you should have a clear strategy for addressing future challenges using the best practices you learned in this course.
Explanation / Answer
1. Bounded awareness is the limitation of information that people have and can probably have. For making a decision people only focus on only the information available to them easily rather than all the information that they can have or need to make the decision. The types of bounded awareness can be visual blindness, change blindness, choice blindness, probability blindness, motivational blindness. Bounded rationality is the limitiation of tractability of the problemfor a decision, limitations of minds and thoughts, and time to make the decsion.
2. Overconfidence is an enemy to success and growth in any field. Having confidence about the goals and plans made for running a business is essential. But as the future cannot be predicted and predetermined hence having overconfidence on those plans and own capability to achieve the goals can have adverse effects. Overconfidence can lead one to take wrong decisions and him or the whole company suffer for it.
3. Emotions can become a hurdle in the way of rational decsion making. Any emotion for example anger, can lead to making haste and wrong decisions. Decision making should be a practical process in which personal emotions should not be involved. Though a soft side should be considered in the decision making process that the decision made is not harming any individual personally and is beneficial for all involved in it, but making decision through the emotional aspect only can result in a bad or weak decision.
4. To deal with emotional employees is a task because they work and contribute to the organization's productivity based on their emotions, hence they should be dealt with care and tactics. Listening to them patiently, explaning them the desired work from them clearly and getting their feedback at every step, understand their behvaioural change and causes for it and deal with them as per their moods so that their emotions do not on in the way of their work skills and optimum results can be gained from their efficiency.
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