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HC3031 Trends in the Global Business Environment Assignment - Holmes Institute, Australia
Purpose - To research and analyse new trends impacting global businesses.
Task - Report: Managers continually are required to make decisions - to make the 'right' decisions. But decision- making is affected by biases. Discuss some of the common biases in decision-making and how they might be overcome.
Answer - Trends In Global Business Environment
Introduction
What is the decision?
A decision can be stated as a development process or plan which is picked from a set of various statements. These statements will help to fulfill organizational or managerial objectives or goal. Decision making is considered as a necessary part of modern management. Making of a realistic, logical and accurate decision is treated as the primary steps of management. It is considered that the main role of a manager is to make hundred of hundreds of decisions for the sake of the improvement of the company. Sometimes these decisions are taken consciously and sometimes it is taken subconsciously but both types of decisions are taken in the perspective of achieving the organizational goal. To determine the particular activity which is played by both the organizational and managerial field decision making is important.
What is decision making?
In the Oxford Advanced Learners' Dictionary, the term decision making is explained as the procedure of taking some important, logical and realistic decision which is performed by one person or some group of person in a corporate sector to achieve the goal of that company properly (Bridge & Dodds 2018). The process of making any decision is to be compared with the check and balance system that tracks the record of the growth of any organization in both vertical and linear direction.
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Decision Making Process
Why decision making is important for any company?
In the case of business management, it is necessary to take a decision at every step of the organization (Bridge & Dodds 2018). Making of decisions is also considered as one of the most important functions. Through decision, some managerial functions like planning, organizing, staffing, directing, controlling and coordinating are being carried by the organization.
Decision making also helps any organization to solve any difficult problem in any corporate sector. Decision making is also considered as the backbone of the organization.
Achievement of goals of goal or objective:
Decision making is important to make any decision which helps the company to achieve its goal within the proposed time and budget. Decision making also helps the manager to search for the appropriate alternatives. Decision making also helps the company to utilize their whole resources properly and then try to satisfy the workmen at the workplace (Faisal, Khan & Al-Aboud,2018).
The motivation of the employee:
Decision making helps any organization to motivate their employee within the workplace. Decision making provides overall growth of the organization. Decision making also paves the path for the employee so that they can work properly. Decision making also provides some types of facilities and benefits. So the employees find a focus on their work and they do their job better (Faisal, Khan & Al-Aboud,2018).
Proper utilization of resources
Man, money, method, material, machine, market, and information are the various resources of an organization (Faisal, Khan & Al-Aboud,2018). Only decision making is the way which is taken at the right time through which all of the above resources are being used properly without any leakage by the company. As a result, the company will face a minimum loss in the business.
Selecting the best alternatives
The managers of any company must have to think about the various alternatives of any difficult and serious problem (Harford, Kecskés & Mansi2018). Decision making is the way through which one can make the proper decision among the many.
Decision making also helps to evaluate the proper performance of any managerial concern. The quality of a manager is broadly dependant upon the number of the proper decision he could make for the growth and success of the sake of the firm. So Decision making is important to identify the performance of the manager. Decision making is an important component for any firm for the success because without taking the proper decision no company can be able to reach their goal at the right time. Without making the proper decision company cannot be able to serve any proper task according to the plan . Decision making is the main function which is performed by the manager for the overall growth of the company. Decision making is also being made by the company in production, marketing, finance, personnel, research, and development.
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How to make the Right decision:
When the best alternatives are being selected by the company manager, he should have to convert this decision into the action. To do this he or she should have to communicate with his or her subordinate and manage the different excess resources to implement the decision through the company men (Harford, Kecskés & Mansi2018).
The decision maker should have to prepare about many different types of possible alternative decision for one problem. To prepare different types of the alternative solution of one problem the decision maker must have to utilize his or her own knowledge, skills, technical support and experience. To make the proper decision he should have to identify the problem properly.identify the problem is considered as the initial stage to make any decision. The problem may occur due to the gap created between thinking and real work. With the help of own knowledge, skill, experience manager will take the proper decision. To make the decision one should have to analysis the type of problem first in the perspective of systematic and scientific manner and with respect to the cost, time, legality, organizational resources, and short term and long term impact. For a better decision, the manager may have to talk with his subordinate workmen or people.
And to work the alternative decision properly manager should have to take the most common decision. It is considered as the last step of decision making. In this step, the response and feedback about that decision are being collected by the stakeholder to the company manager. If the response is positive it is regarded as the successful implementation of the decision and If the response is negative then he or she must have to check through from the first step to take the new and alternative decision properly for the same problem(Abugre, 2019). And finally one should have to recheck the decision which is made by the manager with the other for making the better decision about one particular problem of the company.
Spotting the biasing problem
At first, every individual must have to know whether he has a problem of biasing or not. There are few situations which have been listed below will help to find out this-
1) Redoing the same work which has been done.
2) In the time of paying attention.
3) When the critical discussion is done and at last final decisions are made.
4) When difficult items are to be tested.
5) Time of developing some content.
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Impact of biasing
These are the basic tendencies who is basically effects in our process of handling data and making various judgments (Abugre, 2019). It generally disturbs our process of thinking in every part of life each and every time , this concept is in everywhere ,every part of our life from dealing with our past items to our methodology of believing things in our way to making proper decisions as well as reacting each and every situation as they come to us whether it is good or it may be bad and even it may be worst than ever. Even our connection or relation with other peoples also can be disturbed by biasing also. Effects of this are to happen in their own way of managing our personal lives as well as the professional one also. So as there is no hard and fast rule to evaluate this from our daily basis life. But surely it can decrease it by changing several thinking processes like changing the process of looking into every situation they come to human, this may be good or bad, the process of communicating with other peoples also have to be changed as well as judging things in a different way (Garg,2018). There is a kind of bias which is very dangerous in the daily life, in this bias the process of looking into each and every situation has changed dramatically and that has a direct effect in the personal life as well. It completely evolved the assessment which is made to buy each and every person. As an example, it can be said that if anyone is beautiful from outside there is every possible chance that it will be considered them as brilliant as well as intellectual and having a lot better identity or having a personal charisma that no other people have but if any person is not beautiful from outside the process of assessing the situation will be completely different than before. They will be taken as illiterate and also having no personal temperament as well (Garg,2018). There are also various bad effects of biasing like in some cases knowing the possible outcomes human being still go in that way without any hesitation in their mind as an example, in this case, it can be said that a person can take dangerous tips knowing the possible outcome will be very worst in every case. So, as a matter of fact, it can be said that inclination has a dangerous outcome in every possible part of our life which is basically based on daily purposes. From the matter of thinking process to communicate with peoples and various other data as well (Garg,2018).
Basic inclination which can affect in the field of taking better decisions
Acceptance
peoples basically believe those things which they can easily do in their daily life and did not try to believe that things they can not do daily bases so show the main problem is accepting and confirming those situations that never can be done by them as far as their thinking is concerned. Basically, in these cases, the human brain tries to get rid of the situation but never try to challenge them. As a result, the consequence of this is a lot bigger then it can be thought.
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Obedience
Here the basic things which can we wanted by some peoples usually depend on the choice of the locality why is that specific person used to live. Most of the people are having this very much tendency to choose the wrong way. So thus this makes a very bad decision to take and this could result as a leader in every situation of life.
Government
Peoples of the basic tendency to follow some influencing leaders awesome peoples in case of the government that is not so different than others (Iemi, & Busch,2018). Open each and every person has to follow the rules and the way they are currently going weather this maybe not so good option this Max a blind decision maker in real life. As a result even the government are not authentic and not having perfect conceptual things as well as the basic ideas which are to be provided for making a country or a continent successful, instead all of this there are few peoples who're tendency which is quite natural though is to follow the government. Does that affect the personality of the respective person?
Reduction in biasing in case of hostility
The basic concept is here to stick to a particular and permanent decision without any fluctuation in mind (Iemi, & Busch,2018). Here the main concept is to make a proper agreement and make a perfect planning with related to this and work according to the plan not right to achieve everything in a single time that wouldn't happened in past and also will not be happen in future so each and every person should have stick to their own and very importantly the single and perfect plan. Not have to take the risk for achieving various goals as well as various things in a single time. This caused losing what they have got before starting and executing this plan and as well as not achieving anything in life also. So there is a big loss of experiencing a huge amount of time as well as money also.
Fake casual approaches
In the time of making a plan and executing a plan there was a big difference between them often it is shown that a person makes a perfect plan to be executed but in the time of execution, there was a big gap so the expected result of the possible outcome is not as great as they should be. Show the main point is not what to do fake promises to personal as well as the professional working field. This can causes a huge problem in some cases unsolvable problem in upcoming future life so it had to be stopped and every individual should have given a perfect as well as proper effort in every part of life.
Activity
Everyone should have to take proper steps in their working field. Show so for this a superior amount of analysis in upcoming steps, as well as the previous plan which is to be executed, is must needed. Everyone must have a proper idea of what they should do in the future and they must confirm it if they can't do that work properly what will be the next step to be taken. So, as a matter of fact, a proper idea is very essential in every sphere of life. This could be our huge problem and can create various dangerous situations in the time of immense working pressure.
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Depending on personal opinion
Every individual should have to take their own decisions with the permission of their own mind this can help in terms of thinking positive manner as well as increases the creativity of the human mind and provide the perfect space which is a human being is needed (Iemi, & Busch,2018). As well as it reduced the amount of negativity which can cost by blaming on themselves. So you are the main concept is each and every possible decision of life which to be taken by personal experiences and not taking the influences from others regarding this they may be whoever.
Construct
A beautiful should have to obey the style of representation in every information, this should have to take this and not taking the data itself. The logic behind every work must have to be searched very carefully.
Uncertainty
People should have to favor those ways where something is to be taught in other words it can be said that always follow the path of gaining more knowledge than following the path which doesn't give a single possible knowledgeable outcome individual. Do the path is very uncertain and with full of risk as well as the process of finding the path is unknown but the main point is to focus and run behind the knowledge. Whatever may be the possible outcome.
Representing and following wrong strategies
The proper strategies the proper planning has to be made if not the result can be every bad. If anyone shows a plan which is to be taken place in real life. That plan must be effective as well as efficient also. Each and every plan must have to be made considering the nature of work, cost and time.
Business
In the field of trading if a project is going on, every possible result which can affect the future master to compared with the situation before starting that. What it's been trying to state is there is a positive difference between starting a new project and the results after completing that project. As because there should be a purpose between each and every step that can be taken by anyone so it has to be seen that if that purpose has fulfilled or not.
Discovering things
In the modern era, every people mast giant step to discovering something new. Because that is the only way to survive in the upcoming future. Every individual must have to create an impact in trying to innovate something new. Which can result in better efficiency, and better ways for solving difficult problems?
Attachment - every people must have to attach themselves wither respective works and must have to take proper decisions at the end of that. This method is very efficient and has a proper significance related to creative thinking and most possible outcomes in a positive manner.
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Condition
In every situation or in every part of the application of human proper conditions have to be maintained and must have to accept the advantages and also the disadvantages if the condition is being implied and successfully worked in that respective cases. That would definitely reduce the risks which are to be taken in various works. And that would definitely increase the capability of each and every individual to solve problems with their very best and thus creativity is also increased as well.
Positivity
Due to the shortage amount of time and also capital every people must concentrate on positive effects or endorse kinds of applications which brings positive outcomes rather than the negative one.
The process of de-biasing
Basically, the process of overcoming the balancing problem in every sphere of life is called the de-biasing process. To do so three steps needed to be taken-
Spotting the respective biasing problems
Every individual must have to identify which kind of specific problem they are suffering now and try to take every possible step by which this can be eliminated properly.
Identify the specific bias and win over it
Every people must have to challenge their enemy and take proper advice from consultancy for from friends or whatever may be, the main concept is getting the proper guidance and a perfect plan has to be made and executed in terms of decision making.
Winning over emotional biasing
Every individual must apply the process of reversal, Katori the bias which is to be identified before bye asking several queries like
If the bias is not present then what should they do at this time?
At this very moment if the rivers of this bias were correct, what will be the next step to be taken?
If the new concept of devising is present there, as a normal individual today take proper decisions in their personal as well as professional life?
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Conclusion
In present days biasing is a great problem for each and every individual and this is rapidly growing all of society. Jennifer individuals they are not even concerts about that so unconsciously they started to grow biasing in them. Everyone started to you analyzing their past and pretending the dangerous future without even knowing them. There are few efficient as well as effective processes to get rid of this specific problem in a very good and proper manner also. There are few shortcuts like few types of equipment are there for or navigating the environmental complexity and the proper condition of emotional mindset. If they are taken as soon as possible there may be a possible outcome which will wait for the upcoming future.
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