Running Head: WRONG DECISION-MAKING AND CONSEQUENCES 1 WRONG DECISION-MAKING AND CONSEQUENCES STUDENT NAME UNIVERSITY OF THE PEOPLE BUS 4405: Written Assignment Unit 6 March 09, 2016 WRONG DECISION-MAKING AND CONSEQUENCES 2 Introduction Every living being, even animals, has to make decision throughout their whole lives for their survivals. Because of being human beings, we are more important to make our decision properly for the sake of ourselves, our families, our villages, our towns, our country, and finally of our world as a whole. So, what is decision making? Decision making is choosing the best one among alternative courses of action, including inaction. It has theoretically four approaches, namely, the rational decision-making model, the bounded rationality decision-making model, the intuitive decision-making model, and the creative decision-making model. No matter which model we used, it is very important to know and avoid the decision-making traps, namely, overconfidence bias, hindsight bias, anchoring bias, framing bias, and escalation of commitment. In this paper, I will mainly describe escalation of commitment and the impact that it has within an organization. (Kahnemann and Tversky, as cited in Bauer and Erdogan, n.d.) WRONG DECISION-MAKING AND CONSEQUENCES 3 …show more content…
We should not overestimate our ability in predicting future events to avoid overconfidence bias; we should not ignore obvious information to avoid hindsight bias; we should not rely too much on a single piece of information to avoid anchoring bias; we should not be influenced by the way that a situation or problem is presented; finally we should not continue to invest in a decision that is no longer prudent. If so, I am sure that one can certainly avoid the decision making traps not only in his or her personal life but also in the professional life. (Bauer and Erdogan,
It’s hard to believe how making one decision can impact and shape your life for the future. According to Google, decision-making is the action or process of making decisions, especially important ones. While discussing this important topic, decision-making, I’ve come across some things I’ve learned and how they can impact my life. First, impulsive decisions can lead to bad outcomes. In the short story, The Monkey’s Paw, by W.W. Jacobs, the story is based around the idea; think more about a decision than quickly resolving one. Secondly, deciding to run away from your problems can lead to an even greater one. In Edgar Allen Poe’s short story, The Masque of the Red Death, the characters are faced with a problem, but when they believe it has been resolved it turns out to be deadlier than
It has been noted from the text that our perception influences the thinking and decisions we make. It shows that choices differ because of the different understanding that individual have. In addition, our intuition is essential and at many times it provides us with guidance on how to make decisions. However, we can see that this intuition can be misleading at times and therefore the best thing is to evaluate the available evidence before making decisions. In my view decision making tends to have disciplinary across individuals. The best thing can be is to take time and individuals should not rush when it comes to making critical decisions. It is because of the outcomes that might be expected in the
Through the questions and the materials in this class, there are many practical applications that can be utilized to change decision-making behaviors. Although there is a long list that can be made, we are going to focus on some behaviors connected with purpose, heart-attitude, and commitment. Each of these three categories are part of what makes a leader and can help or hurt the impact made in other people’s lives.
Critical thinking and decision-making are related in more ways than people think. This paper will define critical thinking and decision-making according to the book Whatever It Takes. It will also present a personal definition of critical thinking and decision-making from the author of this paper. The relationship between the two will be explained as well as the benefits of being a critical thinker. The author of this paper will also show how critical thinking is present in his organization and how he implements critical thinking techniques on a daily basis.
"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." (About Quotations.com). Our ability to make well informed and critically analyzed decisions along with the decision-making processes we employ, are key in determining our overall successes and failures. We are faced with daily decisions that can ultimately change the very courses of our lives. Poor decisions will lead to unintended failures while educated, deliberate, and purposefully planned decisions will bring about a desired result with great success.
This paper explores the legal, ethical and moral issues of three healthcare colleagues by applying the D-E-C-I-D-E model as a foundation of decision making as found in Thompson, Melia, and Boyd (2006). Issues explored will be those of the actions of registered nurse (RN) John, his fiancé and also registered nurse (RN) Jane and the Director of Nursing (DON) Ms Day. Specific areas for discussion include the five moral frameworks, autonomy, beneficence, Non – maleficence, justice and veracity in relation with each person involved as supported by Arnold and Boggs (2013) and McPherson (2011). An identification and review of the breached code of ethics and the breached code of conduct in reference with the Nursing, Council, and Federation (2008) will be addressed. Lastly a brief discussion on how the three schools of thought deontology, teleology and virtue had effects on each colleague (McPherson, 2011) .
Decisions surround us in our daily lives not matter how subtle. The way things are decided is ultimately dependent on the ways they are presented for us. For example, grocery stores, department stores, and the like, set up items in the most appealing way to attract the eye that way impulse decisions are made to purchase. If there were no knowledge of those items, the likelihood to want a specific item would be significantly reduced. Although decisions are apart of our everyday lives, some are more risky than others. Our decisions are guided by a number of strategies that help us come to solutions.
Managers should be ready to teach the importance of decision-making skills and reinforcing organizational policy. Avoiding hasty, careless decisions, which can have devastating results on the manager's unit or the entire organization. Decisions made with forethought, using the many managerial tools available will lead to better and more profitable operatio...
...s go about making judgments and choices. Both theories play an intrinsic role with behavioral decision making and have proven to be successful approaches for management (Shanteau, 2001).
Individuals make economic decision based on a variety of reasons. The rational is based on each individual’s need or desire for a commodity. People go through several decision-making processes before making the final decision and are often not conscious of the process. Obviously, decision- making covers a wide area, involving virtually the whole of human action. Often people are not conscious of the process.
Every individual will have to make decision every day. Some of the decision will be minor one but some decision will make changes for an individual’s future. Manager of an organization need to be aware of their decision making style as it will direct affect those employee that he or she work with each day.
An employee does an unsatisfactory job on an assigned project. Explain the attribution process that this person's manager will use to form judgments about this employee's job performance.
Now we will consciously or unconsciously make decisions which we think are for the best for us, for the ones we care for, or for the society or organisation as a whole. In order to make wiser decisions we should know what contributes in making a good or a bad choice. We should know what all options are there available to us and mak...
Langdon, K. (2001). Smart things to know about decision making. Retrieved December 9, 2007, from eResourse.
Decision making is one of the most important aspects in life and work because of its strong link to success and effectiveness. Actually, successful people achieve their goals in life and work through effective and efficient decision making. The decision making process is usually guided by an individual’s beliefs, values, and attitudes as well concepts. While a person can use various concepts in making decisions, they should be very careful to select a concept that is effective and contributes to huge success. Nonetheless, these concepts exist to help an individual become a better decision maker in the world around him/her.