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In: Economics

Course Learning Outcomes-Covered • Demonstrate a solid understanding of decision making process for complex issues pertaining...

Course Learning Outcomes-Covered
• Demonstrate a solid understanding of decision making process for complex issues pertaining to business environment both internally and externally. (1.2)
• Explain critical thinking and cognitive psychology as it pertains to analyze and synthesize information for problem solving and decision making. (2.7)
• Identify and analyze different perspectives on understanding problems for different situations. (3.1)

Assignment Instructions:
• Log in to Saudi Digital Library (SDL) via University’s website
• On first page of SDL, choose “English Databases”
• From the list find and click on EBSCO database.
• In the search bar of EBSCO find the following article:
Title: “The elements of good judgement- How to improve your decision-making”
Author: Sir Andrew Likierman, Professor, London Business School
Date of Publication: January–February 2020  
Published: Harvard Business Review

Assignment Questions: (Marks 05)
1. Read the attached article titled as “The elements of good judgement- How to improve your decision-making” by Sir Andrew Likierman, published in Harvard Business Review, and answer the following Questions: [5 Marks]
a. Summarize the article and explain the main issues discussed in the article. (In 600-700 words)
b. What do you think about the article in relations to what you have learnt in the course about improving decision-making and problem solving skills? Use additional reference to support you argument. (In 300-500 words)

Please adhere to the number of words required and mention a reference

Solutions

Expert Solution

1.) Decision making is important to make a difference and to prove the qualities of a good leader. It is as historic as management and leadership. Every decision has some content behind it, which is derived from the knowledge of the person making the decision. It is an assumption based on the facts presented and is an anticipation towards the future. The common or conventional way of decision making process depends on the reasoning and causal factor of the decision. The determination of a decision is taken forth with all the risk factors that are responsible for it. We see that the biggest issue is neither internal factor nor the external factors but it is the balance the decision maker has to maintain. Internal factors are related to the plans and policies, channeling the resources, branding, labour management, etc.all of them depend on the factual accuracy of the organisation database but with external factors the decision maker has to be extra cautious, as he has no direct control on it. External factors include law, policies, infrastructure, etc. according to which the decision maker has to mould himself. Making a good call in case of a decision is important, forming an opinion on the basis of knowledge and experience is what makes a good judgement. (Noel Tichy and Warren Bennis-How winning leaders make great calls) When it comes to great leaders who have made the right call at the right time, it has come to light that they are good readers and listeners. In order to make the appropriate decision it is important to know the facts which requires a lot of reading and grasping. Reading and listening go simultaneously as both of them require ample amount of knowledge to turn it into understanding.It is also important to focus on the quality of what the decision makers read or listen rather the quantity, specifically in this era of fake news.Asking the right questions will actually give you the quality of the information you are receiving. Looking out for any sort of dicrepancy is important.

2.) Critical thinking is important to analyse the decision and anticipate the consequences. The basic motive behind critical thinking is to evaluate the information and come to a conclusion where there is an actionable conclusion.The conclusion should be sound and have a causal relationship with the anlaysis of the execution. Cognitive psychology is the attentiveness of the decision maker whose perception and memory tag along in his course of decision. Great leaders have to take care of both the things and take their decision. Their decision should not contradict their past decisions, other policies, any wrong measure of information and for that instant should be beneficial for the company. It is important for us to have a sound mind to make the right decision.

3.) It is not possible for a person to arrive on the same conclusion as others. In fact, both the conclusions can be good or bad or one can work well for the situation but to analyse all the possible outcomes, one must be open to diversity and welcome all the opinions and the inputs one receives in the process. Your experience should come to conclusion after you narrow down the information from all the resources even human resources. Identifying the problems through all the eyes in the business is important and one must focus on all the perspectives.

Andrew Likierman

1) A good decision is based on a good analysis of judgement and a good judgement comes from combining the skills with knowledge and turning it into a good understanding of the problem where you can arrive at a fruitful conclusion. A lot of us confuse decisions with the gut feeling and guesses one can make it should be analysed well and should be supported by facts and figures. All the great leaders who are running successful companies have certain qualities which is important to make the decision and one of them is:

  • Critical reading and attentive listening- When you listen you must focus on the quality of information you are receiving and the same goes for reading. One must understand what the text speaks and critically evaluate the possibilities then and there. Overload reading should be reduced according to the quality of the information one is receiving and it must be according to the problem and not out of the context. Active listening is important to understand all the problems of the situation and when it comes to the problem one has to identify the kind of information.
  • Seek diversity, not validation- One must not expect its subordinates to agree with whatever decision they make as one might be mislead by seeking validation from them and not perspective and difference in opinions. Listening to all the diversified information is important and knowing that how and what and why of situation from others is fruitful for a better analysis of the situation. Alibaba's Jack Ma hired Yahoo's John wu as his chief technology officer as for his first class company he needed first class technology so one should be open to diversity to reach at the top. Cut down to people who will tell you what they want to say rather what you want to hear.
  • Make it relevant not narrow- You don't have to cut down on important information to make it short, you have to make it relevant. One must bring their experience into account when they talk about the why and what of the situation. Analysing all your decisions which went well and went wrong has to be analysed according to the experience you poured in those decisions and how did it go. In order to improve one's decision one must not stick to one sphere of decision making but should adopt different strategies and learn.Working abroad and working with an expansionary measure is important.
  • Detachement- In order to identify the root cause of all the issues one must detach and accept. Open the platform for all the employees to role play and they might come to conclusions that wasn't into the account before. We see that listening to all the employees without having a biased opinion is important and therefore it should be taken into account.
  • Question the set of solutions- One should question the probability of what can go wrong in this solution and therefore should get ready with the necessary precautions and it is important to analyse accordingly.
  • Factor in feasibility of execution - One must identify whether the people's recommendations which are taken into account come from an experience in the same field or not. It is important to know if they are aware of the subject and their experience lies in the same discipline and they can analyse without assumptions.

Ambition is good but a better judgement is important for a person to come to be a better leader than before. A good judgement has all the factors and with all this passion and ambition is important too.


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