Sign In
Not register? Register Now!
Essay Available:
Pages:
2 pages/≈550 words
Sources:
Check Instructions
Style:
APA
Subject:
Social Sciences
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 8.64
Topic:

MGT422-S2. Decision-Making Biases. Social Sciences Essay

Essay Instructions:

We’ve all had experiences where we have been frustrated by a decision that our supervisor made. You have probably blamed this decision on your boss being “closed-minded,” “stubborn,” or “pigheaded.” But after reading the background materials you should be able to more precisely examine and define the precise decision-making biases or pitfalls that your supervisor made.
For this assignment, think of three bad decisions that your current or past supervisors made. For each decision, explain what bias discussed in the background materials likely led to this bad decision. You must use biases specifically discussed in Bolland and Fletcher (2012); Kourdi (2003); or Hammond, Keeney, and Raiffa (2008). For each of the three decisions, include:
A) A brief description of the decision and why you think it was a bad one
B) What kind of bias you think lead to this decision, and why
C) A reference to one of the background readings from this module
Finally, conclude your paper with a discussion about which of the three readings from the background materials would be most useful for your supervisor to read in order to help make better decisions and avoid biases. Explain why you think this reading would be more useful than the other two readings.
The paper should be 2–3 pages in length
Required Reading:
A good place to start is this short video that will give you an overview of decision making biases:
Lombardo, J. (2014). Common Biases and Judgment Errors in Decision Making Organizational Behavior. Education Portal https://www(dot)youtube(dot)com/watch?v=cAbdmV3VOwA
Now go through the following three readings to get a deeper understanding:
Bolland, E., & Fletcher, F. (2012). Solutions: Business problem solving. (Available from Trident Online Library. Read only the relevant chapters.)
Kourdi, J. (2011). Chapter 10: Avoiding the pitfalls and developing an action plan. Effective Decision Making: 10 Steps to Better Decision Making and Problem Solving. London: Marshall Cavendish International [Asia] Pte Ltd. [eBook Business Collection]
Hammond, J. S., Keeney, R. L., & Raiffa, H. (1998). The hidden traps in decision-making. Harvard Business Review, 76(5), 47-58. [Business Source Complete]

Essay Sample Content Preview:

Decision-Making Biases
Name
Institution
Decision-Making Biases
Decision-making bases are common in business, and this can result in unwanted results. Biases or judgment errors often lead to losses, and these problems have to be solved quickly (Bolland & Fletcher, 2012). Specifically, “common biases are decisions that are not balanced or fair. Judgment errors are business mistakes or errors that arise due to poor decision making” (Lombardo, 2014). These decision-making pitfalls or biases should be avoided to ensure that a business operates efficiently and is profitable.
In the current content, a bad decision that my past supervisor made is that they believed they were he had predicted the increasing productivity within the department even though he shared the information after the results had been posted. This was a bad decision since he believed that customers preferred a smaller packaged shampoo product even though the market was already saturated, and the supervisor was also not very happy during the initial stages when releasing the new product. The supervisor made a hindsight bias where he believed that he forecast the outcome of a choice after the results in revealed. The supervisor is in forecasting and estimating trap since he made a forecast about an uncertain event (Hammond et al. 1998). When a supervisor is very confident about their predictions, they will have a narrow set of choices. When the supervisor overestimates a particular decision, such as an essential variable, they can easily expose themselves to more risks.
Another biased decision made by my supervisor is that he assumed that the best choice was to stick with the production of the poorly performing products since the money had already been invested in research and design, and the company still has a large amount of stock and raw materials. I think this was a bad decision since the products are no longer profitable for the...
Updated on
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:
Order

You Might Also Like Other Topics Related to scientific essays:

HIRE A WRITER FROM $11.95 / PAGE
ORDER WITH 15% DISCOUNT!
Order Now