Consider how our world has changed due to the Covid-19 pandemic.

Respond to each with 150 words:

Chapter 4

(mark) All of us certainly bring biases to the decisions we make. Drawbacks of having biases are numerous and depend on the type of decision we’ve made. I can recall several poor decisions I’ve made based on a biased view and how it turned out negatively. However, that is to say that we learn from those mistakes, and hopefully are do not become repeat offenders.Some of the biases stated in the chapter on page 95 stand out to me. In particular the confirmation bias. I’ve made many decisions in the past based on information of past choices and would discount or ignore information that would contradict past judgments. I think of the anchoring effect when I consider how our world has changed due to the Covid-19 pandemic. Businesses have fixated on initial information and then have failed to adjust to new info. This type of thinking has cost companies revenues and sales, which causes them to furlough employees.There can be advantages to having biases in some cases. As detailed in the intuitive decision making process, making decisions based on previous experiences, feelings and accumulated judgments have been extremely successful for numerous business men and women throughout history. Implications of managerial decision making can turn out to be one of three conditions; certainty, risk or uncertainty.

(Lexi) Everyone brings biases into the work place and it’s a both a good and bad thing in many ways. When someone is bias, it means that feel and act a certain way towards or around someone. Many people associate biases with a negative connotation. Some of the negatives are having too much responsibility in the bias decision, judging someone wrongly, pressure in the idea or outcome and much more. But, although there are many negatives, there are also many positives or advantages as well. Some advantages to bias decisions can be open mindedness, diversity in the work place, knowing who is better at what in your field, and more. So, when it comes to biases decision making, it’s truly a balancing act because you need to make sure that when you are biased (because we all are) it’s for the right reasons in order to excel your team forward. As a manager it is not only very important to look into the bias aspects of decision making but to look into the implications as well. When making a decision you have to realize and consider why you are making that decision that way. In order to realize you have to take a closer look at your decision’s problem. Then you must figure out the approach to take along with conditions to the problem. So then all together you can look back realize your managerial decision making style and if it’s a benefit or not to your teams success. So, altogether decision making as a manger is a huge process that involves biases and step by step implications along the way.

 

Chapter 5

(Keyona) There are four steps in my opinion to achieving any goal or becoming successful. they are as listed in chronological order: planning, organizing, implementing and stayingconsistent. the most important step listed is planning. without planning it’s impossible to move on to the other steps of becoming successful thats why it is listed as the first step in becoming successful at anything or achieving anygoal. Planning is the process of thinking about the activities required to achieve a desired goal.

Planning is the process of thinking about the activities required to achieve a desired goal. In other words, it is the legal context of permitted building developments. The quote failing to plan is planning to fail is definitely one that I agree with. As explain before without any plan there’s no way of going forward or becoming successful in any aspect of life. This very simple, but poignant statement is applicable in many areas of life. It applies not only the worlds of government and military affairs but also in the operations of a business. By taking the time to establish a plan, the entrepreneur exponentially increases the chance that their business will succeed. According to the U.S. Bureau of Labor Statistics Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. According to Statistic Brain Research Institute, approximately 53% of businesses in the construction industry fail within 4 years. Of those businesses, 46% cite the lack of planning as a major cause in the failure of the business. Some advantages of planning are: Help entrepreneurs work through their ideas, Flush out ideas allowing the entrepreneur to look at their ideas from different angles, Allow financial goals to be checked by making sure that the numbers add up, Develop focus for the entrepreneur to minimize distractions, Create a record of goals and allow the entrepreneur to measure their progress and check their assumptions.

Shakiena (Planning is often called the primary management function because it establishes the basis for all other things managers do as they organize, lead, and control. Planning involves defining the organization’s objectives or goals, establishing an overall strategy for achieving those goals, and developing a comprehensive hierarchy of plans to integrate and coordinate activities. “Organizations that fail to plan are planning to fail” this quote by Benjamin Franklin can be taken by its literal meaning that failing to plan for different situations that a business may face in its endeavors is basically setting the business and yourself up for failure even before the tasks are undertaken. I also agree with this statement because it is very important for every organization to plan ahead if it wants to survive in the industry. The competition is very strong and firms are always neck to neck and in order to gain a competitive advantage, every organization has to see where it stands in the industry and what are its strengths and weaknesses and also those of the each competitor. It is also important to identify the opportunities and to avail them by planning carefully so that the position can be improved. Planning and devising a strategy for the future is very vital and if an organization fails to do so, then it means it is asking for trouble. There has to be some plan to follow. A format, rules and restrictions, and/or goals. If you don’t plan something out; then you can plan to fail.

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Consider how our world has changed due to the Covid-19 pandemic.

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