Explain how common biases, bounded awareness, emotions and motivation affect the decision-making process..
This DB has four parts.
- As a leader, it is important to not only understand what common biases are, but to also have the self-awareness to understand those that they possess. Only through this self-awareness can a leader minimize errors in the decision-making process. What could be the result if self-awareness is not attained?
If self –awareness is not attained, as a leader I would be lost on how to lead. Employees expect leaders to be perfect and have it all together. Leaders learn self-awareness by trial and error with different experiences. Effective leaders and managers learn from their mistakes. Those who do not have self-awareness about their strengths and weaknesses
- Decision making must be balanced, taking into consideration both short-term and long-term business outcomes. Explain how common biases, bounded awareness, emotions and motivation affect the decision-making process.
Emotion and personal feelings affect decision making and what is best for the company and organization. Decisions should be made with a clear mind and effectively. If a leader does not feel confident, then they decisions which need to be made cannot be made. They should not made of out haste or personal feelings.
- What ethical factors should be taken into consideration when making a decision?
Being firm fair and consistent towards employees and make sure as a leader all options of the decision are for better the organization.
- Ethics can be considered as doing the right thing. How do you believe ethical standards in multi-national corporations should be adjusted for the diverse cultures the organization works within?
Doing the right thing goes along way. Ethics consist of doing the right thing when no one is looking simply because it is the right thing to do. I believe when you train staff correctly and hold them accountable no matter the diversity.