Management Decision Making Coursework Example | Topics and Well Written Essays - 500 words

Management Decision Making - Coursework ExampleWhat are some of the drawbacks of having biases? Could there be any advantages to having biases? Explain. What are the implications for decision making?A. Biases may lead to self assumed and irrational analysis of situations thereby resulting into superstitious decisions. When set and understood, biases may help managers analyse and select various inputs from individuals/groups. Biases tend to limit the thought process of managers thus jeopardising their decision-making skills.A. I would call myself an intuitive thinker. Systematic decision-making get results in more robust solutions. Whereas, results based on pure intuitions might save on time but bed be misleading. Latter onward motion may, however, prove more creative. Organisations need bothA. In todays world of technological advancements where business has gone borderless and complex, it is humanly not possible to cleave to the conventional model. It is, therefore, economical t o simplify the situation using bounded rational model and then follow the steps of rational model for making decisions which can give fine solutions, if not optimal.A. Good managers make bad decisions when they let their personal biases uncontrolled or restrict their decision making skills because of organisations culture. Identifying and controlling biases, staying focused on objectives, overcoming inertia against change, and staying on guard against Yes Man trap are few ways to improve decision making