Discuss about the Concept Of Critical Thinking And Decision Making In Business.
The current assignment focuses on the concept of critical thinking and decision making in business. A business environment is surrounded by a huge array of diverse issues and problems. In order to solve some of the problems, theories and concepts of critical thinking could be applied. It is based on reflecting upon the present cues to think and analyse strategically. Thus, using the concepts of critical thinking the productivity of the organozation could be enhanced. Additionally, the strategically planned goals can give the organization a competitive advantage over some of its similar market players.
The assignment discusses the different aspects of critical thinking in more details. It also helps in understanding the effect of critical thinking on managerial decision making. Additionally, some of the tools of decision making such as DISC has been discussed over here in order to get a comprehensive idea regarding the influence of personality types on decision making.
In order to understand the critical thinking process, one needs to develop a clear vision regarding automatic thinking first. In automatic thinking, one is more so guided by instincts where the stimulus of the external environment is used to create an immediate response within the minds of people. In automatic thinking less time is spent upon getting the concepts clear[1]. On the other hand, in critical thinking more time is devoted to reaching to clarity before arriving at particular decision. In critical thinking, the perspectives of others are also taken into consideration while arriving at an important decision. The clarity in decision making is reached in ten important steps, which had been further discussed over here. Some of these are emptying of the thought bucket, collecting information pertaining to the present situation, understanding the need for bringing about a certain change, anticipatory thinking, using the ingredient diagram etc. As per emptying the bucket objective, the manager in charge of the organizational decision making needs to take into consideration the past experiences as well as the outcomes of the past actions before deciding upon the present course of action[2]. This is followed by the inspection stages which focuses on a WHY to get a better understandings of the problem situation first as well as rule out the ambiguity, which may plague the decision making. One of the most crucial stage is asking of the questions – “so what?” and “what is the need?”.
It is at this stage that the ingredient diagram is drawn, which helps in calculating the difference between clarity and conclusions. It is based identification of the problem situation, the weight of the exact problems situation and the organizational resources and tactics, which could be used for strategically deciding upon a situation[3]. One of the most important roles which could be undertaken by the manager over here is playing the role of a thinking coach and helps others think more effectively and deeply upon the problem situation[4].
One of the theories which could be highlighted over here is the prospects theory, which is a behavioural economics theory and helps individual to choose between alternative options and could minimise the risks involved in the implementation of a new idea[5] . As per the theory losses are weighted upon more seriously than gains. It is the fear of the losses which often prevent individual and organizations from adopting a particular decision making pathway.
The concepts of critical thinking and decision making are important in understanding the different personality types and the manner in which the thought process of the different projected by the different people involved within an organizational setup can influence the success rates of the business.
In this respect, the view put across by different psychologists has been taken into consideration over here. For example, as quoted and explained through the science of personality man is a social animal and from the primitive times have been dwelling in groups. The groups certainly have a hierarchy and the third people need to have a sense of meaning[6]. The meaning is guided by their interpersonal social and cultural beliefs, which further affects the amount of participation shown by people in social group[7]. Within a group, the discussion regraidng the impending losses are highly prevalent, which can affect individual willingness towards certain actions or activities[8]. This view has been further supported through the prospects theory.
This view could be further supported through Daniel kahneman’s work on thinking fast and thinking slow. The theory suggested by the behavioural economist’s states that the fog in the thinking process is created by the errors present within the cognitive thinking machinery[9]. The economists further explained the individual and organizational decision making using two alternate systems which are system 1 and system 2. The system 1 states that the decision making done by an individual in rather intuitive and influenced by outside stimulus which generates a less pondered upon much faster reaction. On the other hand the system 2 follows the system 1 which aims at a much slow and deliberate thought process of finding out a solution to a problem[10]. This view further supports the prospects theory where the fear of losses takes the centre stage in decision making. Hence, establishing studying the theories and concepts in more details will help an individual to strike an effective balance between spontaneous decision making and a slow and well thought out process of decision making.
Additionally, using tools such as the DISC helps in understanding individual personality. It also helps in understanding the effect the personality of an individual on their decision making aspects. One of the frameworks which could be explained over here is the DISC framework where the acronym stands for; D- dominant, I-inspiring, S-supportive and C-cautious. In order to evaluate the personality type which t is first necessary to analyse the different personality types. The D-type refers to people with dominating personalities who are goal –oriented, strong willed, likes control and power. They are more concerned about loosing control and power that helping through individual growth within the organization. The I type refers to optimistic, people-oriented, spontaneous individuals who are bit unorganised under pressure are dependent much upon social support for decision making. The S type refers to calm, composed, trustworthy individuals who are good at handling and management of situations under pressure. The C type refers to cautious individuals who are precise, logical and analytical in their judgement where more emphasis is given upon the data analytics. However, the over cautious individual become extremely critical of their work environment and work situations under pressure[11].
Therefore, using the DISC tool I understood that I belong to the C category where as a fresher I am more apprehensive about my work or work environment under pressure. Thus, under situations I have often felt that I am not able to handle the pressure and had been de-motivated easily. Hence, I think sufficient support from the supervisor could have helped me in dealing with the situation.
The study helped in highlighted some of my core strengths as well as weaknesses. In order to arrive at a cumulative decision team negotiations skills are very important. The team negotiation skills are further dependent upon various aspects of communication. Therefore, working as part of a team I have realized that my communication skills are strong, which helps me understand as well as deliver my messages clearly and concisely. However, I have often felt that working as part of a multicultural organization I often have to communicate with diverse groups of people who come from different geographical territories. Therefore, communicating with them in English often becomes a problem. Therefore, I could focus more upon using friendly gestures for communicating with my colleagues as it also helps in making the team binding stronger.
One of the self weaknesses which I have come across during the study is that I often become conscious and sceptical at moments of pressure. Therefore, I need to develop a stronger mental immunity for coping up with workplace stress.
Conclusion
Use of present learning in future course of career
The present learning has helped me a lot in shaping my future course of action. The different theories and concepts related to critical thinking and decision making has helped me in understanding the different layers of thought process which goes into making a decision. Additionally, the different tools and approaches adopted over here have helped me in understanding the different personality types. The identification of own personality along with the strengths and weakness associated can help an individual in improving at their place of work.
The assignment also explains the dilemmas which go into decision making. Hence, addressing those concerns can help in improving the prospects of an individual and an organization.
Eggers, Fabian, Kathi J. Lovelace, and Frederik Kraft, ‘Fostering creativity through critical thinking: The case of business start?up simulations’,Creativity and Innovation Management, vol. 26, no. 3, 2017, pp 266-276.
Gallinucci, Enrico, Matteo Golfarelli, and Stefano Rizzi, ‘Advanced topic modeling for social business intelligence’, Information Systems, vol. 53, 2015, pp. 87-106.
Goetsch, David L., and Stanley B. Davis, ‘Quality management for organizational excellence’, Upper Saddle River, NJ: pearson, 2014, pp.55-65
Graham, John R., Campbell R. Harvey, and Manju Puri, ‘Capital allocation and delegation of decision-making authority within firms’, Journal of Financial Economics, vol.115, no.3,2015, pp. 449-470.
Helfat, Constance E., and Margaret A. Peteraf, “Managerial cognitive capabilities and the microfoundations of dynamic capabilities,” Strategic Management Journa, vol. 3, no.6 , 2015, pp. 831-850.
Klikauer, Thomas, ‘What is managerialism?’ , Critical Sociology, vol. 41, no. 7-8, 2015), pp.1103-1119.
Todorovic, Milan, ‘Business modelling and interactive contexts Commercialization of share cultures: promotional role of’ , Rethinking Strategy for Creative Industries. Abingdon: Routledge, 2016, pp.141-173.
Trieu, Van-Hau, ‘Getting value from Business Intelligence systems: A review and research agenda’ , Decision Support Systems, vol. 93, 2017, pp.111-124.
Uher, Jana, ‘Basic definitions in personality psychology: Challenges for conceptual integrations’ , European Journal of Personality, vol. 31, no. 5 ,2017, pp. 572-573.
Vahlne, Jan-Erik, and Jan Johanson, ‘The internationalization process of the firm—a model of knowledge development and increasing foreign market commitments’, International Business, Abingdon: Routledge, 2017, pp-145-154.
van Beek, Vincent, et al., ‘Self-expressive management of business-critical workloads in virtualized datacenters’, Computer, vol. 48, no. 7, 2015, pp. 46-54.
Vohra, P. S., and Mr BR Biradar, ‘Review of Daniel Kahnemana’s Thinking, Fast and Slow’, Global Journal of Management And Business Research, 2017, pp.154-213.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order formOnce we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignmentAs soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download