Select one of the articles provided by the workshop facilitator, and then use the library databases and search engines to find two additional journal articles published on the same topic.
Power and overconfidence among individuals have been two essential factors that affect how people arrive at specified decisions during their operations. This article examines effect of power along with overconfidence on processes of making decision. Power can always fuel the overconfidence among individuals that in turn make people in any position of leadership to make different choices whether good or bad for well being of their subjects (Akbar et al., 2016, p. 244). The focus of this investigation based on three separate journals that address cases of overconfidence and power in the process of making different decisions. It is clear in the presentation of this article that ability to expect the rosy future as well as solidly trust in skills of people tend to rely on cases of empowering them towards the creation of monument of human capacity and push humankind toward unexpected findings by use of different approaches. The investigation outlines different distinct forms of power and confidence that have been identified in the three literature work by different authors. The presentation goes on to illustrate various techniques in that different people and organizations can adapt their judgment processes to reduce the incidence of power and overconfidence while highlighting different real-world case instances (Xing 2014, p.3). This presentation on the research ends with some critical observations along with suggestions for future study in this complex sector of power and overconfidence decision making.
According to the study by Fast et al., (2012, p. 256), the experiencing power in most cases makes individuals overconfident in the process of making several operational decisions. By use of various instantiations of power that comprise of the episodic activities, the measure of power related to work, and task to high along with low power functions, power produced decisions of overconfidence about generated monetary losses for the powerful, power make an individual remain confident in making a decision. Various outcomes of researchers by the use of mediation along with moderation have highlighted that power has a central role in the process of making tendencies of choices. For instance, it has been reported that the sense of power, but not an individual’s mood always act as the mediator in the link amid power together with overconfidence. Through experiment, the connection between power and overconfidence remain to be extreme when access to control isn’t remarkable to the compelling people and when the prevailing people are made to feel by and by uncouth in their energy area. Therefore through the five different experiments illustrates that power leads to overconfident in the process of making decisions. The findings from the research by Fast et al., (2012, p. 251) explain that only when external power make individuals feel subjectively powerful, it leads to instances of being overconfidence in the process of making the decision.
According to the article by Xing (2014, p. 3), it illustrates different issues that relate to overconfidence in the process of deciding for the recovery of the capacity of damaged power systems. The author notes that overconfident trait, overestimation, along with over precision plays a significant role in the process of deciding capacity recovery when the method of critical power capacity is severely tempered with by different people. The author uses the experiment to demonstrate that thought of expanding regulatory discipline for particular power deficiency and offering the sponsorship for recuperating limit remain to be ideal measures to calibrate the insufficient level of service. These levels are always caused managers that are still overconfident in the process of arriving at various decisions. Xing (2014, p. 5) also find that the over the precision behavior of organizational manger that is either positive or negative tend to influence the decision towards the recovery of capacity. The author also found that the calibration technique can be the motivating factor for managers to recoup greater limit by tuning up the proportion of subsidy together with castigation. Moreover, efficacy of calibration according to the article remains to be inevitably weakened as a result of the less capability recovery accorded by the overestimated leaders in managerial positions. Therefore, research by Xing (2014, p. 4) indicates that the individuals in administrative positions should always focus on giving careful consideration to the irregular aggravation whose conveyance crest is still left-skewed. The notice ought to dependably compare greater limit recuperation ought to be offered to enhance the operational level or administration level of the arrangement of energy amid the disturbance.
Article by Akbar et al., (2016, p. 243) illustrates how in the present era, stock marketplace trading has advanced faster, as they state that the rapid progress can give benefits to firms responsible for brokerage. The presentation explains how several factors affect the decision-making process among individuals with relation to a case study of Islamabad Stock Exchange. The illustration examines how the stock marketplace of a specified nation continues to be the indicator of the growth singular speculation basic leadership process is progressing quicker making it important to comprehend attribute of individual speculators in a nation. Besides, the survey identifies the main factor that influences the process of making decisions by investors. The findings of this investigation reveal positive, important relation amid advocate suggestions, nonpartisan information, mental self portrait, the picture of firm incident, and individual speculator venture Xing (2014, p. 6), this study by Akbar failed discover any proof on relations between data of bookkeeping, established formation of riches amplification, and decision on the basis of operational data. Therefore, it is clear that most time decisions of leaders depend greatly on the power r and overconfidence during operations of individuals.
Points they agree and on which points they differ
All these authors who worked on the issue that relates to power and overconfidence decision making reported that all operations of organizations depend on active processes and competence of leaders. They all agreed that influential leaders help in identifying the degree to which people are the brilliant fit for various places of initiative alongside expert (Fast et al., 2012, p. 254). In most cases, individuals in leadership positions that are influential and strong always remain to be fit for roles of leadership as they are still confident in making operational decisions to boost the outcomes of different operations. Besides, it is evident that more experienced managers remain to be likely to become overconfident in the process of making various operational decisions. Leaders have the responsibilities of taken effective disruption management for the principal purpose of securing together with preserving the interest of the public (Xing 2014, p. 5). Preservation of attention of the public is always necessary as it helps the operations to work with the objective of ensuring that goals of activities are attainable without any difficulties. All these studies have been done on the topic of how power and confident behavior influences that decision of different people in managerial positions can help in making ideal operations when there are disruption and need of improvement in services by different economic sectors. According to the knowledge of these authors, the management study on the power and overconfidence help in improving processes of people by ensuring that they work as per the set objectives along with the vision of an organization (Akbar et al., 2016, p. 253). Additionally, it is evident that the presence of psychological experience power among individuals can result to overconfidence in the process of making different decisions
The argument by the authors these articles differ in one way or the other about power as well as overconfidence in most cases of arriving at the desirable decision. For instance, Fast et al., 2012, p. 254) reported that people use multiple instantiations of power together with the confidence that comprises of a specific task, a measure of control in place of work, and random assignment to high along with low power functions. It is not the same case according to Xian (2014, p. 5) decision makers are always utterly rational throughout the entire cycle that deals with the management of operations. Besides, Akbar et al., (2016, p. 257) stated that behavioral investment focuses entirely on psychological factors of an individual that contributes towards the active process of making decisions. Overconfidence is always treated to be the individual difference as they are not always likely to obtain necessary power needed for making ideal operational decisions.
Research findings matter, and can the research be applicable in real work settings
The finding of these three articles is essential in the operations of most companies and individuals in the present society. The findings on how power and overconfidence help in boosting process of making decisions remains to be essential to increase the competitiveness around marketplaces. The result obtained from these investigations is necessary as they show an interesting parallel that exists between powers along with narcissi among individuals (Fast et al., 2012, p. 256). Therefore, it is clear that narcissistic persons tend to show some hubristic arrogance notwithstanding commitment in the conduct of hazard taking. The use of this survey can help in uncovering another piece of the puzzle through the idea of showing that acquiring proper power can prompt a portion of the unmistakable inclinations watched in the narcissist.
There is a need to conduct more surveys to boost cases of emphasis on power and overconfidence in the process of making decisions. The lack of proper investigations has made it tough for most organizations to understand the influence that influential and overconfident leaders can have in the process of making operational decisions. The method can help business operators to understand the effect of speculation basic leadership to accomplish the positive connection between powers along with overconfidence in developing decision. Accomplishing ideal concept of power among people responsible for the process of making decisions can help in understanding behavioral articulations of mental alongside financial qualities required for development of the individual procedure of deciding.
The outcomes of this study are essential for different people who earn cash by the process of attracting others to improve the process of making their decisions. There is a need to have a campaign on different organizations so as the management can come to know how their choices can be affected and other workers are convinced to follow the set guidelines. The improved campaign can remain helpful for various organizations that are in need of appropriate decision to attract people to the investor in their operations. Individual companies need to embrace the use of influential and overconfident leaders as away enhancing their connections with the future activities that can result in the increased capability to transcend the present self in the process of making decisions. Different organizations need to invest more powers in managers so that they can remain confident in every decision that they make without necessarily having to wait for the senior executives to approve their moves. Making managers be influential can thus allow them to form self-confidence needed in ensuring that they meet every operational requirement in the marketplace.
Conclusion
The outcome of this study indicates that feeling influential among individuals exacerbates overconfidence in the process of making decisions. Contemporary outcomes of these articles offer the compelling illustrations for why the capable people regularly fail to meet expectations, or they have a tendency to lose their energy rashly in the process of making appropriate decisions. Therefore, it is clear that there a need for every organizational setting to find ways that help in softening or then again keep in line the causal connection in the midst of energy and presumptuousness that speaks to the basic undertaking for future investigations. The need to assist people regards to be powerful in having a safe escape of such dangerous part of energy ought not simply be in light of a legitimate concern for control holders but at the same time is in light of a legitimate concern for all people who day by day affected by their procedures of deciding. Additionally, this investigation has the major limitation as it only focuses on three articles to understand the concept that exists between power and overconfidence in the process of making decisions. It would be advisable for any investigator to use as many articles as possible to efficiently understand how power and overconfidence relate to decisions making in present society. Besides, this paper only studies two aspects that can affect the process of making decisions in operations leaving a room for more studies on other effects that have a hand in the process of making decisions. From these articles, it is clear that organizations can counter different self-serving traits by the introduction of the process that helps management to have power and become overconfidence in the process of making operational decisions. Therefore, power and overconfidence among people can have both positive as well as negative effects in the process of making decisions.
List of References
Akbar, M, Salman, A, Mughal, KS, Mehmood, F, & Makarevic, N 2016, ‘Factors Affecting the Individual Decision Making: a Case Study of Islamabad Stock Exchange’, European Journal of Economic Studies, 15( 1), pp. 242-258.
Fast, N., Sivanathan, N., Mayer, N. and Galinsky, A. (2011). Power and overconfident decision-making. Organizational Behavior and Human Decision Processes, 117(2), pp.249-260.
Xing, B 2014, ‘Research on Overconfidence in Decision-Making for the Capacity Recovery of Damaged Power Systems’, Discrete Dynamics In Nature & Society, pp. 1-7, Academic Search Premier, EBSCOhost, viewed 1 May 2018.
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