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Introduction - Development for Success in Business
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Students who have been exposed to orientation for business success have a better understanding of the diverse set of abilities required to succeed in the corporate world. The foundation year provides students with the fundamental communication, problem-solving, and decision-making skills they’ll need in later years. It’s the goal of decision-making to be able to rationally select amongst many options. The capacity to select the best solution for an issue depends on one’s ability to make decisions. It’s crucial as depicted by Cameron (2016) that to comprehend how he makes decisions on his own. Having an effective decision-making process in mind can also help to make better choices as a student or businessperson. It can also cover in depth the requirements and principles that a student or business person has to have or acquire in order to create rationale and tangible choices in this paper all decision-making skills. Thus, in the following study a comprehensive literature review is formalised under this subject matter to conceptualise comprehensive learning on this research scope.
Making choices is a vital skill that may be used in a number of settings, including academics, business, and personal life, and among many other things. As contextualised in the module of London Metropolitan University, (2020) One of the most important aspects of a business degree is the development of decision-making skills, as well as talents in the areas of evidence discovery, evaluation, and application. It is more probable that good decisions will be made when the experience and wisdom of others is drawn upon. Biases and errors, on the other hand, are variables that may have an impact on the result of a choice. When it comes to overconfidence bias, the propensity to have exaggerated expectations about one’s own skills is what it’s all about. Irrational preference for choices that offer immediate advantages while avoiding expenditures that would accumulate over time is referred to as instant gratification bias. According to Cameron (2016) when information that confirms prior choices is favoured above information that contradicts conclusions, the bias then is conceptualised as confirmation bias.
The reality that actions today will have no effect on what has already occurred is ignored, and they are only concerned with the long-term consequences of choices. According to Gallagher (2016) randomness bias is a term used to describe the process through which unfounded importance is attributed to random events. A frequent kind of framing bias is the selective and highlighting of some aspects of a situation while ignoring or downplaying the importance of other elements. And the list continues on from there. As per Hall (2016) to get to a well-reasoned conclusion, one must first go through a series of stages and keep a few fundamental concepts in mind. To begin, every decision is motivated by a desire to find a solution to a problem. A decision-maker must examine a large number of factors before deciding on the ones that are most critical to the resolution of a certain problem or situation. In the second step as per Hall (2016), recognizing the advantages and disadvantages of various options may help to address the problem. The third stage is to choose and put into effect the most advantageous solution. After that one must evaluate efficacy of the choice. As a result, the soundness of the choice may be assessed in relation to the problem it resolved.
Hall (2016) also stated that in the event that the issue could not be resolved, leaders have to perceive what exactly went wrong and take into consideration the consequence of the choice. Additionally, there are techniques that, when properly used, may have an impact on a decision. Making a decision on a strategic or tactical level, for example. Strategic thinking may be used to evaluate the quality and usefulness of information. The company, according to Saltzman (2020), is analysing and reaching reasonable judgments on what to do or think next. Increase the likelihood that the company’s medium- and long-term viability may be affected. When it comes to tactical decisions, they are ones that must be made swiftly and with little concern for the long-term implications of making a bad decision.
Furthermore, according to Hall (2016) it is essential that leader’s choices be based on solid scientific evidence and common-sense. Computers make tactical decisions in accordance with the scientific method, which is based on concrete numerical data derived from experiments. In contrast to this, intuitive decisions are based on emotions and previous experience, and are thus more strategic. Entrepreneurs such as Richard Branson and Steve Jobs often rely on instinct and strategic decision-making to achieve success. Rather than aiming for scientific and tactical decision-making, most businesses aim for scientific and tactical decision-making because it is a technique that can be used routinely to evaluate opportunities and challenges, resulting in an adequate amount of data being gathered over time to begin making more accurate predictions.
As a result, while making choices, it is critical to consider the risks, benefits, and uncertainties involved. For instance, Hollywood films, one out of every eight grosses more money than it costs to produce them; thus, the probability of lossmaking may be calculated as 7/8 for future films. In other words, the risk must be balanced against the possibility of a positive return. As per Gallagher (2016), it is unavoidable in business that there will be periods of uncertainty.
This literature study has shown numerous elements that are required to make a smart choice as well as my points of view in the decision-making process. In the first place, interviewing CEOs of different companies and asking about their experiences and daily decision-making processes is an excellent future study project. Also, surveys are used to study people’s or customers’ behaviour and discover what the most frequent variables are that affect a person’s choice. While the outcomes and reasoning may be different, big data sets may offer us a clear picture of how consumers and individuals make choices and how to better serve them. A businessperson’s ability to make broad decisions is one of their most important assets. Understanding decision-making topics in class has been very beneficial for my personal development and future academic and commercial decision-making.
Cameron, S. (2016). The business student’s handbook: skills for study and employment. 6th edition. Harlow, England: Pearson.
Gallagher, K. (2016). Essential study and employment skills for business and management students. 3rd edition. Oxford: Oxford University Press.
Hall, D (2016) Business Student Book, 5th edition, London: Pearson Education
London Metropolitan University (2020) Development for success in business. Module learning materials, MN3041QA. Available at: https://bblearn.londonmet.ac.uk/webapps/blackboard (Accessed: 08 April 2021).
Saltzman, B. (2020) Critical thinking for better judgement and decision-making. Available at: https://www.linkedin.com/learning/critical-thinking-for-better-judgment-and-decision-making (Accessed: 08 April 2021).