Task1-Question Module 7 Discussion ForumExplain the role of i.docx
- 1. Task1- Question: Module 7 Discussion Forum Explain the role of intuition in decision making. Follow below rules to complete the assignment. Within each module, there is a list of key terms. Each student will select one of the key terms and conduct a search of Campbellsville University’s online Library resources to find 1 recent peer reviewed article (within the past 3 years) that closely relate to the concept. Your submission must include the following information in the following format: DEFINITION: a brief definition of the key term followed by the APA reference for the term; this does not count in the word requirement. SUMMARY: Summarize the article in your own words- this should be in the 150-200-word range. Be sure to note the article's author, note their credentials and why we should put any weight behind his/her opinions, research or findings regarding the key term. DISCUSSION: Using 300-350 words, write a brief discussion, in your own words of how the article relates to the selected chapter Key Term. A discussion is not rehashing what was already stated in the article, but the opportunity for you to add value by sharing your experiences, thoughts and opinions. This is the most important part of the assignment. REFERENCES: All references must be listed at the bottom of the submission--in APA format. (continued) Be sure to use the headers in your submission to ensure that all aspects of the assignment are completed as required. Any form of plagiarism, including cutting and pasting, will result in zero points for the entire assignment. Material: Supplemental Resources:
- 2. https://www.youtube.com/watch?v=5geJSDqGIr4&feature=emb _logo Reading Assignment · Read Decision Making in Management · Read Rational and Nonrational Decision Making · Read Explain the Management Science Approach · Watch The Garbage Can Model of Decision Making · Watch Contingency Planning and Decision Making · Read Considering Ethics in Decision Making · Read Barriers to Decision Making Task2: Please provide comments/replies for below two discussions. Each comment/reply should be 150 words. Classmate disc1: by Amit Sharma - Monday, 20 April 2020, 8:33 PM Explain the role of intuition in decision making We can say that intuition has always played a very crucial role in the decision making processes in the organizations. The intuition can be described as a "non-sequential information processing mode" where judgments are made via cognition and emotions and building a relationship between the two. Two types of choices are there for individuals either to use intuition or a more deliberative decision-making style and vice a versa. Individuals choose one another method interchangeably and very naturally. (Sinclair, M., 2005). It all depends on their mood actually, if their mood is good they tend to go for intuitive style and if the mood is bad they gravitate toward more deliberative. It is very difficult and hardly proven by the researchers, the ways in which intuition influences the decision- making process. In an article, the author Bonnie Marcus has explained that as per her experience decision-making is the biggest challenge
- 3. facing business leaders. Heuristic snap judgments are sometimes identified as intuition. It is suggested to have the counsel of coworkers when it comes to huge pressure for making decisions fast in a tedious situation. But also, the interesting thing is that making sound decisions the best and biggest resource is within us only which is our intuition. (Bonnie Marcus, 2015). She further has explained that they are always guided to leave behind their emotions at home when it comes to making the actual judgment. In the corporate world, there is hardly any room for feelings and emotions when it comes to decision making in businesses but after counseling everyone in the organization and combining the collected facts and reviews the ultimate thing is our gut is the overall best counsel. (Bonnie Marcus, 2015). There are two best challenges described by the author which explain how difficult and tedious the decision-making process is. 1) Level Of Organizational Complexity: In a very fast-paced working environment or quickly establishing a business decision-making process have interconnections all over from different parts of an organization. Cognitive processing is really a tough task for very composite situations. There have been many research in neuroscience that proves that there is only a limited amount of memories can be absorbed by a human mind. Complex decision-making require all parts of the brain to work simultaneously. 2) The level of Overthinking for Best Decision-Making: There is a stage when leaders get tired of overthinking and enough is enough. The data collected from all the resources and analyzing that data to make the best out of it push the leaders to a level of overthinking and after reaching at the peak of thinking they have to stop it. At this level the input exceeds values and they required to acquire more data. The overthinking tipping point where the mind stops working is not considered as a manipulated time but it generates a power of sense to wait more
- 4. because the results will be ultimately counterproductive. References: Bonnie Marcus. (Sep 1, 2015). Intuition Is An Essential Leadership Tool. Retrieved from: https://www.forbes.com/sites/bonniemarcus/2015/09/01/in tuiton-is-an-essential-leadership-tool/#4750d4771c18 Marry E. Corrado. (June 26, 2018). Can Intuition Play a Role in Effective Decision-Making?. Retrieved from: https://www.aseonline.org/News/Articles/ArtMID/628/Art icleID/1523/Can-Intuition-Play-a-Role-in-Effective-Decision- Making Sinclair, M. (2005). "Intuition: Myth or a Decision-making Tool?" (PDF). Management Learning. 36 (3): 353–370. Classmate disc2: by Lokesh Ballani - Monday, 20 April 2020, 4:21 AM Intuition can be defined as a mechanism of making decisions bases rapid, recognition of non-conscious patterns and associations to generate affectively charged judgments. Simply put managers harnessing vast professional experience find solutions to problems without being able to show how they have achieved the end result. There are three factors which directly influence the decisions made through intuition which are: 1. Relying on the judgment: Managers make use of judgments when quick decisions are to be taken, when there is insufficient or incomplete data and when there is no prior example of the same situation. This helps when managers are unable to identify or analyze work process flows, hence limiting all computational data (Georgios, 2017). 2. Relying of Experience: Managers make use of their
- 5. previous experiences based on knowledge process, products, markets and consumer behavior. Intuition is also an ability which is gained through experience. 3. Making use of “Gut Feeling”: One of intuition’s characteristic process is decisions made on gut feeling. While taking such decisions managers may be biased, and when the decision turns to be a wrong one, they would not be able to defend themselves rationally. To make informed decisions while using intuitions where are some guidelines which managers and organizations are compelled to consider: 1. Make use of structured process if time permits. 2. Better listening of ideas of peers, board members, and feedback from subordinates. 3. Reflecting on the decisions and its possible consequences before implementation. 4. Distance yourself from any prejudice and all bias, managers should take impartial approach to any decisions made through intuition. 5. Make use of decision making games to simulate market scenarios this helps in providing a risk free environment to devise a strategy (decision-making-solutions.com, 2018). 6. Frequent market analysis, case studies and situation assessments. 7. Managers should examine all beliefs and categorize them into reliable evidences and facts. References decision-making-solutions.com. (2018). Intuitive Decision Making https://www.decision-making- solutions.com/intuitive_decision_making.html Georgios, M. (2017). The role of intuition in executive strategic decision making. Retrieved from, https://pdfs.semanticscholar.org/d669/4da0360ff9587fecfc20ddc 28c00527f3904.pdf
- 6. Article7: Decision-Making Processes Question: Pick one of the following terms for your research: bounded rationality perspective, cognitive biases, decision learning, devil’s advocate, groupthink, incremental decision model, management science approach, nonprogrammed decisions, rational approach, or satisficing. Follow below rules to complete the assignment. Within each module, there is a list of key terms. Each student will select one of the key terms and conduct a search of Campbellsville University’s online Library resources to find 1 recent peer reviewed article (within the past 3 years) that closely relate to the concept. Your submission must include the following information in the following format: DEFINITION: a brief definition of the key term followed by the APA reference for the term; this does not count in the word requirement. ( I prefer above 40 words) SUMMARY: Summarize the article in your own words- this should be in the 150-200-word range. Be sure to note the article's author, note their credentials and why we should put any weight behind his/her opinions, research or findings regarding the key term. DISCUSSION: Using 300-350 words, write a brief discussion, in your own words of how the article relates to the selected chapter Key Term. A discussion is not rehashing what was already stated in the article, but the opportunity for you to add value by sharing your experiences, thoughts and opinions. This is the most important part of the assignment. REFERENCES: All references must be listed at the bottom of the submission--in APA format. (continued) Be sure to use the headers in your submission to ensure that all aspects of the assignment are completed as required.
- 7. Any form of plagiarism, including cutting and pasting, will result in zero points for the entire assignment. Material: Supplemental Resources: https://www.youtube.com/watch?v=5geJSDqGIr4&feature=emb _logo Reading Assignment · Read Decision Making in Management · Read Rational and Nonrational Decision Making · Read Explain the Management Science Approach · Watch The Garbage Can Model of Decision Making · Watch Contingency Planning and Decision Making · Read Considering Ethics in Decision Making · Read Barriers to Decision Making