1. As a leader, it is important to not only understand what common biases are, but to also have the self-awareness to understand those that they possess.  Only through this self-awareness can a leader minimize errors in the decision-making process.  What could be the result if self-awareness is not attained?

Assignment Details:

1. As a leader, it is important to not only understand what common biases are, but to also have the self-awareness to understand those that they possess.  Only through this self-awareness can a leader minimize errors in the decision-making process.  What could be the result if self-awareness is not attained?

2. Decision making must be balanced, taking into consideration both short-term and long-term business outcomes.  Explain how common biases, bounded awareness, emotions and motivation affect the decision-making process.

3. What ethical factors should be taken into consideration when making a decision?

4. Ethics can be considered as doing the right thing.  How do you believe ethical standards in multi-national corporations should be adjusted for the diverse cultures the organization works within?

 

· Please reply to the presented statement(s) below.

 

Deliverable Length: 250 words (minimum) per reply

 

ONE:

In order to know what the result would be by not attaining self-awareness we need to know how self-awareness affects business decisions is knowing what self-awareness means. “Self-awareness an awareness of one’s personality or individuality.” (Self-awareness, 2020) This has to do with managing our emotions and understanding the ability to identify and influence other people’s emotions to. Self-awareness can help strengthen our individual and our organizational performance. When we are self-aware it helps you to recognize your strengths, weaknesses and our biases. By recognizing them it helps you to work on those issues and gains the trust from your teammates and increases your own credibility. (Sarah Gallow, 2019) When you are not aware of your emotions or biases that you have acquired over the years you could make poor decisions that reflect in your career. We need to make sure we are making the right decision that is best for the company and not just the decision that only benefits yourself.

Looking in the learning material for unit two in the title that says biases in decision making there is a diagram that states the biases in human decision making and, in the diagram, it lists different biases and on to explain some points out different biases and the possible reasons that we acquire them. When, we put these biases into our decision making it can have a horrible outcome not just affecting the business now but also in the future. (American Intercontinental University, 2020)

Common tensions, positive illusions, self-serving biases, and emotional-affective states are part of the motivational and affective influences in business decisions. They exist because it goes between what we know we should do and what we want to do. Emotional-affective states can be productive and counterproductive in decisions that are made in our personal and professional lives. (American Intercontinental University, 2020)

Bounded rationality is showing that decisions are recognized as having self-interest, willpower, ethicality, and awareness are bounded in some way. Self-interest dictates the context and the willpower limits the extent of the decision that an organization is willing to carryout. (American Intercontinental University, 2020) All of these factors can have an effect on our decisions especially if you had a negative experience in the area that involves the decision that is to be made or considered.

Now that we know what common biases, bounded awareness, emotions and motivation consists of we need to make sure that we obtain all the information that is needed in order to make an effective and an efficient decision that will be in the best interest for the organization as a whole.

Ethics need to be considered when making business decisions or when doing research for the company or for school assignments. When, we think of ethics as doing the right thing, values, morals, and how we treat people from different cultures. In research we need to consider how deception, manipulation (falsification) and plagiarism of data can jeopardize the research and your credibility for the entire project. During research and during business decisions we should consider these common principles and they can consist of:

1. Beneficence and nonmaleficence (strive to benefit others and do no harm to others)

2. Fidelity and responsibility (values the concept and accepts responsibility of their actions)

3. Integrity (honesty and accuracy)

4. Justice (takes precautions to make sure decisions are fair)

5. Respect for people’s rights and dignity (respects privacy and does not discriminate)

When we take the time to look at the decision that we are facing and ask ourselves if this decision go against any of these concepts and how it will affect the corporation as a whole into consideration before making the final decision then we should be able to continue in an ethical manner. (American Intercontinental University, 2020)

I believe that when a multinational corporation decides to expand into other countries that they need to do through research on the country’s economy, culture, legal and governmental policies and regulations. Once the corporation has got the information needed to make the decision to open operations in the country, they should develop a code of ethics statement that works within the country and the organization to meet their goals and vision for the company. Failure to do this can affect their ability to retain and attract employees and can cripple their investment in the new country and their parent corporation as well.

 

References:

American Intercontinental University, (2020), Unit 1, Managerial Decision Making, Influences on Decision Making, [Intellipath], American Intercontinental University virtual campus, MGT600-2005C-02: https://mycampus.aiu-online.com

American Intercontinental University, (2020), Unit 1, Managerial Decision Making, Bounded Reality, [Intellipath], American Intercontinental University virtual campus, MGT600-2005C-02: https://mycampus.aiu-online.com

American Intercontinental University, (2020), Unit 2, Biases and Judgement, Biases in Decision Making, American Intercontinental University virtual campus, MGT600-2005C-02: https://mycampus.aiu-online.com

American Intercontinental University, (2020), Unit 3, Research and Design, Research Ethics, [Intellipath], American Intercontinental University virtual campus, MGT600-2005C-02: https://mycampus.aiu-online.com

Sarah Gallo, (May 15, 2019), The Importance of Self-awareness in Leadership, Training Industry, retrieved from: https://trainingindustry.com/articles/leadership/the-importance-of-self-awareness-in-leadership/

“Self-awareness.,” (2020) Merriam-Webster.com Dictionary, Merriam-Webster, retrieved from: https://www.merriam-webster.com/dictionary/self-awareness. Accessed 14 Nov. 2020.

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TWO:

If self-awareness is not attained, a leader may develop common biases and place those on not only the people he/she leads but also possibly personal relationships.  If this occurs, this may cause some conflict in either the workplace or at home. Self-awareness is critical for those who are trying to become great leaders while avoiding un-needed conflicts throughout their lives.  An example of these conflicts may be making false assumptions based out of bias with co-workers or spouses.  This could lead to the co workers leaving their employer as well as the spouse divorcing their partner.

Common biases, bounded awareness, emotions and motivation affect the decision-making process in many different ways.  Firstly, common biases may harm profits for a business when they don’t place as much value in a certain aspect of a business that may end up turning more profit in the long run versus the short run.  An example of this would be placing a fast food restaurant in the rough part of town.  It seems like a good idea to place cheap food in a low income area but it also may be detrimental long term because the fast food location may get robbed.  Bounded awareness may shorten a viewpoint of a business owners mind which could easily decrease profit.  An example of this would be if a business owner is too narrow minded to think outside of his normal thoughts which would thus hurt the profits of the business.  Emotions and motivation are probably the biggest impact on the decision-making process.  I say this because emotion drives everything we do and motivation continues to give us the gas to keep pursuing those things.  Without emotion, there is no spark of ignition that allows us to begin making decisions. Motivation helps us continue making those decisions.

THREE:

Being self-aware is a necessary trait for leaders because it means you have an understanding of who you are, your positive and negative behaviors, you can also understand more about why you believe the things that you do and what things motivate or inspire you. I personally have found over the last 6 years that I have been more self aware than I have ever been in my life and it seems as if everyday I am learning and understanding more things about myself. That self-awareness has helped me understand others and how I deal with them. It is easy to say what you will and will not do in a situation until you are faced with it. For example I said I would never work in a manfufacturing plant or a distribution plant, but 6 years ago life took me there and I began to really see and understand who I was, I had never worked with that many people before in one building, some of my ideas and beliefs were totally wrong about certain people and things, I began to see the biases that I had.  Once I was able to control myself and my emotions I became an effective leader and was promoted to training specialist to train new and existing employees. I have since changed professions, but, I gained invaluable skills and knowledge that has helped establish me as a creditable and effective leader that is able to get desired results.

Without being self-aware and in control of our own emotions, or knowing what our strengths and weaknesses are we as leaders may make decisions without realizing how they affect others. If self-awareness is not attained we could stress or overwhelm employees and other leaders. It could affect productivity and perhaps cause high turnover, which will cost the business money. Increasing self awareness helps achieve better balance and as leaders we can make more rational decisions. This will also be beneficial in your personal life.

Many decisions are going to be subjected to decision making heuristics, or biases.  One kind of biases is overconfidence biases when someone thinks they are correct most of the time. leads to poor decision making and most often a person with this kind of biases has poor interpersonal skills. So in other words a know it all! This may cause leaders to make decisions in areas where they have no expertise. One other biases I think is important to mention and many leaders make the mistake of using is the confirmation biases where we have an idea and look for ways to make what we think is true instead of allowing their views to be challenged and looking at all the facts to find solutions. This is an error in decision making that i am sure many leaders have made, but it does not help in the development of teams and could make the leader seem like a dictator.

When making decisions ethical factors should be taken into consideration such as your motivation or intent for making the decision. A leader should think about if their decision will affect the economics, social benefits or legal rights of others. Define the people who will be affected and what the consequences will be. Most importantly and what I had to learn the hard way was gather all the facts. Ethical behavior varies from country to country, when a company is multi-national they need to show some understanding, consideration and acceptance of the countries in which they do business by finding a middle ground that all parties can legally agree on to benefit the business.

FOUR:

Self-awareness is essential for a leader to have in order to be successful. A leader needs to know what their strengths and weaknesses may be. This is important because they can utilize their strengths to their advantage and work on their weaknesses to become better. Without self-awareness there would be no growth as an individual or as a leader.

Common biases, bounded awareness, emotions, and motivation play a factor in decisions made. Each of these have the ability to cloud judgement. When decisions are made without having a clear picture because of biases, bounded awareness, emotions, and motivation then often it leads to bad or weak decisions. Again, this is the reason self-awareness is very important to have and use.

FIVE:

I believe it’s true you cannot have a good leadership without self-awareness. It lies upon the route of strong character giving us the ability to have leadship.

You have the ability and the sense of purpose and the openness and Trust to have self-awareness  within yourself or others. I will help other people with understanding for the business go on.

When you have questions than it is how can we all Call of Duty and develop it further information and there’s many ways to do so. Exspecially when you have self awareness to help people get there lifegoing.

The more self-awareness you have feel better now is comes with certain types of people might react to certain want.

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