The document outlines the 8 step decision making process that managers follow: 1) Identify the problem, 2) Identify decision criteria, 3) Allocate weights to criteria, 4) Develop alternatives, 5) Analyze alternatives, 6) Select the best alternative, 7) Implement the selected alternative, and 8) Evaluate the effectiveness of the decision. It also discusses rational decision making and how managers can make effective decisions by following a process with characteristics like involving stakeholders and considering risks.
L E A R N I N G O U T L I N E
Follow this Learning Outline as you read and study this chapter.
Who Are Leaders and What Is Leadership
Define leaders and leadership.
Explain why managers should be leaders.
Early Leadership Theories
Discuss what research has shown about leadership traits.
Contrast the findings of the four behavioral leadership
theories.
Explain the dual nature of a leader s behavior.
L E A R N I N G O U T L I N E
Follow this Learning Outline as you read and study this chapter.
Who Are Leaders and What Is Leadership
Define leaders and leadership.
Explain why managers should be leaders.
Early Leadership Theories
Discuss what research has shown about leadership traits.
Contrast the findings of the four behavioral leadership
theories.
Explain the dual nature of a leader s behavior.
Decision-Making Styles
Linear thinking style
• A person’s preference for using external data and facts and
processing this information through rational, logical thinking.
Nonlinear thinking style
• A person’s preference for internal sources of information and
processing this information with internal insights, feelings and
hunches.
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
A decision is a choice made from two or more alternatives. The decision-making process is a comprehensive process, involving eight steps, that begins with identifying a problem and decision criteria and allocating weights to those criteria; moves to developing, analyzing, and selecting an alternative that can resolve the problem; implements the alternative; and concludes with evaluating the decision’s effectiveness (see Exhibit 5.1 for a depiction of the decision-making process).
(See Exhibit 5.1 for a depiction of the decision-making process.)
A. Step 1 is identify a problem. A problem is defined as a discrepancy between an existing and a desired state of affairs. Some cautions about problem identification include the following: 1. Make sure it’s a problem and not just a symptom of a problem. 2. Problem identification is subjective. 3. Before a problem can be determined, a manager must be aware of any discrepancies. 4. Discrepancies can be found by comparing current results with some standard. 5. Pressure must be exerted on the manager to correct the discrepancy. 6. Managers aren’t likely to characterize a discrepancy as a problem if they perceive that they don’t have the authority, information, or other resources needed to act on it.
B. Step 2 is identify the decision criteria . Decision criteria are criteria that define what is relevant in making a decision. C. Step 3 is allocate weights to the criteria . The criteria identified in Step 2 of the decision-making process aren’t all equally important, so the decision maker must weight the items in order to give them correct priority in the decision. Exhibit 5.2 lists the criteria and weights for Joan’s franchise purchase decision.
D. Step 4 involves development of alternatives . The decision maker now needs to identify viable alternatives for resolving the problem. E. Step 5 is analyze alternatives . Each of the alternatives must now be critically analyzed. Each alternative is evaluated by appraising it against the criteria. Exhibit 5.3 shows the assessed values that Joan gave each of her eight alternatives regarding the franchise opportunities. Exhibit 5.4 reflects the weighting for each alternative (those found on Exhibits 5.2 and 5.3 ).
Step 6 is select an alternative . The act of selecting the best alternative from among those identified and assessed is critical. If criteria weights have been used, the decision maker simply selects the alternative with the highest score from Step 5. Step 7 is implement the alternative . The chosen alternative must be implemented. Implementation is conveying a decision to those affected by it and getting their commitment to it.
H. Step 8 involves evaluation of the decision effectiveness . This last step in the decision-making process assesses the result of the decision to see whether or not the problem has been resolved.
As Exhibit 5.5 shows, decision making is part of all four managerial functions. That’s why managers—when they plan, organize, lead, and control—are frequently called decision makers.
Managerial decision-making is assumed to be rational ; that is, choices are consistent and value-maximizing within specified constraints. The assumptions of rationality are summarized in Exhibit 5.6 . a. These assumptions are problem clarity (the problem is clear and unambiguous); goal orientation (a single, well-defined goal is to be achieved); known options (all alternatives and consequences are known); clear preferences; constant preferences (preferences are constant and stable); no time or cost constraints; and maximum payoff. b. The assumption of rationality is that decisions are made in the best economic interests of the organization, not in the manager’s interests. c. The assumptions of rationality can be met if: the manager is faced with a simple problem in which goals are clear and alternatives limited, in which time pressures are minimal and the cost of finding and evaluating alternatives is low, for which the organizational culture supports innovation and risk taking, and in which outcomes are concrete and measurable.
In spite of these limits to perfect rationality, managers are expected to “appear” rational as they make decisions. But because the perfectly rational model of decision making isn’t realistic, managers tend to operate under assumptions of bounded rationality, which is behaviour that is rational within the parameters of a simplified decision-making process that is limited (or bounded) by an individual’s ability to process information. a. Under bounded rationality, managers make satisficing decisions —in which managers accept solutions that are “good enough,” rather than maximizing payoffs. b. Managers’ decision-making may also be strongly influenced by the organization’s culture, internal politics, power considerations, and by a phenomenon called escalation of commitment —an increased commitment to a previous decision despite evidence that it may have been wrong.
Managers also regularly use their intuition. Intuitive decision-making is a subconscious process of making decisions on the basis of experience and accumulated judgment. Exhibit 5.7 describes the five different aspects of intuition. a. Making decisions on the basis of gut feeling doesn’t happen independently of rational analysis. The two complement each other. b. Although intuitive decision making will not replace the rational decision-making process, it does play an important role in managerial decision making.
Exhibit 5.7 describes the five different aspects of intuition.
Managers will be faced with different types of problems and will use different types of decisions. 1. Structured problems are straightforward, familiar, and easily defined. In handling this situation, a manager can use a programmed decision, which is a repetitive decision that can be handled by a routine approach.
There are three possible programmed decisions. a. A procedure is a series of interrelated sequential steps that can be used to respond to a structured problem. b. A rule is an explicit statement that tells managers what they ought or ought not do. c. A policy is a guide that establishes parameters for making decisions rather than specifically stating what should or should not be done. Examples: Procedure : Follow all steps for completing merchandise return documentation. Rule : Managers must approve all refunds over $50.00. No credit purchases are refunded for cash. Policy : Accept all customer-returned merchandise.
2. Unstructured problems are new or unusual problems in which information is ambiguous or incomplete. These problems are best handled by a nonprogrammed decision — that is, a unique decision that requires a custom-made solution.
1. Certainty is a situation in which a manager can make accurate decisions because the outcome of every alternative is known. This isn’t characteristic of most managerial decisions. 2. More common is the situation of risk, in which the decision maker is able to estimate the likelihood of certain outcomes. Exhibit 5.8 shows an example of how a manager might make decisions using “expected value” when considering the conditions of risk.
3. Uncertainty is a situation in which the decision maker has neither certainty nor reasonable probability estimates available. a. The choice of alternative is influenced by the limited amount of information available to the decision maker. b. It’s also influenced by the psychological orientation of the decision maker. 1) An optimistic manager will follow a maximax choice (maximizing the maximum possible payoff). See Exhibit 5.9. 2) A pessimistic one will pursue a maximin choice (maximizing the minimum possible payoff). See Exhibit 5.9 . 3) The manager who desires to minimize the maximum regret will opt for a minimax choice. See Exhibit 5.10 .
Exhibit 5.8 shows an example of how a manager might make decisions using “expected value” when considering the conditions of risk.
1. An optimistic manager will follow a maximax choice (maximizing the maximum possible payoff). See Exhibit 5.9 2. A pessimistic one will pursue a maximin choice (maximizing the minimum possible payoff). See Exhibit 5.9 .
The manager who desires to minimize the maximum regret will opt for a minimax choice. See Exhibit 5.10 .
Managers have different styles when it comes to making decisions and solving problems. One perspective proposes that people differ along two dimensions in the way they approach decision making. One dimension is an individual’s way of thinking —rational or intuitive. The other is the individual’s tolerance for ambiguity —low or high.
1. These two dimensions lead to a two by two matrix with four different decision-making styles (see Exhibit 5.11 ). a. The directive style is one that’s characterized by low tolerance for ambiguity and a rational way of thinking. b. The analytic style is one characterized by a high tolerance for ambiguity and a rational way of thinking. c. The conceptual style is characterized by an intuitive way of thinking and a high tolerance for ambiguity. d. The behavioural style is one characterized by a low tolerance for ambiguity and an intuitive way of thinking. 2. Most managers realistically probably have a dominant style and alternate styles, with some relying almost exclusively on their dominant style and others being more flexible depending on the situation.
The two dimensions of “way of thinking” and “tolerance for ambiguity” lead to a two-by-two matrix with four different decision-making styles (see Exhibit 5.11 ).
Managers use different styles and “rules of thumb” ( heuristics ) to simplify their decision making. These processes sometimes lead to decision biases and errors (see Exhibit 5.12 ).
1. Overconfidence bias occurs when decision makers tend to think that they know more than they do or hold unrealistically positive views of themselves and their performance. 2. Immediate gratification bias describes decision makers who tend to want immediate rewards and avoid immediate costs.
3. Anchoring effect describes when decision makers fixate on initial information as a starting point and then fail to adequately adjust for subsequent information. 4. Selective perception bias occurs when decision makers selectively organize and interpret events based on their biased perceptions. 5. Confirmation bias occurs when decision makers seek out information that reaffirms their past choices and discount information that is contradictory.
6. Framing bias occurs when decision makers select and highlight certain aspects of a situation while excluding others. 7. Availability bias occurs when decision makers remember events that are the most recent. 8. Representation bias occurs when decision makers assess the likelihood of an event based on how closely it resembles other events. 9. Randomness bias describes when decision makers try to create meaning out of random events.
10. Sunk costs error is when decision makers forget that current choices can’t correct the past. 11. Self-serving bias is where decision makers are quick to take credit for their successes and blame failure on outside factors. 12. Hindsight bias is the tendency for decision makers to falsely believe that they would have accurately predicted the outcome once the outcome is known.
1. Exhibit 5.13 provides an overview of managerial decision making. Managers want to make good decisions. 2. Regardless of the decision, it has been shaped by a number of factors.
Today’s business world revolves around making decisions, often risky ones with incomplete or inadequate information and under intense time pressure. What do managers need to do to make effective decisions under today’s conditions? Know when it’s time to call it quits. Practice the five whys. Be an effective decision maker. Build highly reliable organizations (HROs). Are not tricked by their own success. Defer to the experts on the front lines. Let unexpected circumstances provide the solution. Embrace complexity. Anticipate, but also anticipate their limits.