Decision making in a market economy essay

With today's rapidly evolving technology advances, along with the somewhat unpredictable emergence of new competitors brought about by the Internet, organizations do not have a year to develop a plan, several years to implement the plan, and a three to five year useful life for the decision making plan. Everything that is technology-related moves at a rapid pace and change is inherent in the adoption of new technology and ISs. Due to the rapidly changing technology environment, many feel that a "sense and respond" approach to planning is appropriate. When apparent opportunities appear, organizations need to respond quickly in order to take advantage (McNurlin, et al., 2009). Some rapid responses may be viewed later as failed experiments, but that may prove to be better than a lost opportunity.

Pattern recognition is second nature to all of us—and often quite valuable—so fighting biases associated with it is challenging. The best we can do is to change the angle of vision by encouraging participants to see facts in a different light and to test alternative hypotheses to explain those facts. This practice starts with things as simple as field and customer visits. It continues with meeting-management techniques such as reframing or role reversal, which encourage participants to formulate alternative explanations for the evidence with which they are presented. It can also leverage tools, such as competitive war games, that promote out-of-the-box thinking.

If person A makes an autocratic decision that frustrates person B who has an obvious stake in that decision, person B is likely to bring up the topic in the next governance meeting. For example, if person (A), whose role it is to book meeting venues, chooses a new venue without discussing it with the main trainer (B) who has ideas as to what kind of venue is necessary for that specific training. The trainer (B) will suggest to amend the role of person A so that person A must consult the trainer before making decisions on venues in the future. Ultimately it boils down to the same: either person A spontaneously and informally seeks advice from person B, or it is likely that the role person A is currently energizing will be changed so that this role must formally seek advice from the trainer role (person B) before deciding on a venue. 

Decision making in a market economy essay

decision making in a market economy essay


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