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Business Studies Notes 3
rd.
Year
Undergraduate / Graduate Level
SUBJECT: Creative
management
decisions by
synthesizing visual
sources and literary
texts
Authors: (Original Study Notes and Lecture Notes prepared by Mr. K.P. Saluja (M.B.A. from Indian Institute of Management Ahmedabad), supported by Mr. K. K. Prasad (M.B.A from IGNOU Delhi) These notes are intended to be used by undergraduate students, completing Year 3 Business Degree Courses. These notes will help undergraduates and graduates complete case studies, coursework assignments and pass exams in Business Studies and Economics.
TABLE OF CONTENTS
(1) Benefits of creative decision-making (2) Creative decision-making definition (3) Examples of creative decision-making (4) Tips for making creative decisions (5) Ways to promote creative decision-making (6) Decision-Making methods for the workplace (7) Different decision-making methods (8) The Importance of confident decision-making in the workplace (9) How to make more confident decisions (10)Importance of confident decision-making
Benefits of creative decision-making
Organizations across businesses value colleagues who bring different perspectives of view and effective fixes to the work environment. Imaginative navigation could incorporate elective showcasing thoughts, ways of settling rivalry or applying information in a special manner that brings more benefit. The capacity to join logical and imaginative reasoning for effective navigation can work on your commitments in the working environment. In this article, we investigate what imaginative navigation is, ways of cultivating it, advantages of innovative direction and instances of the cycle.
Creative decision-making definition
Encouraging positivity The individuals who approach a test with energy frequently view it as a chance for development instead of an issue, and this standpoint can prompt innovative thoughts. Encouraging a climate of imaginative navigation lays out the possibility that each proposed arrangement merits investigating. This can further develop organization spirit, as it can cause colleagues to feel esteemed. Strengthening commitment Employees trust an interaction, pioneer or organization when they have clearness and a feeling of commitment. Knowing that imaginative dynamic impacted a result and that the groups investigated all choices in a coherent manner can assist with gathering employee support. Improving the quality of decisions Most issues have more than a single solution, and creative decision-making can produce more choices to look over. At the point when there are more choices to look over, this can build the nature of the choices your group makes. Developing logical reasoning and critical thinking Creative decision-making can forestall overthinking by welcoming useful ways of exploring what is going on. At the point when you go ahead and inspect a subject according to various viewpoints, this can support the rationale and thinking behind your ultimate decision. Increasing company growth Companies that foster creative decision-making may see improved clarity regarding roles, purpose and processes. This clarity can help guide priorities, which can later lead to improved sales, revenue or hiring growth.
Building a positive reputation An employee or leader who promotes creative thinking can build a standing for being a comprehensive, thoughtful contributor who creates thoughts. As you practice innovative navigation, keep on creating ideas for arrangements and offer them with colleagues and partners. This can help you create and keep a standing as a creative helper.
Examples of creative decision-making
Here are some example scenarios of how creative decision-making can help in business: Staying in business A storm damages the dining area of a well-known neighbourhood restaurant, and customers aren't able to enjoy a dine-in experience, though the kitchen remains fully operational. The restaurant owner encourages the staff to brainstorm creative solutions that can keep revenue coming in and allow employees to continue working during repairs. The employees develop several solutions, including: Creating new lunch and dinner specials Expanding takeout hours Offering free delivery and more drivers Updating the restaurant's website with service information Using social media accounts to advertise the changes This application of creative decision-making strengthens the commitment of employees, allowing them to feel invested in the outcome and motivated to find thoughtful solutions. Additionally, some of these ideas might later prove to be good business practices to continue using even after the restaurant's repairs and renovations are complete.
Relax your brain: Scientists say that people are more likely to have insightful thoughts when they feel relaxed. Before a brainstorming session, work to relax through light exercise or meditation. Be courageous: Share new ideas, even if they seem unusual.
Ways to promote creative decision-making
You can foster a creative mind set through doing creative activities. Here are a few suggestions: Explore nature: Visit a park, take a hike or visit the zoo. Stepping away from distractions and everyday commotion can foster creativity. Do something artistic : Whether it's drawing, painting, singing or sculpting, try giving your mind an art-centered perspective. Keep a journal: Writing is a form of expression, and expression can drive creativity through free thought.
Decision-Making methods for the workplace
Strong decision-making is a valuable skill in any workplace because it empowers employees and leaders to make mindful choices that have the best chance of leading to a favourable outcome. Your decision-making methods may change depending on the context. In this article, we explore some of the top decision- making methods you can use to make timely and effective professional choices. Decision-making is the process of selecting the best possible option in a given situation. Effective decision-making often requires you to: Identify many potential options. Anticipate possible outcomes. Consider the needs or wants of others impacted by the decision.
Understand the impact on a project, department and the organization as a whole. Deliberate when under pressure. Dealing with these and different factors can assist you with recognizing the most productive way to deal with settle on viable working environment choices as soon as possible.
Different decision-making methods
There are several decision-making methods. While choosing your methodology, you ought to consider your knowledge of the issue, the quantity of individuals affected by the choice and the time span accessible for this decision. A few circumstances benefit from insightful dynamic that thinks about everybody's viewpoints, while different conditions require a fast methodology that doesn't take into consideration exchange. The accompanying dynamic strategies adopt a few different strategies, so you can choose the most fitting choice for every circumstance. Command decision-making Collaborative decision-making Consensus-based decision-making Vote decision-making Delegation of decision-making Command decision-making With command decision-making, you settle on an unequivocal decision without input from others. Order navigation is frequently the speediest and most direct course to a result. Utilize this approach while you're answering a period delicate issue or working in a high speed climate where day to day choices should occur on the spot.
ideas and information into account. This collaborative approach gave every member of Samson’s team an active role in the decision-making process while providing a fast path to a choice, leaving the ultimate decision in the hands of the team leader. Consensus-based decision-making Consensus-based decision-making expects that all members settle on a solitary choice prior to pushing ahead. Utilizing this methodology, you accumulate your group and talk about the issue and your choices as a whole. You could decide to introduce explicit choices or acknowledge ideas from your group. The way in to this approach is that you just make a decision everybody settles on. Consensus-based decision-making is compelling in major areas of strength for building as it advances a feeling of solidarity. Be that as it may, this is in many cases a more slow methodology, so it's best when you have additional opportunity to choose. Consider holding this system for complex issues or those that need absolute help from everybody in the organisation. Example: Lee is changing the script for the company’s sales employees so it reflects the company’s recent rebranding and presents the right voice. It’s essential that all five salespeople in the company feel comfortable with the new verbiage. Though Lee is an experienced copywriter in the marketing department, it’s important for him to get input from the sales department who will use the script daily. Lee has a flexible deadline for completing the project, so he gathers the sales team and works together with them until everyone agrees on a script they believe is most effective. By waiting until each vital party signs off on the final product, Lee ensures this project has the best chance of success. Vote decision-making Vote decision-making allows you to assemble input from an enormous number of individuals without focusing on conversation or discussion. As the
representative accountable for the dynamic cycle, you're as yet answerable for giving the choices that people can cast a ballot between, so you have some control over the extent of the issue. Give your citizens point by point data on their choices so you can accumulate informed suppositions. Vote dynamic works best when your group focuses on supporting the result regardless of how the votes end up. Example: Sue is rebranding the business and has narrowed the options down to three new logos. She wants to get everyone in the company involved in the final phase of the process, so she posts all three logos throughout the office with information on how the colors and typography relate to the new branding. After giving the staff a few days to evaluate their options, Sue takes a vote and commits to using whichever logo wins. One logo wins by a significant majority, and the employees are satisfied with the outcome knowing that everyone in the business had a say in this result. Sue successfully uses the voting approach to include the employees invested in the future image of the organization. Delegation of decision-making Delegation is the task of assigning responsibility to other people, for example, giving dynamic obligations to another person. You could designate the decision-production to a specialist, an expert or somebody in your supervisory group on the off chance that you have different obligations or on the other hand assuming someone else is more qualified or more impacted by the choice. This dynamic technique is best utilized for ordinary issues that don't need a ton of assessment and discussion. Delegate choices when you just need somebody very much educated to choose from a couple of pre-decided choices. Delegation can enable your colleagues or construct trust in your administrators. At the point when you representative to another person, you're probably going to see a new way to deal with the issue, which is frequently useful to the business.
How to make more confident decisions
Here are some strategies for making confident decisions in the workplace:
1. Don’t assume 2. A good practice is to allow you to release control. When you don’t assume that you have all the answers you allow yourself to seek input from other sources sooner. This will help you to become accurately informed about the decision at hand and possible answers that you may apply. For instance, if you need to make a decision that has potential legal implications for your company, ask legal professional more details instead of relying on your limited scope of knowledge on that subject. 2. Suspend judgment Remember that your bias may not be the full reality. Confident decision-making requires that you gain a new perspective so you can maintain clarity and see all choices as valid until you eliminate the options later on in your decision-making process. You might write out your potential biases so you know of them. This way you are consciously aware of them and can avoid them the best that you can. 3. Create alternatives Sometimes the options you are given won’t work for the decision you need to make. Try using your creativity and expertise to create alternatives that will be effective. For instance, you may brainstorm possibilities or draw out ideas that may work better and weigh the pros and cons of both options.
4. Remain objective Before you make a decision, it’s helpful if you know all the facts so you can remain objective. There are usually many interrelated factors involved that are impacted by the weight of your decisions. You will probably want to be prepared for the repercussions of your decisions. For instance, you can test your ideas with others because they may see potential impacts that you haven’t thought of. 5. Release attachment Be aware of possibilities but not attached to them. There are too many unknown circumstances in life and management. The journey of confident decision-making should be the focus instead of the outcome. Outcomes are still important, but they should not be obsessed over. For example, if you have been brainstorming effective ways to reward your team, gather evidence of what they may like but do not obsess over what will happen or what they will say if they don’t like the rewards. 6. Use your intuition Facts and data are important in the decision-making process. However, you were likely placed in your position for the unique way that you process information and decide. Usually, you know the answer because there are signals that your body gives you daily regarding decisions. If it is difficult for you to connect with your intuition, you might do something that can reconnect you. For some people that may be running, dancing, walking, swimming, yoga or meditation. 7. Take responsibility
Outcomes will improve. When you make informed and courageous decisions instead of fear-based or quick decisions, the outcome will likely match your expectations. You will accomplish faster. Knowing what you’d like to achieve and how you’d like to achieve it, you will achieve it faster since the goal is clear. The smaller decisions in between tasks will all be made quicker to match up with the overall goal. It boosts self-confidence. Each time you practice confident decision-making you will learn and improve on your ability to process relevant information and make the best decision possible. The practice of decision-making will likely allow you to feel confident in your abilities as a leader. You'll have fewer mistakes. There is no absolute winning alternative to every decision you must make. However, when you add clarity, prioritization and purpose to decisions, it is less likely that you will have to re-decide on a failed decision.
References
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