Explain how it improved your decision making process

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Reference no: EM133358434

Case Study: First off I believe it is extremely crucial to see decision-making as a process rather than an event. This is because when making a decision it is crucial that you think of every possible scenario and weigh out the pros and cons of each decision. Additionally, it is extremely important to think of all the factors and come to a deliberate consensus as to what you are going to decide. Seeing decisions as processes helps you see and prepare for these "black swans" because you're already factoring in all of the bad that can happen and weighing it out. This means you'll see and take precautions for these unlikely but possible "black swan" situations. One time when I encountered a black swan situation was at work when we came up with an entirely new process for conducting inventory. We all made a rash but quick decision to transfer over to this new process without thinking it out as a plan. This led to grave miscalculations and inventory went horrible. If we would've thought more about the process we would've been able to plan for the mishaps.

The rule I am highlighting is Rule #6, "If you find yourself in a black swan situation, go into inquiry mode. Whatever intuition or experience is telling you may be wrong" (Motyle, 2019). I chose this rule because sometimes a black swan may not at first appear to be something too extraordinary. It may come in a form that you think you are familiar with. No matter, you must step back and use your decision-making process to inquire about the problem and what you can do to resolve it. This may be hard for some people because their gut instinct could be telling them to go with what they know, but it isn't always that simple. Someone would likely fail this rule if they get overconfident in their own ability or underestimate the true severity of an issue.

Question: Have you ever not followed this rule in your own personal or professional decision making, resulting in a poor decision? If so, how can you avoid making this error in the future. Have you ever applied this rule successfully? If so, explain how it improved your decision making process.

Reference no: EM133358434

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