Define different perspectives and concepts of problem solving in diverse contexts and business situations.
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
Assignments submitted through email will not be accepted.
Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page.
Students must mention question number clearly in their answer.
Late submission will NOT be accepted.
Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
Submissions without this cover page will NOT be accepted.
Learning Outcomes:
Define different perspectives and concepts of problem solving in diverse contexts and business situations. (C.L.O :1.2)
Demonstrate decision tools and employ appropriate analytical business models to break down complex issues. (C.L.O :2.2)
Explain and apply critical thinking and cognitive psychology as it pertains to analyze and synthesize information for problem solving and decision making. (C.L.O :2.1)
Assignment Instructions for Part-I:
Log in to Saudi Digital Library (SDL) via University’s website
On first page of SDL, choose “English Databases”
From the list find and click on EBSCO database.
In the search bar of EBSCO find the following article:
Title: “Become More Comfortable Making Bold Decisions”
Author: Cheryl Strauss Einhorn
Date of Publication: March 06, 2023
Published: Harvard Business Review
Assignment Question(s):(Marks 10)
Part-I
Read the article titled as “Become More Comfortable Making Bold Decisions” by Cheryl Strauss Einhorn published in Harvard Business Review, and answer the following Questions:
Summarize the article and explain the main issues discussed in the article. (In 400-500 words) (Marks 5)
According to the author what is Bold Decision Barometer (BDB). How the five steps of Bold Decision Barometer (BDB)help you in improving decision-making and problem-solving skills? Explain with example. Use additional reference to support your argument. (400-500 words)
Requirements: 3 day
College of Administrative and Financial Sciences
Assignment 1
Decision Making and Problem Solving (MGT 312)
Due Date: End of Week 7, 14-10-2023
For Instructor’s Use only
General Instructions – PLEASE READ THEM CAREFULLY
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
Assignments submitted through email will not be accepted.
Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page.
Students must mention question number clearly in their answer.
Late submission will NOT be accepted.
Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
Submissions without this cover page will NOT be accepted.
Learning Outcomes:
Define different perspectives and concepts of problem solving in diverse contexts and business situations. (C.L.O :1.2)
Demonstrate decision tools and employ appropriate analytical business models to break down complex issues. (C.L.O :2.2)
Explain and apply critical thinking and cognitive psychology as it pertains to analyze and synthesize information for problem solving and decision making. (C.L.O :2.1)
Assignment Instructions for Part-I:
Log in to Saudi Digital Library (SDL) via University’s website
On first page of SDL, choose “English Databases”
From the list find and click on EBSCO database.
In the search bar of EBSCO find the following article:
Title: “Become More Comfortable Making Bold Decisions”
Author: Cheryl Strauss Einhorn
Date of Publication: March 06, 2023
Published: Harvard Business Review
Assignment Question(s): (Marks 10)
Part-I
Read the article titled as “Become More Comfortable Making Bold Decisions” by Cheryl Strauss Einhorn published in Harvard Business Review, and answer the following Questions:
Summarize the article and explain the main issues discussed in the article. (In 400-500 words) (Marks 5)
According to the author what is Bold Decision Barometer (BDB). How the five steps of Bold Decision Barometer (BDB) help you in improving decision-making and problem-solving skills? Explain with example. Use additional reference to support your argument. (400-500 words) (Marks 5)
Answers
Answer-
The article discusses a framework called the Bold Decision Barometer (BDB) that can help individuals become more comfortable making bold decisions. The BDB involves several steps, including identifying the decision that needs to be made, examining past bold decisions, identifying similarities between past and current decisions, considering potential obstacles, and applying lessons from past decisions to the current one. By using this framework, individuals can reduce uncertainty and increase their comfort in making bold decisions.
The main issue discussed in the article is the discomfort that individuals often feel when making bold decisions. Bold decisions are characterized by a high level of uncertainty and risk, which can make individuals hesitant and anxious. The article argues that by using the BDB framework, individuals can overcome this discomfort and make bold decisions with more confidence.
The first step in the BDB framework is to identify the decision that needs to be made. This involves clearly defining the problem or opportunity that the decision is addressing. By clearly defining the decision, individuals can gain a better understanding of what needs to be done and can start to develop a plan of action.
The next step is to examine past bold decisions. This involves reflecting on previous decisions that were considered bold and analyzing the outcomes. By examining past decisions, individuals can identify patterns and trends that can help inform their current decision-making process. For example, they may discover that certain strategies or approaches were more successful in the past and can be applied to the current decision.
The third step is to identify similarities between past and current decisions. This involves looking for commonalities and connections between the current decision and past decisions. By identifying similarities, individuals can gain insights into what worked in the past and how it can be applied to the current decision. This can help reduce uncertainty and increase confidence in the decision-making process.
The fourth step is to consider potential obstacles. This involves anticipating potential challenges and barriers that may arise during the decision-making process. By considering potential obstacles, individuals can develop strategies to overcome them and mitigate their impact on the decision. This can help reduce uncertainty and increase the likelihood of a successful outcome.
The final step is to apply lessons from past decisions to the current one. This involves taking the insights and knowledge gained from past decisions and applying them to the current decision. By applying lessons learned, individuals can make more informed and confident decisions. This can help reduce uncertainty and increase comfort in making bold decisions.
Overall, the article provides a practical framework, the Bold Decision Barometer (BDB), that individuals can use to become more
Answer-
The Bold Decision Barometer (BDB) is a framework developed by Cheryl Strauss Einhorn to help individuals become more comfortable making bold decisions. It consists of five steps that can improve decision-making and problem-solving skills.
The first step of the BDB is to identify the decision that needs to be made. This involves clearly defining the problem or opportunity that the decision is addressing. By clearly identifying the decision, individuals can gain a better understanding of what needs to be done and can start developing a plan of action.
The second step is to examine past bold decisions. This involves reflecting on previous decisions that were considered bold and analyzing the outcomes. By examining past decisions, individuals can identify patterns and trends that can inform their current decision-making process. For example, they may discover that certain strategies or approaches were more successful in the past and can be applied to the current decision [2].
The third step is to identify similarities between past and current decisions. This involves looking for commonalities and connections between the current decision and past decisions. By identifying similarities, individuals can gain insights into what worked in the past and how it can be applied to the current decision. This can help reduce uncertainty and increase confidence in the decision-making process [2].
The fourth step is to consider potential obstacles. This involves anticipating potential challenges and barriers that may arise during the decision-making process. By considering potential obstacles, individuals can develop strategies to overcome them and mitigate their impact on the decision. This can help reduce uncertainty and increase the likelihood of a successful outcome.
The final step is to apply lessons from past decisions to the current one. This involves taking the insights and knowledge gained from past decisions and applying them to the current decision. By applying lessons learned, individuals can make more informed and confident decisions. This can help reduce uncertainty and increase comfort in making bold decisions.
An example of how the BDB can be applied is as follows: Imagine a business owner, Sarah, who is considering expanding her product line to include a new category. She is hesitant and unsure about taking this bold step because it involves a significant investment and carries a level of risk. By using the BDB framework, Sarah can improve her decision-making process.
First, Sarah identifies the decision she needs to make, which is whether or not to expand her product line. She clearly defines the problem and opportunity at hand.
Next, Sarah examines her past bold decisions. She reflects on previous instances where she took risks and made bold moves in her
References
[1] Einhorn, C. S. (2023). Become More Comfortable Making Bold Decisions. Harvard Business Review. Retrieved from https://hbr.org/2023/03/become-more-comfortable-making-bold-decisions
Butterfield, J. (2013). Problem-solving and decision making: Illustrated course guides (2nd ed.). Boston, MA: Cengage Learning. ISBN: 9781133187578 (hard copy); 9781133474180 (e-copy).
Mulvihill, D. F. (1955, January). An Aid for Problem-Solving in Business Situations. Journal of Marketing, 19(3), 263. https://doi.org/10.2307/1246920
Kashyap, N. (2016, July 31). John Paul Minda, The Psychology of Thinking: Reasoning, Decision-Making, and Problem-Solving. Psychology Learning & Teaching, 15(3), 384–385. https://doi.org/10.1177/1475725716661121
Ahmady, S., & Shahbazi, S. (2020, October 7). Impact of social problem-solving training on critical thinking and decision making of nursing students. BMC Nursing, 19(1). https://doi.org/10.1186/s12912-020-00487-x
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