Leadership and Decision Making
Self-awareness allows a leader to successfully evaluate one’s beliefs, actions, and impact on others. If self-awareness is not attained, then the leader tends to isolate others with the increase in the mistakes of their subsequent actions on others.
Additionally, the issues evolving from the lack of self-awareness in the leaders affect them or the members and the business/company. Without self-awareness, leaders will most likely fail to manage their emotional intelligence, causing harm to their relationships with others in the business/company.
The common biases affect the decision-making process by presenting various changes unrelated to the decision and overestimating judgments, causing a negative outlook for the decision-making process. The bounded awareness stops a person’s ability to discover any changes or try to obtain data that is not available. The person tends to ignore vital information, which is crucial for decision-making. Emotions can create difficulties in the way of undertaking a crucial decision. Motivation tends to help with the decision-making process; if it is positive motivation, when leaders motivate their coworkers, they tend to do better at thinking and developing a decision-making process. May all of you have a blessed evening.
Substantial ethical factors include the following: past experiences, a variety of cognitive biases, an escalation of commitment and sunk outcomes, individual differences, including age and socioeconomic status, and a belief in personal relevance. All those ethical factors can impact the decision-making process and the decisions made.
Multinational corporations should uphold universal ethical standards and values globally, setting a high bar for safety requirements, environmental standards, and human rights wherever they operate. Such universal ethical values are fundamental ideals governing conduct that all cultures should aspire to. Regardless of the corruption levels of the host countries in which a company operates or where its home country ranks in Transparency International’s Corruption Perceptions Index, the company and its employees should act ethically. Therefore, if a company is international, its code of ethics and the IMA Statement of Ethical Professional Practice applies to all its locations. It is important to understand cultural differences, but you should never compromise your company’s core ethical values.
Schlosser Sadrac, (5th March 2020). What factors affect ethical decision-making?
Retrieved on 5/28/2021, from https://askinglot.com/what-factors-affect-ethical-decision-making
LAMPTON JOLENE A., PH.D., CFE, CPA, CGMA, CFE, AND RAZACK BABU I., CMA, (February 1, 2020).
Ethics must be global. Retrieved on 5/28/2021, from https://sfmagazine.com/post- entry/February-2020-ethics-must-be-global/
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This assignment has four parts.
As a leader, it is important to understand common biases and be self-aware to understand those they possess. Only through this self-awareness can a leader minimize errors in the decision-making process. What could be the result if self-awareness is not attained?
Decision-making must be balanced, considering both short-term and long-term business outcomes. Explain how decision-making is affected by common biases, bounded awareness, emotions, and motivation.
What ethical factors should be taken into consideration when making a decision?
Ethics can be considered as doing the right thing. How do you believe ethical standards in multinational corporations should be adjusted for the diverse cultures the organization works within?
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