Judgment and Decision Making for Entrepreneurial - myassignmenthelp

Question: Discuss about theJudgment and Decision Making for Entrepreneurial Action. Answer: Reading analysis: In the reading, it has been evident that people think that they support their decision with rationales but at times there might not be such situations that would not support any rationale on thinking. It is for the same reason, understanding the cognitive behaviour of the people becomes more important in order to understand the perception of the people. This leads to focus on the psychological aspect and thinking of the people in order to be consistent on something. There might arise many judgemental biases among the respondents (Holcombe et al., 2014). In this respect, it has to be understood that there are many factors that can be behind the particular decision making. At many times, there might occur judgemental biases but the most suitable decision need to be selected that would bring the best outcome of the decision. At many times, it might take place that judgement and the decision making does not work side by side and the respondents have to suffer (Cornish Clarke, 2014). In order to overcome these situations, it is important to take certain strategies that would help to overcome the issues and problems faced by a person. Focusing on the errors and overcoming the challenges is the main criteria to support the rationale of the particular topic. Experience: If an experience has to be shared here, I wanted to recall that the incident that once I was asked by one of my friends to keep an important document safe with me and not to disclose the same to anyone. He in fact asked me not to look into the document; but out of curiosity I looked into the report and I saw that it was an agreement deal that stated that his father had to pay a good amount of money as a repayment of loan. I understood that my friend is in a big problem and we must help him to overcome the issue. This is when I thought of discussing the same with my friend. At first he was furious because I did not obey his orders but later he shared details with me. I also helped in the best possible way. Reading analysis: In carrying out major practices in the professional activities, at times it happen that one has to do many activities related to the particular business. It depends on the intellectual level and activities of the person to deal with the particular situation and come up with the best solution or practices. The administrator of an organisation is mainly responsible for the overall activities of the profession. So the administrator should posses that level of intellectual behaviour that would support the need of the organisation. The administrator is also responsible for overcoming any conflict that can occur at any point of time (Taylor, 2013). It has to be understood that the administrator can never be escaped and it is in fact the sole responsibility of the administrator to keep a look on every single matter in order to avoid any kind of conflict or dilemma with other people. One should understand the situation and come up with the relevant values or information that are required to deal with the situation and end up formulating the right decision to deal with the situation. In the decision making process, considering the values and ethical approaches are equally important. The idea is to practice good policy and come up with particular decision that would be beneficial for all the people who are directly or indirectly related to the particular incident (Huffman et al., 2014). In the decision making process, one has to face with many options but coming up with the right judgemental decision is the only way to overcome the problems. Experience: If this particular situation is taken into consideration, one incident reminds me of the day when the idea of an intellectual person was required. One day, at the University, it happened that one of our classmates suddenly became unconscious and needed immediate medical help. However, apparently there were one to help her but it was our professor who took immediate decision and she was taken to the nearby hospital wasting no time in between. In the decision making approach, the administrator might have to face challenges but coming with the right judgement and decision is what actually matters. Thus, it can be said that the intellectual presence of the person has helped her to rescue and save her life. References: Cornish, D. B., Clarke, R. V. (Eds.). (2014).The reasoning criminal: Rational choice perspectives on offending. Transaction Publishers. Holcombe, T. R., Holmes, R. M., Klein, P. G., Ireland, R. D. (2014).Motivated reasoning in judgmental decision-making and entrepreneurial action: Toward a behavioral model. Working Paper, Farmer School of Business, Miami University. Huffman, J. B., Hipp, K. A., Pankake, A. M., Moller, G. A. Y. L. E. (2014). Professional learning communities: Leadership, purposeful decision making, and job-embedded staff development.Journal of School Leadership,11(5), 448-463. Taylor, B. (2013).Professional decision making and risk in social work. Learning Matters.