Managerial Decision Making for Administrative Policy-myassignmenthelp

Question: Discuss about theManagerial Decision Making for Administrative Policy. Answer: Investing in a new business Starting a business is not easy and it thus requires proper decision making before knowing how to invest in that particular business. Investing in a new business requires someone who is ready to take a risk. One has to carry out careful steps while investing in a new business. While investing in a new business, one may experience bias in the course of conducting the managerial duties. Someone has to make the right decision on which business he plans to invest in. Bias may be experienced in the sense that there may be somebody else may have planned to start the same business in that particular area. Sometimes the amount he invests in the business may not be enough to cater for the business needs. The kind of bias that he experienced is self-serving bias. It is self-serving because it involves the idea of a single person. The lack of availability of some things needed in the business may make the business suffer. In the course of undertaking the business, he may experience bias by find ing out that some things were not bought. Bias may be evaluated by hiring individuals in the business who will check the performance of the business and what is missing in it. They can may be look at the stock or look for what the business is lacking (Bazerman, 2017). The individuals can also evaluate why the business is not running smoothly. The owner can also check for what is missing in the business in order to identify the bias. The bias may be overcome by ensuring that you invest the right amount of money in the business. The owner should also make sure that he put a business that is not owned by many people to avoid bias and competition (Benson, 2014). He should also ensure that he makes the right decisions regarding the business at all times. The process may improve the decision outcomes in the scenario by ensuring that the owner makes decisions that eliminate bias. Eliminating the bias would improve the decision outcomes of the manager. Laying off workers The decision of laying off of the workers is arrived at in the business when something happens in the business. For instance, the work may have reduced or the business may be running at a loss (Saunders, 2005). The manager may experience bias while making the decision of laying off the workers. For instance, he may not be willing to lay off some workers whom he finds hardworking but may be forced by the circumstances. He may also lack the qualified personnel that he had for good. When he decides to lay them off, they may seek a permanent source of employment where the employee who layed them off may not see them again even when he needs them back (Kahneman, 2008). Some of the workers may be holding a big position in the company and it may be difficult for the manager to lay them off. The kind of bias that is experienced is diversity. The reason is that it involves the workers. The bias in this scenario may be evaluated by knowing the place that the worker held in the company. The action will help examine the bias that would be related to laying off the worker ( Jones, 2004). It can also be evaluated by knowing the number of employees in the company and those that would be layed off. Bias may also be evaluated by measuring the impact of the employees to the company the time they be layed off. The manager can develop strategies that would overcome bias in the scenario. For instance, he may choose to be left with the very hardworking employees in the company. He may also find means of explain to the one ones that he will lay off the reason for making that decision so that he can manage to lay them off without fear. He may also inform them the time that things would turn back to normal so that h may not lose them for good. The process may improve the decision outcomes in the scenario because the workers would be assured of coming back to work once it resumes. Maintaining the most productive workers may also be beneficial because they would ensure that the company remains productive. Resolving conflicts between employees The other decision that the manager can make is to resolve conflict among employees who may not be in good terms. The employees may be conflicting with each other regarding an issue. The bias that may appear is when the manager supports one side of the conflicting individual and then disregards the other. The manager may also solve the problem in the manner that it is not supposed to be solved since he is biased towards a given individual. In future he may also develop hatred towards a given individual and love the other since he might see as if one of them is to blame for the conflict. Bias in this scenario may be measured by seeing how the manager judges the cause of the conflict between the individuals. It can also be evaluated by seeing the love that the manager shows towards one employee and the hatred he shows towards the other (Wang, 2011). Bias can also be evaluated by observing how the manager treats the conflicting employees after resolving the conflict. The bias may also be evaluated by seeing whom the manager blames for the cause of the conflict. The kind of bias experienced is over-confident. The bias in the scenario can be overcome by having other people to resolve the conflict together with the manager. The action will help ensure that he does not show partiality of on employees against the other. The manager should also try to solve the conflict without favoring any individual since both of them were involved. It would also be necessary for the manager to treat the two conflicting individuals in the same way even after resolving the conflict (Bennett, 2004). It would also be necessary for the manager to get other people to advise him on how to deal with the individuals who were conflicting at the place of work. The process of overcoming the bias may improve the decision making outcome of the company. If the manager involves other people in resolving the conflict, the decisions would be better than when he was alone. If he fails to show partiality on one side of the employees, he may improve the decision making outcome when he involves them in the process. The manager may involve the employees at arriving at the right decision outcome if he is in good terms with them even after the conflict. References Bazerman, M. H. (2017). Judgment in managerial decision making, eighth edition. S.l.: John Wiley Sons. Bennett, E. D., Klasson, C. R., Brandt, F. S. (2004). Administrative policy: Cases in managerial decision making. Columbus, Ohio: Merrill. Benson, J. (2014). Why plans fail: Why business decision making is more than just business. Seattle, WA: Modus Cooperandi Gary, L. (2008). Cognitive bias: Systematic errors in decision making. Boston, Mass: Harvard University. Jones, T. (2004). Business Economics and Managerial Decision Making. Hoboken: John Wiley Sons, Ltd. Kahneman, D. (2008). Judgment under uncertainty: heuristics and biases. Cambridge [u.a.: Cambridge Univ. Press. Saunders, A. W. (2005). The adaptive function of confirmation bias in decision-making Hons. Diss. (B. Sc.)--Memorial University of Newfoundland Wang, C. (2011). Managerial Decision Making Leadership: The Essential Pocket Strategy Book. Chichester: Wiley.