Leadership and Decision Making

A leader may successfully assess their views, behaviors, and effects on others when they are self-aware. If self-awareness is not gained, the leader tends to isolate followers and makes more mistakes due to their following behaviors.

Additionally, the problems brought on by the leaders’ lack of self-awareness damage them, the members, and the organization. With self-awareness, leaders are likely to be able to control their emotional intelligence, damaging their relationships with coworkers and other stakeholders in the firm.

The usual biases harm the decision-making process by presenting a variety of changes irrelevant to the decision and overestimating judgments. People cannot notice any changes or attempt to gather information not readily available when their awareness is bounded. The person has a propensity to overlook important information necessary for making decisions. Making an important decision might be made more difficult by emotions. When a leader motivates their team members, it improves their ability to think and construct a decision-making process. Motivation tends to aid in decision-making. Have a good evening, everyone.

Significant ethical considerations include individual characteristics, such as age and socioeconomic level, past experiences, cognitive biases, increased commitment and sunk results, and a sense of personal relevance. All those ethical considerations may impact the decision-making process and the choices taken.

Multinational firms should maintain universal ethical standards and values wherever they operate and set a high standard for safety regulations, environmental protection, and human rights. All cultures should aim for these essential norms of behavior, which are universal ethical values. The corporation and its personnel should act ethically regardless of the degree of corruption in the host nations where they conduct business or where their own country falls on Transparency International’s Corruption Perceptions Index. So, if a business operates globally, its code of ethics and the IMA Statement of Ethical Professional Practice apply in all its locations. Understanding cultural variations is crucial, but your company’s core ethical principles should always be maintained.

References:

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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ASSIGNMENT DETAILS:

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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