A632.1.4.RB - Multistage Decision-Making

When making decisions, I feel that I generally follow a similar method of thinking as discussed in the Wharton (2001) text.  While I had some difficulty following the mathematical problem used to solve the dilemma at hand, the general idea I understood.  I believe it is important to weigh both sides of the decision and look at both long and short term goals when determining a choice. 

The text discusses 2 steps to take before beginning the algorithm to solve the problem.  The first is to accumulate knowledge and the second is decision policies.  Our class discussion this week we watched a talk by Dan Gilbert on why we make bad decisions.  In his talk, he discussed the same algorithm mentioned the Wharton text.  Gilbert pointed out why these types of mathematical equations are beneficial for helping us make better decisions.  He provided excellent examples as to the types of bad decisions we make without even realizing that we are making them.  For me, I feel that I follow a similar rational way of going about making a decision, but after watching Gilbert’s talk, I realized that I make a lot of bad decisions based on irrational reasoning.  My decisions are not consistent throughout my average day or week.  They change given the situation at hand, which is where I struggle as a decision maker.  Using a formula can help to make important decisions more consistent with the method of thinking we all have.  We all come from different backgrounds and different memories that can affect the way we go about making decisions and using the method discussed in the Wharton text can help make those decisions easier for us to incorporate into our problems. 

The idea the Wharton text provides is simple.  “It illustrates a form of logic that is used to solve a wide variety of far more complex problems in dynamic decision making.” (Hoch, Kunreather &Gunther, 2001)  By understanding the given elements to the problem at hand, values and probabilities, we are in better shape for figuring out the answer, also referred to as dynamic programming.  Utilizing this method can help to eliminate unnecessary variables that can altar our perception of our options.  This could help in many ways, as our future decisions and planning would be based on a set of values and probabilities that are not swayed by our own perceptions.

References

Gilbert, D. (n.d.). Why we make bad decisions. Dan Gilbert: Why we make bad decisions. Retrieved October 23, 2014, from http://www.ted.com/talks/dan_gilbert_researches_happiness

Hoch, S. J., Kunreuther, H., & Gunther, R. E. (2001). Wharton on making decisions. New York: Wiley.

A520.9.5.RB - Power

Power has the ability to influence behavior in a variety of ways.  Whetton and Cameron discussed how human capital (personal power) and social capital (social connections) are both legitimate sources of influence that derive from power.  (2011) Having a grasp and understanding of both sources can be beneficial for developing more individual power.  Expertise, personal attraction, effort, and legitimacy are all sources of personal power.  (Whetton & Cameron, 2011)  Expertise is task-relevant knowledge; personal attraction is desirable characteristics associated with friendship, effort is higher-than-expected commitment of time, and legitimacy is behavior consistent with key organizational values.  These characteristics are important to developing personal power because they represent you as an individual and worker. 

I feel that I am comfortable with developing these characteristics, as I would want other individuals I worked for and with to do the same.  Developing these characteristics not only helps with personal growth, but also it show that you are serious, but reasonable when it comes to getting the job done and doing it right.  In our class discussions this week, we discussed a variety of ways to avoid the “death by power point”.  I feel that the general rules of developing a good, interesting presentation can also be applied in a similar manner to the methods used to develop characteristics for personal power.  We discussed that power points need to relate to their audience, be clear and concise, provide strategy, and answer/ask questions.  These same characteristics are equally as important when it comes to developing yourself as an individual seeking growth in personal power.

I feel that I do embody the characteristics discussed in Table 5.4. (p.290).  As a friend and a colleague, I think it is important to support and share your opinions in an honest manner.  If we are not being honest with each other, we can never learn and grow from our own mistakes and ways of thinking.  I also feel that I am always upbeat and positive.  I find that when a lot of people are feeling down or negative about something, staying positive can help reduce the amount of complaining and negativity that can sometimes fester in a workplace.  I also find that sometimes people just need someone with a smile to help keep the idea of positivity within their brains.   I feel the one area where I could use some improvement is with fostering intimacy by being emotionally accessible.  I tend to be a more closed off individual when it comes to emotional accessibility.  I like to have my own space and my own time and get away from the hustle and bustle of the everyday.  I feel I could be more open and available for others when they need me.

References

Whetten, D. A., & Cameron, K. S. (2011).Developing management skills (8th ed.). Upper Saddle River, NJ: Pearson/Prentice Hall.