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Dangerous biases can creep into every strategic choice. Heres how to find them before they lead astray. The article is by Daniel Kahneman, Dan Lovallo and Olivier Sibony.
The article gives good business ideas on what to do before making a major decision. It cuts across all the stakeholders in the business decision making the process.
When making decisions the executive should design a 12 based questionnaire which would help fit any form or biases that might be witnessed with the players bringing the proposals and making the decision on what should be done. First, the decision-makers have to ask themselves several questions, for instance, are the people making the recommendations sort favors with them, were there differing opinions within the team when making the recommendations.
The decision-makers ought to ask the team making the recommendations several questions such as. Have any alternatives be considered, in case you would make this decision this year again which information in it would you want to include more in it. Finally, they should give an account of where they got the numbers from.
Some questions are mainly focused on evaluating the proposal. These questions include is the base case optimistic, is the worst case in the proposal bad enough and finally is the recommendation team cautious.
At the beginning of the article, the writers paused a question on why people are incapable of recognizing their own biases. This question sets the pace for a broad discussion on how to deal with human biases when making decisions in the article.
The Mona Lisa principle book was written by Leonardo who undertook to paint Francesco Del Giaconda the portrait of Mona Lisa the wife.
Buffalo a thriving center of commerce, which harboured rice from the Midwest processed the rice and sent it to New York and different places in the world. It became almost the largest city in the United States. Though with competition in 1950 from the Sun Belt the business in buffalo dried up. This made the city to even depend on the subsidies given by the federal government since it didnt have its source of revenue.
In 1990 the Rigas family through there cable Television Company came up to be the saviours of the city and at least brought it back to its feet. The company increased the citys revenue greatly within the years that it operated. The family even went ahead to buy the local hockey team and even announce to build a multimillion operations center that would help create thousands of job opportunities to the people of buffalo. Just as the deal was becoming too sweet the Rigas family was inducted for looting a large amount of money from its investors through their company. This forced them to flee from the city to other states. The city once more got back to its usual disappointment.
Ani DiFranco and the business partner scot fisher and righteous babes president move forward to save the city. DiFranco a famous rock star and who had hundreds of fans and sold millions of her CD music. He had a label that he worked under. They helped build buffalo by even doing a multi-million fundraiser to build a church in the city. They also created several jobs to help the people in the city.
The ties that bind. The author is Vanessa duties.
The union square hospitality group was known by Marilyn McDevitt Rubin, because of its sweet American food made by Indian herbs. She brought her friends for lunch because she had known the place of its good food and impeccable services.
A scenario occurred when they were waiting to be served, where the waiter currying the glass water on a try knocked the chair moved by Rubin making the tray of glasses with water to fall on Rubin. Instead of Rubin being the one to apologies for mistakenly moving the chair. The waiter was the one busy apologizing and even went ahead to bring towels to wipe out the water that had got to rubies cloths. This show good hospitality from the hotel staff.
The best way for a business to thrive greatly is by connecting with its customers from the grassroots level. This is by giving back to the society a good example is when a company is perceived to be financially well of, it should engage in activities such as sponsoring groups events and some projects in a society so that it can improve its customers loyalty and would eventually start buying its products.
The Challenges of Reducing Work Hours and Enhancing Safety Compliance as written by Tanvir Alam.
The ready-made garments sector which is leading export sector in Bangladesh has a great potentiality but facing many challenges. Its one of the leading employment sectors with approximately 4.2 million people employed in 6000 different factories. The main two problems that this sector is facing are excessive working hours and workplace safety compliance.
When one has to provide for the family and needs has to work overtime to supplement their low wages but the payment in most of the instances is not available since its not paid to the workers. This makes the workers strain up to meet the unrealistic targets which must be met before the week or the day.
The workers in the factories are exposed to infections and diseases due to poor working conditions. This makes the work lag behind due to more sick leaves leading to reduced workforce hence daily targets are not hit.
The main questions here are there not qualified personnel in the management positions who can make the flow of work efficient, is there an elaborate plan to run the daily business of these companies and can the workers be given a quality training about their rights and roles.
Worldwide responsible accredited productions 12 principles.
Compliance with Laws and Workplace Regulations
There are legal requirements and standard industry which are under local and national laws of the jurisdiction in which the facilities are doing business. All these include the rules and standards of ethics where corruption and transparency are covered.
Prohibition of Forced Labor
This is ensuring all workers are all under the labour contract signed after agreeing with the terms and conditions of the contract. This contract has to comply with the legal requirements of labour laws
Prohibition of Child Labor
This is when work is done involuntarily. It involves employing underage children where 14 years or under is a minimum age written in law. The good age enacted by labour laws of employing children above the age of 18 years and above.
Prohibition of Harassment or Abuse
The workplace should be respectful of workers rights and their dignity by ensuring no physical punishment of any way
Compensation and Benefits
Workers should be paid minimum expenses and compensation as stated by the law or in the contract including the wages and allowances. It helps facilitate the wellbeing of the employee.
Hours of Work
The hours of workdays of work should not exceed the limitations of the countys law. Facilities will provide at least a day off on every seven ay period
Prohibition of Discrimination
According to the contractual terms, no business is allowed payment, employment, promotion, the termination will be done on their ability to work.
Health and Safety
A healthy conducive working environment is best for the best input in the workforce garments required for the work to avoid infections also are important.
Freedom of Association and Collective Bargaining
Collective bargaining between the workers and employers is healthy since the employees exercise their lawful rights hence a strategy places for addressing the workers grievances.
Environment
The location of the factory or institution is important most factories emit hazardous gasses that may cause sicknesses some emit wastes to water sources hence harmful to water bodies and hence the humans get affected.
Customs Compliance
When shipping goods compliance with the customs duties and rules is very important.
Security
Security in a wider perspective involves the security of the working institution, the movement in and out of cargo.
Social good meets business strategy putting your signature on CSR. The article is written by Jessica Abensour.
The signature CSR allows the company to better bring together limited resources to drive greater community, social environment impact. In the result, a greater return is generated for the business.
Hypothetically a signature will represent a significant investment on philanthropy, people, partnerships and products. It should also be an extended commitment, with a specific issue that is reasonable to the employees.
Some companies that have interests in the communities where they source there manufacturing products from. They tend to equip the community members with education and training that can minimize competition from other stakeholders. Generally, this shows that being a good corporate citizen is no longer identified by the amount of money the corporation gives. Rather it is identified by the impact it brings to the society and the business bottom-line.
How to stand out in a crowded market place, to differentiate your brand. It is prudent to let a consumer focus guide your strategy on operations. The article is written by Isaac Krakovsky.
The inability of some companies to forge a connection with its customers is one of the major problems that is leading many companies to fall. In a recent study that was conducted with the PwC consumer survey, it showed that consumers will be willing to pay as much price of a commodity and even stay loyal to a specific brand based on how good the company has brought up its connections with its consumers.
A company should engage the consumers widely to improve there services. They should make them aware of operational capabilities and strategy by basing more focus on what should be done best to the customers. Realizing that value s more than just price. Finally knowing who your customers are.
Winning a brand challenge cannot fade away easily when caught in the middle. Having a plan that is centred on identifying a customers centric strategy and also bolstering. operations. Finally by checking continuously protecting the brand identity. Eventually, with this, the company will be in a long-lasting path of differentiation.
Bibiliogy
Biases that creep strategic choices by Daniel Kahneman, Dan Lovallo and Oliver Sibony. Harvard business review.
Monica Lisa by Leornard.
Ties that bind by Vanessa Duties.
Challenges of reducing working hours and enhancing safety compliance by Tavir Alam.
Social goods that meets a business strategy by Jessica Abensour.
World wide accredited production principles.
Daniel Kahneman et al. biases can creep strategic choices. Harvard Business Review, 12.1(2013)23.
Ibid 24.
Ibid 32
Ibid 56
Leornard monica lisa
Ibid 23
Ibid 64
Vanessa duties ties that bind
Ibid 132
Ibid 89
Tanvir alam challenges of reducing working hours and enhancing safety compliance
Ibid 15
Ibid 45
Jessica abensour social good meets business strategy
Ibid 51
Isaac krakovosky how to stand out in a crowded market plave
Ibid 17
Ibid 12
Ibid 45
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