Tuesday, May 5, 2020
Management under Uncertainty for Cocksure- myassignmenthelp.com
Question: Discuss about theManagement under Uncertainty for Cocksure Mentality. Answer: Reflective Essay: Introduction: Overconfidence has to do with the presupposition and unnecessary consideration in the abilities of one. Certain people are gifted with several talents along with the abilities; it is generally serving the people in trying and toning down on the ways they expose these to some others as people might be very judgmental. Therefore, overconfidence possesses cocksure mentality that is desirable in the current society. Annotated Bibliography was the theme of the group activity and we came up with the idea of analyzing the managerial overconfidence and the ways it can create challenges within the working environment. From a very tender age, I have heard that confidence is good but overconfidence might lead to jeopardize or hamper the working environment. I really detest the egotistical individuals as they possess the mentality of knowing-it-all and having a greater disregard about the opinions of the other people along with the contributions in the regular events of our lives. In this way most of the people generally shun away from these kind of individuals as they are likely to be egocentric and self-centered. Managing overconfidence people within team is a challenging job. It is about putting the right people in right job and control the people who might at times jeopardize the situation with their level of overexcitement and overconfidence (Kiyotaki Miyakawa, 2016). It was decided who would be doing what like filtering of the articles, selecting one appropriate, analyzing and initiating a report for the same. Our topic was managing overconfidence sow e decided to keep this as the main agenda of our team too, to have a feel of what it takes to deal such situations as we have one or two people who does possess overconfidence in them. It is interesting that people having overconfidence will never accept it themselves that they are overconfident about something. They would try and impose their suggestions and decisions on others as they think they know better than the others present. This would take into account two theories which would enable us in better understanding the ways of managing overconfidence like the Fishers Theory and Functional perspective. The theories that would be dealt with were mentioned after concerning the members of the team. Analysis: Fishers Theory: One of the important theories that come to mind in the segment of group decision making is Fishers theory of decision emergence. This theory of decision emergence takes in four phases that a group generally goes through in the process of decision making. As per Fisher the allotment of various tasks along with the decision making modifications a team and when being managed in booming manner, it makes the team stronger (Hsu, Novoselov Wang, 2014). In a team there generally exist individuals having different mindset and different level of confidence. The first phase within this theory is the orientation phase. It is the time when the team members ascertain relationships but also contains tensions. Effective level of communication is significant within this phase but it is also intricate because of the fact that the team members might know each other in trusting one another well enough. This happens within organizations too where groups are formed, members are brought in but trust is something that is developed over a period of time. This happened with this team too. We met; we came to know about each other and the kind of personality we are and the ways things are going to pan out when we sit down for the serious business. The way we talk, the way we communicate we each other brings about the level of confidence and attitude we possess. Next is the conflict phase where new ideas fly like anything. This is the phase where new ideas are being discussed and there might exist significant tension as the proposers along with the champions of the unconventional advancement intermingle. Is there exists a natural order within the team emerging, then a stronger team can result. We involved everybody in this, as we needed the maximum number of ideas so that we had options in filtering one that the other groups might not think of and we end up analyzing something that is unique and important from the perspective of the organization and Managing Overconfidence is one such topic. The next phase is the stage of emergence, where the result of the conflict takes into appearance. During this phase some of the people require to alleviate their situation that should not seem dominating. One might be good in something and another might be average, as it is a group activity people within the team should put the interests of the team above the personal goals (Tenney, Poole Diener, 2016). People should help each other within a team. The final phase is the reinforcement chapter where all the members required committing to the plans and the objectives, whether they consent with them personally. We agreed to the plan we created involving everybody and initiated the process. Functional Perspective: Hirokawa and Gouran were convinced with the idea that group interaction brings about positive effect on the final outcome. This prediction takes into account the assumptions which the members of the group care about the concern stated to be sensibly intelligent, facing a task that is challenging, calling for fresh ideas and precise thinking (Hilary et al., 2016). If the group fails in satisfying the requirement of the task, it is in all probability that the personal prejudice would be driving the choice instead of the reason. There should not be any confusion related to the person who is leading the group or taking the calls in case of emergency. Critical Discussion: It is important to deal with people within the team who are overconfident and it is important to understand the kind of overconfidence one is dealing with within the team. Sometimes these overconfident people fly too high and being a member of the team it is important in bringing them back. It is important to let them know that that nobody is perfect in the world. The model of bounded rationality would take in admitting the fact that the rational manager or the group leader does not possess the absolute information along with the optimal choices that are not always needed. The rational behavior of the humans is being shaped by the cutters whose both the blades are the construction of the environments of task and the computational potentials of the actor. Bounded rationality is faceted by the activities of satisficing and searching. We had lot of options while searching for the articles to evaluate and analyze the things present. The searching process needs to be made easier through the detection of the regularities in the environment of the task. It is important for the main members of the group leader in assessing the alternatives before making the final call on the activity. Overconfident members needs to be talked with frankly when coming up with plans with even the overconfident appreciating the sounding board and one if able to provide that and illustrate what the team is looking for, one is likely to make them questions their own decisions (Lazear, 2016). It is important for the team members in keeping their options and alternatives open while dealing with the overconfident members. If one of the associates is stated to be overconfident, it sometimes becomes frustrating to encounter the same on regular basis, but members surely can deal with this is through avoiding of the same. Overconfident members would give much emphasis on the others to take up their ideas and suggestions, though it is important for the other team members to make them understand that they cannot be right all the time and that everyone should be heard proper justification is required before taking up on any task. Recommendations: It is important to deal with people in the team who are of overconfident nature which has been the agenda, as it jeopardizes the overall situation most of the time. This research that has been taken into consideration was restricted in many senses. This was the first time we as a group indulged in such decision making activity and there were bound to be some mistakes through which we have learnt not to repeat them in the near future. Letting a team down for the individual conflict and objectives is not what is required for teams indulged in project work, especially when we ourselves are doing a research on the papers related to managing overconfidence. Overconfidence is something that if not controlled or avoided might bring about conflict among the team members jeopardizing the overall work process. It is important on the part of the managers or the team leaders to keep the interactions brief with the ones oozing with overconfidence and which would ensure minimal disruption in both life and work. It is also important in showing empathy for forming a bridge with an employee. This would help in communicating in more efficient manner that there is an issue and he/she requires working on the displayed attitude at the place of work. It has been found during this task that overconfident team members at times engage in discussions of needless nature and prolonging the time of the meeting. When we rejected a common topic that was suggested by one of our overconfident member he was adamant on why we were not taking up that topic and might end up having issues later on. It is important not to conciliate on the timings of the meetings and staying calm in making sure the deliverables remain on track. Reflective Essay: Introduction: With the first article done and dusted, it was time for the second one with more filtering required on the same topic. The group is more settled under the present circumstances and group members know well what to expect from whom. Overconfident members have been curbed down a bit though such traits are hard to resist. At times they become over enthusiastic on certain things that lead to more confusion and jeopardization of the overall work. Bringing everybody together and going along with the same process should not have created any confusion and commotion, but with one or two overconfident members in the kitty things were bound to get messy (Hoffman Burks, 2017). Roles were reversed so that everyone within the team felt themselves to be an integral part of the team. For the second article we thought of going for the Managing of CEO Overconfidence as it was important to understand and feel that overconfidence can come from any part of the management and situations might be different for different people depending on the position and level it is coming from. It was important for us as a team to understand even the big bosses can have overconfidence which at times might create challenging situation for the whole group. The theories taken into account for this reflection is the rational decision making where alternatives are given importance like we did while evaluating the various work process of the group task along with the functional perspectives of the team that s significant while clearing out the roles of every team member before the task so that there is no confusion. Analysis: There are certain theories related to decision making but in this part we thought of stating the rationality in decision making that is said to be effective in the process of making decision that must be rational (Navis Ozbek, 2017). However, it was important for us to understand the true meaning of rationality. As a group were we being rational with our approach. We found out that the true meaning of rationality was in making an attempt in reaching the goals of the group or the organization in systematic manner. Each member within the team should have relevant information about the topic we are dealing and of the roles of each of the team member needs to be clear so that there should not be any conflict of roles. People who have been deciding rationally are the ones who reach their goals in the most systematic of manners. We were trying for the same. We were very much on course for systematic thinking so that there does not arise any sort of conflict within the team members that mi ght dampen the spirits and endangers the overall process of the work process. Rational Decision making The rationality of decision making is generally based on the 4 stages or steps in making the rational decision which are stated to be gaining relevant information, assessing the same along with evaluating and making choices (Hsieh, Bedard Johnstone, 2014). There exists two steps that requires following by either the individuals or the groups while making rational decision making which are: Searching for the alternatives: Given the fact that we knew what our objectives are, the first step in the process of decision making should be searching for the alternatives (Tsai et al., 2017). Searching for the alternatives is mainly been based on the concept of restrictive factor. The principle of the restrictive factor is in identifying and overcoming the factors that stand critically in the direction of goals, like we had in managing the overconfident nature of people that might have resulted in team conflict and jeopardized the overall work process of the group activity (Ancarani, Di Mauro DUrso, 2016). As a team and also an individual it is important to go for the best course of action. Evaluation of the alternatives: The next step in the process of decision making is in evaluating and picking one that would be contributing best to the goals of the group or the organization. While selecting the articles for the group activity work we were searching for all the best alternatives that we could go for incase we land ourselves into trouble while going for assessing of the articles (Libby Rennekamp, 2016). Functional Perspectives: We did discuss on this while writing the first reflective part and decided on mentioning the same again in this part too. This task was challenging for the purpose that the topic was bit new to us; we came together for the first time and had to manage different personalities down the course of action. Confusion should not exist within the team for attaining the result in better manner. Every members role within the team should be clear so that there is no confusion at the end of the day on who is doing what. Critical Discussion: It is key in dealing with people having overconfidence; something that I have noticed does not lessen within a course of time. Sometimes these people find it difficult in understanding the things going around them and that they need to control themselves for the betterment of others. They cannot be perfect all the time, and that is what we decided on imposing over them before they could on us with their ideas and suggestions. We have dealt with the team members showing signs of overconfidence before to when we came together for the first time. Things have changed a bit, they have controlled their emotions to a greater extent and things have started becoming easier for the group. I understood it was about time we look for better results and overcome the challenges we had as a team and motivate ourselves to surpass the others. We have tried and had lot of communication with them and have been stern on the things they require to do and that what are the expectations from them. Atleast one of the team members understood what the team requires out of him and curbed down his emotions a great deal like in the first meeting he was jumping around, confronting to what others were saying and always wanting to impose their ideas and sayings on the others even if they would not like whatever they have to say. Recommendations: Under no circumstances is it feasible in letting the team down through regular conflicts among the team members if they fail to manage overconfidence. Moreover, we had to show some sense and maturity in dealing with time and members for the fact we were researching on a paper that did ask about managing of the overconfidence nature of individuals at workplace. We have implemented in keeping things easy and brief while dealing with the overconfident members and it did work a great deal. We were not allowing any fake discussions or illegal talks with the overconfident employees because they seem to thrive on all those sort of things. We found these overconfident ones having trouble in taking rejections and that is when they seem to go out of control. We curbed that as well through regular meetings and assigning them things they are best at. References: Ancarani, A., Di Mauro, C., DUrso, D. (2016). Measuring overconfidence in inventory management decisions.Journal of Purchasing and Supply Management,22(3), 171-180. Hoffman, M., Burks, S. V. (2017).Worker Overconfidence: Field Evidence and Implications for Employee Turnover and Returns from Training(No. w23240). National Bureau of Economic Research. Hsieh, T. S., Bedard, J. C., Johnstone, K. M. (2014). CEO Overconfidence and Earnings Management. Kiyotaki, F., Miyakawa, T. (2016). Delaying promotion to persuade overcon?dent employees. Lazear, E. P. (2016).Overconfidence and Occupational Choice(No. w21921). National Bureau of Economic Research. Libby, R., Rennekamp, K. M. (2016). Experienced financial managers' views of the relationships among self-serving attribution bias, overconfidence, and the issuance of management forecasts: A replication.Journal of Financial Reporting,1(1), 131-136. Navis, C., Ozbek, O. V. (2017). Why Context Matters: Overconfidence, Narcissism, and the Role of Objective Uncertainty in Entrepreneurship.Academy of Management Review,42(1), 148-153. Ou, A. Y., Tsui, A. S., Kinicki, A. J., Waldman, D. A., Xiao, Z., Song, L. J. (2014). Humble chief executive officers connections to top management team integration and middle managers responses.Administrative Science Quarterly,59(1), 34-72. Tenney, E. R., Poole, J. M., Diener, E. (2016). Does positivity enhance work performance?: Why, when, and what we dont know.Research in Organizational Behavior,36, 27-46. Tsai, F. S., Lin, C. H., Lin, J. L., Lu, I. P., Nugroho, A. (2017). Generational diversity, overconfidence and decision-making in family business: A knowledge heterogeneity perspective.Asia Pacific Management Review.