Give an example of a good decision that you made that resulted in a bad outcome. Also give an example of a bad decision that had a good outcome. Why was each decision good or bad?
Give an example of a situation in your life where you can identify an opportunity loss. Explain why this was an opportunity loss and any implications it may have had on future decisions.
Life is full of decisions and at times, the decision we make may result in pleasant or unpleasant results. Interestingly, not all bad decisions result in wrong results, and not all good decision result in positive results. The decision-making process composes setting goals, gathering information and data and evaluating alternative choices (Hwang, 2012). A decision-making process constitute of more than one step to ensure the final decision is the best among the alternatives.
As the manager of my own firm, I decided to acquire on of my brothers manufacturing firms so that I can increase my production while at the same time increasing my market share in the current market. I n the first two years, the firm was productive and efficient, but this did not last for long. There was an introduction of innovation in the market that knocked me of the market for good. On the other hand, most of the companies go for experience leaving the young and energetic population in the job market without work. I decided to hire two employees fresh from campus to work in the production department, and they have repaid my faith by emerging the employees of the month for three consecutive months.
After I was through with my undergraduate degree, I secured a scholarship to study my masters abroad, but this did not happen due to my poor economic background. Instead, I ventured into business which has paid off because right now I have my own production line. However, there was an opportunity loss when I choose to work than perusing my masters. This has greatly affected my work life considering, most of the employers were looking for masters graduate, and I had to settle for a low paying job. If only I had masters, I would have secured a better job (Zsambok, 2014)
Hwang, C. L. (2012). Multiple attribute decision making: methods and applications a state-of-the-art survey (Vol. 186). Springer Science & Business Media.
Zsambok, C. E. (2014). Naturalistic decision making. . Psychology Press.