Strategy - page 2

What is Inductive Reasoning?

Darryl Bachmeier Sep 10, 2019 Strategy

Inductive reasoning describes the logic of rational thinking that involves formulating generalizations based on particular facts you know, observations you have made, and incidents you have experienced. It is the specific approach towards rational thinking that involves formulating conclusions based on detailed information. This technique is an essential critical thinking practice that most employers look for when hiring new staff. Generally, it is a type of soft analytical skill. Thus, it is unlike the hard skills that generally demand technical training and are job-specific. In any case, inductive reasoning relates to how you respond to ideas, social situations, and people around you. Most employers look for candidates who can determine changes in patterns and use inductive reasoning to formulate proposals, policies, and strategies based on those patterns. For that reason, inductive reasoning is a crucial skill that you must showcase when submitting job applications or interviews. How Does Inductive Reasoning...

Sunk cost Fallacy - The background Psychology

Darryl Bachmeier Sep 1, 2019 Strategy

We all have had experience the sunk cost fallacy either consciously or unconsciously. Often we buy some expensive stuff from the market and then tend to overuse to compensate for the price paid on the purchase. Similarly, while purchasing any meal bucket from fast food, we eat as much as possible, not out of hunger just because of the money involved in buying that meal. The phenomenon is equally true for a time as well as effort apart from the money invested. The Logic Behind the Sunk cost fallacy The irrational behaviour which is consistent even after investment in time, money or effort has been made lead to sunk cost fallacy. People who fall in the trap of sunk cost fallacy find benefits associated with their investment, which ultimately becomes the strongest urge to continue working on the project. Humans measure the effectiveness of any decision in the light of...

Making Organizational Decisions - Model-Based Approach

Darryl Bachmeier Aug 24, 2019 Strategy

For any person, decision making is one of the inseparable aspects of life. From waking up in the morning to going back to bed at night, almost every minute, we’re having to make decisions either consciously or subconsciously. One estimate shows we make 35,000 rational decisions in a single day on average. So needless to say decision-making encompasses a large part of our life. But all decisions are not the same. Something as simple as choosing breakfast has very little consequence compared to say making organizational decisions. Whatever you may have for breakfast, whatever the decision or choice might be, the stake is very low. But when you’re making an organizational decision, the company’s prospects, growth, profit, and any other major aspect may be in line, which makes the stakes of that decision significantly higher. And with higher stakes comes the higher dilemma of decision making. So how do you...

Change management - What is it and why do you need it?

Darryl Bachmeier Aug 21, 2019 Strategy

Organizations are constantly evolving with the change of process and technology. The dynamism of business processes is constantly pushing them to adapt to new scenarios and environments. Something as recent as Covid-19 forced many businesses to adopt changes that would’ve otherwise not been implemented. The process of bringing changes and ensuring the changes have a desired result and impact is termed as change management. Change management is an intricate part of any business considering it is the only means of assessing whether the implemented changes are having the desired change or not. By nature, people are resistant to changes. We love to stay and operate in an environment and process that is familiar to us. Bringing about changes to any existing system that is in effect for a long time might have a negative impact on the employees and the overall output of the organization. so how do you effectively...

How to Maximize Brainstorming in Your Organization

Darryl Bachmeier Jun 26, 2019 Strategy

Need is the necessity of invention. However, we don’t always have the luxury of time to wait for inspiration to arrive before we produce innovation. In this fast-paced and modern world, time is crucial all the time. Whether you are working on a solution to a problem, thinking of a way to battle a competitor, or looking to create a revolutionary product to get ahead of everyone in the market, it is beneficial if you and your team know how to bring your ideas together to reach a common goal. For organizations, brainstorming paves the way for the best ideas that come. Why Brainstorm? Brainstorming is a great way to collaborate and get creative juices flowing. For a leader, it is healthy to do brainstorming consistently and not only when faced with challenging situations. It stimulates the brain to continuously generate ideas, as well as ask questions that could potentially...

How To Manage And Unblock Bottlenecks

Darryl Bachmeier Jun 25, 2019 Strategy

Unblock Bottlenecks A problem occurs in a process when the input comes faster than using it to create output in the next step. The term compares property (information, materials, products, and human times) to water. When water is poured from a bottle, it must pass through or through the neck of the bottle. The wider the Bottleneck, the more water (input assets) you can pour. The smaller, or narrower, the Bottleneck, the less you can pour - and you end up with a backup or “Bottleneck.” What are the types of Bottlenecks? Short-term Bottlenecks Short-term Bottlenecks caused by temporary complications. A great example is when key team members are sick or on vacation. No one is available and qualified to take over their projects, which causes a backlash in their work until they return. Long-term Bottlenecks Long-term Bottlenecks occur all the time. There will be an example when a company’s...

How-Make-Root-Cause-Analysis-Work-for-Your-Organization

Darryl Bachmeier Jun 24, 2019 Strategy

While we cannot always test the waters before we go through them, we can resort to a systematic way of analyzing a situation and mitigate the risks and of identifying a problem and finding a solution. We can follow these steps like we used to back in middle school in Science class: Identify the problem Observe and analyze Formulate a solution Make a conclusion For organizations, you can follow the same backbone but only to expound step two, resulting in more outputs for step three, which also broadens your ability to cope with it the next time the problem happens. Quality management is important for organizations as it centralizes the quality standard across all the branches of the organization. These branches were asked to simultaneously follow the same approaches as well as use the same tools and techniques to address a problem. Root Cause Analysis (RCA) is one of the...

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