Judgment, Experience, and Business Essay

Exclusively available on Available only on IvyPanda® Made by Human No AI

“Good judgment comes from experience. Experience often comes from bad judgment.” This statement, which is frequently divided into two halves, presents the opinion that judgment can be excellent or poor. Bad judgment leads to experience, whereas good decision leads to success and satisfaction (Raphael, 2020). To truly gain experience, a person must, nonetheless, learn something from bad judgment. They must act on the knowledge received in order to continue to think properly. This quote, in general, means that one must learn. To acquire a result, any outcome, a person must make a decision and take action (Sadler-Smith, 2021). If the outcome is considered beneficial, the decision was correct. If not, it became a valuable learning experience (Saunders, 2021). In this case, judgment entails assessing the situation, considering possibilities, deciding on a plan of action, and carrying out that choice.

It is important to think about what needs to be done before taking any action so that one can compare what was intended with what was achieved and try to identify which aspects of the solution were not properly assessed. Knowing how to modify the analysis in the future will lead to more accurate decisions (Sadler-Smith, 2021). Building on previous experience and considering how to approach this activity in a new way is essential in this regard (Saunders, 2021). In an effort to save time, there is frequently haste, which results in an inability to adequately evaluate the issue at hand. An evaluation of what went wrong should be done in order to report the outcome as a learning experience and help make better judgments next time (Raphael, 2020). Nobody develops experience by doing the same thing repeatedly with minor variations. Assumptions, efforts, knowledge, and unanticipated factors should all be considered while putting together a picture and answering the issue of what went wrong in order to gain actual knowledge.

The ability to make sound judgments and conclusions is a valuable trait that can be applied to many spheres of life, including business. Good judgment is one of the crucial characteristics of almost every entrepreneur or company owner. The transition of information into comprehension is required by any leader, CEO, or director (Sadler-Smith, 2021). This is especially essential in business because one might make the best strategic decision in the world and still lose. Whether or not these decisions will be effective is determined by how and by whom they will be executed (Saunders, 2021). The same can be applied in business planning when poor execution can lead a business in the wrong direction. Bad judgment and lack of knowledge can result in poor decisions leading to business losses. For instance, businessmen with passion but no sense of financial responsibility might quickly run out of money, while those with charm but no sense of direction frequently lead their organizations on the wrong path (Sadler-Smith, 2021). The end outcome may be determined by pure chance and elements beyond control, but measured judgment is what will increase the chances.

Overall, the experience track and the sense of weighted judgment are interconnected and applicable to the different spheres of life. A person must learn from their mistakes in order to achieve true experience. If the outcome is favorable, the decision was made correctly. An analysis of what went wrong should be carried out in order to describe the outcome as a learning experience and aid in future decision-making.

References

Raphael, D. D. (2020). Moral judgement. Routledge.

Sadler-Smith, E. (2021). Hubris, bad judgement and practical wisdom in politics and business. In Judgment and leadership. Edward Elgar Publishing.

Saunders, C. (2021). Disjuncture and development: A learning theory approach to leadership judgment. In Judgment and leadership. Edward Elgar Publishing.

More related papers Related Essay Examples
Cite This paper
You're welcome to use this sample in your assignment. Be sure to cite it correctly

Reference

IvyPanda. (2023, February 25). Judgment, Experience, and Business. https://ivypanda.com/essays/judgment-experience-and-business/

Work Cited

"Judgment, Experience, and Business." IvyPanda, 25 Feb. 2023, ivypanda.com/essays/judgment-experience-and-business/.

References

IvyPanda. (2023) 'Judgment, Experience, and Business'. 25 February.

References

IvyPanda. 2023. "Judgment, Experience, and Business." February 25, 2023. https://ivypanda.com/essays/judgment-experience-and-business/.

1. IvyPanda. "Judgment, Experience, and Business." February 25, 2023. https://ivypanda.com/essays/judgment-experience-and-business/.


Bibliography


IvyPanda. "Judgment, Experience, and Business." February 25, 2023. https://ivypanda.com/essays/judgment-experience-and-business/.

If, for any reason, you believe that this content should not be published on our website, please request its removal.
Updated:
This academic paper example has been carefully picked, checked and refined by our editorial team.
No AI was involved: only quilified experts contributed.
You are free to use it for the following purposes:
  • To find inspiration for your paper and overcome writer’s block
  • As a source of information (ensure proper referencing)
  • As a template for you assignment
1 / 1