Explain the process of crafting an organizational mission statement. Why is it important, and what is its purpose? Is there a link between organizational values, leadership, and a mission statement?
To write a mission statement, you start by defining the organization. You need to explain ‘who’ the organization is and provide a description of the leadership. Next, you need to say what the organization seeks to accomplish. In this regard, you need to explain why the organization exists and what its ultimate aim is. The business statement should follow, and this explains the activities that the organization takes part in. Finally, the values of the organization should be briefly mentioned. Organizational values and leadership should all be included in the mission statement because they help define the essence of the organization.
Describe the process of making good decisions and illustrate how good decisions create value. Do bad decisions destroy value? What are the role of systems thinking, intuition, and analytics?
In order to make good decisions, first, identify your goals. You need to define the problem that your decision needs to solve. Next, you need to weigh your options because this will help you decide what needs to be done to solve the problem. The third step is to consider the consequences of your decision. You need to ask yourself what the likely result of your decision is. Finally, make your decision guided by the information collected. After making the decision, you need to evaluate it to see if it works. Good decisions create value because the people and institutions affected by them learn to trust the decision-maker. Bad decisions destroy value because they lead to a loss of confidence in the person who made them. Systems thinking intuition and analytics guide the decision-making process by ensuring that all affected institutions and individuals are taken into consideration. These three aspects help managers identify the needs of everyone and find ways of dealing with them.
Research and identify an example of the Blue Ocean strategy. What is the role of creativity and lateral thinking in the process of thinking outside the box?
Blue Ocean Strategy is an attempt to identify a market that does not exist and has no competition. For instance, if a company realizes that co-working spaces are non-existent in most African countries, they can use the knowledge to set up a unique business. Creativity and lateral thinking help individuals make unique decisions by identifying ways of overcoming already-existing challenges. By employing lateral thinking strategies, decision-makers can assess situations from a number of angles and come up with creative ways of tackling any challenges that may arise.
Should you or should you not trust your gut? Explain the dangers associated with hidden traps in decision-making. What steps would you take to avoiding falling into these traps?
You should trust your gut when making decisions in situations that are similar to those you have successfully tackled before. However, when faced with new problems, you need to take into consideration all reasonable factors that are related to the situation before making the decision.
Hidden traps can lead to panic, ultimately leading to institutional damage. In order to avoid such traps, the person making the decision needs to identify all institutional and societal units that will be affected before taking action. If necessary, the leader needs to factor in the views of other people that will be affected by the decision.
Is there a link between an algorithm and a sustainable competitive advantage? What would you do to extend the Competitive Advantage Period? What is the role of systems thinking and analytics in creating that advantage?
Algorithms can help make decisions that favor an institution by helping identify the weaknesses in their operations that need fixing and gaps in the market that can be taken advantage of. To improve the competitive advantage period, managers need to constantly research their market and find gaps that have not been exploited. By ensuring that an organization constantly provides a service that is not offered by other institutions, the company can maintain a competitive edge for a long time. This is based on the public confidence that reliable institutions gain over time. A regular review of functional processes helps institutions to operate at optimum levels by eliminating weaknesses and boosting strengths.