As the clock strikes midnight, the world once again brings in another new year with anticipation. For many people, the last several years have been filled with financial crisis and personal turmoil.
With the realities of globalization, one country’s misfortune can have negative consequences for other countries across the world. Therefore, a new year brings a lot of uncertainty for the future.
Furthermore, today’s businesses must be ever on guard for market turbulence and global threats. Given this reality of personal consequences, individuals must be more mindful of effective decision making. In fact, bad decision making can hurt an organization as well as an individual.
Denis Collins, author of Business Ethics, notes that the prevalence and costs of unethical decision making at work can be substantial for businesses. Therefore, good decision making can dilute a competitor’s advantage. In this discussion, we will examine how decision making can carry unintended consequences.