Critical Thinking Skills and Managerial Decision Making

Question: Discuss about the Critical Thinking Skills and Managerial Decision Making. Answer: Introduction: Critical thinking is a self-corrective thinking which has a rigorous standard of excellence and a mindful command for implementing. Effective communication and problem-solving abilities are the fundamental characteristics of critical thinking. According to the opinion of Anastasi (2013), critical thinking is a foremost valuable skill for the students to solve the problems in class assignment and real world situations. During my course, I have learned that critical thinking is the aptitude that helps to analyse the way of thinking. It also helps with by providing a set of ideas regarding a specific subject matter. I acknowledged that critical thinking offers several benefits for preserving better control of the learning process and understanding for the other points of view. On the other hand, the managerial decision making process is one of the most significant parts while experiencing a large number of problems. The establishment of critical thinking is also important here minimise the issues. The concept of decision making includes the advertisement expenditure, investment expenditure and the other problems which can be incurred while taking the decisions (Bachkirov, 2015). Adding to this, the decision making approach is a daily activity for the human activity. The course work helps me to understand that the decision making process is engaged both in the business organisation and the real life activity. The current study attempts to evaluate the significance of the critical thinking and the managerial decision making process through a course. The study also focuses on the learning process and the other learning activity which had been conducted in the whole semester. Body: During the class assignment on critical thinking, I could understand the importance of teamwork and empathy. The skill of critical thinking has helped me to understand and experience the views of the other class members. To support my learning experience, I found that Leicester Taylor (2010) stated that critical thinking is important in order to enhance the ability to work with the different people. Additionally, I experienced that critical thinking is also very important in the new knowledge economy. Communicating with clarity is the other major component to achieving a better result for the communication. The course has helped me to learn the ten tools of clarity such as Emptying your bucket, Inspection, Why, So what, What is the need, Anticipatory thinking, What else?, The ingredient diagram, Vision, The thinking coach. In the duration of my semester, I understand that having strong experience is essential to keep more confidence in the premises. The triangular thinking has also achieved through the course that helps me to identify my level of confidence. In addition, triangulating is also fruitful to estimate the prospective future (Edbert Rajan Prasadh, 2015). Furthermore, influencing and persuading is highly beneficial for formulating initial thinking on a topic. According to the view of Reyna (2008), influence someone is essential to adopt the different facts and conclusion. On the other hand, persuade someone is also important by weakening the premise. Thus, an inference can be drawn that ten tools of critical thinking are important to keep a focus on the individuals behaviour. I have understood the prospect theory which describes the behavioural action of the people to choose the probabilistic alternatives. Considering the words of Thompson (2016), Prospect theory assists to assume the losses and gains of the probabilistic outcomes. Ion my mid terminal subjects, I have made an analysis of the decision making an approach for the development of the behavioral economics. The prospect theory also covers the understanding of peoples cognitive frames. Adding to this, the automatic versus critical thinking consider the other perspective of th inking to avoid the distortions. I came to know that incorporating the other thinking is also important in the critical thinking process. The critical thinking framework which has taught in my class has helped me to identify major decisions. In the opinion of TrnnbergCarl Christian Hemlin (2012), this framework is also helpful to balance the rational and non-rational approaches. Additionally, it has been observed that critical thinking formwork is beneficial for the uncertain decision making situation and the other difficult situation. The difference between Automatic thinking and Critical thinning has assisted me to understand the structure of these two foundations. I observed that Automatic thinking has a weak foundation for making decisions, whereas, the critical thinking has a strong foundation for making a decision. In the similar course, the Kallets definition was a very purposeful method to enhance the thoughts of automatic and critical thinking. Thus, I could receive a clear understanding of the problems of situations. As per the view of Wakker (2010), critical thinking is also helpful to avoid the mistake and the other strategies for the essential needs of real life facts. I have understood the key concepts of critical thinking theories and the other explanation that can be applied to the real world scenario. This is also supportive of helping the students to become rational thinkers. I solved many more complex problems while making an effective decision. During the workshop session, I could gain better knowledge for the behaviour of the other students and enhance my level of experience. Conclusion: The entire semester has helped me to understand the goal of clarity in order to solve the issues in the business sector and real life scenario. I understand that the proper observation and potential experience are the foremost options to understand all the business facts. The categories of the decision making context have also identified during the course. The significant categories of the decision making context include the Simple, Complicated, Complex, Chaotic and Unclear segment. I came to know that the decision making categories are also crucial for stimulating the action and deadline creation. I have gone through all the time dependent activity in the module that helps me to understand the probable urgency on a specific matter. Furthermore, the problem-solving process has helped me to gather the information. Moreover, the entire study during the semester has guided me to identify the right effort and positive mindset. References: Anastasi, J. (2013). 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Managerial Finance, 38(11), 10321047. Wakker, P. P. (2010). Prospect theory: For risk and ambiguity. Cambridge: Cambridge University Press.