Effects of Personality Traits on Managerial Decision Framing and Decision Errors Essay

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Personality Traits

a) The conscientious manager would frame a decision-making situation as an opportunity to set an objective to achieve, and then take the steps necessary to attain that objective. This type of manager views decision-making as part of his or her duty, and approaches the task rationally. An objective is set out, and information gathered. That information is put together rationally with the objective in mind. The decision is not made until the manager is confidence that due diligence has been conducted and the decision is the right one. In the face of uncertainty, this type of manager seeks more information to eliminate the uncertainty. This comes in the form of adjustment from an anchor (Tversky & Kahneman, 1974), which constitutes the known information and an estimate of the unknown information. In a highly-stressful situation, this type of manager is prone to taking too long to make a decision -- high pressure is not congruent with their managerial style. The need for perfect information and a perfect response is detrimental to self-efficacy among this personality type (Page, Bruch & Haase, 2008).

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The extraverted manager views decisions with a sense of urgency. These managers will make a decision with respect to the objectives and then move ahead quickly on a decision with respect to a course of action. The objectives are assumed, rather than confirmed. The decision is made quickly, with energy and exuberance. This manager will feel that they are making the right decision, but will not know for certain this is the case. In the face of uncertainty this type of manager will push ahead with a decision anyway. Their preferred heuristic is representativeness, as they are quick to pass judgment. These managers thrive in high pressure situations, specifically because of their willingness to act impulsively. Their biggest mistake would be to become overly reliant on heuristics and fail to gather all of the pertinent information, as urgency begets impulsivity for this group (Whiteside & Lynam, 2001).

Essay on Effects of Personality Traits on Managerial Decision Framing and Decision Errors Assignment

The open manager views decision-making as an opportunity to gain new knowledge and experience. The process and knowledge gained through the process are as important, if not more so, than the decision or its outcomes. This type of manager is less goal-oriented, but will enjoy decision-making processes that allow for the acquisition of new knowledge or experience. More routine decisions are not given the same attention. In the face of uncertainty this manager may respond by seeking more information. The decision is less important than the process. Scenarios aid in the ability to conceptualize the decision for open managers, as it allows them to use their creativity to envision the solution. In high stress conditions these managers may make a decision quickly, but it will not be the most informed decision. These managers prefer to dictate the pace of decision making.

An agreeable manager views decision-making as an opportunity to build consensus and strengthen the relationships within the organization. This manager's approach will involve more stakeholders, to ensure at least some degree of satisfaction on all their parts. Agreeable managers will not make a decision until they have done their best to ensure all relevant parties are satisfied. In the face of uncertainty this manager will seek to find certainty by seeking the input of others. Any heuristic could be used, but the decision will need to be inclusive of others. Under high stress conditions, these managers can panic, but they may also attempt to lower the stress level before making a decision.

b) The types of situations that cause each of these managers stress will vary according to their personality profile. Overall, it is the degree of neuroticism that is the best predictor of stress, rather than the other four dimensions (Cox et al., 1999). The other personality traits, however, are valuable to help determine the types of stressors.

Conscientious managers are most stressed when they are unable to gather the information that they feel they need to make a decision. Even when under pressure, such managers will be calm enough to seek out the information. This task-focused coping mechanism allows them to deflect stress and solve problems (Matthews, et al., 2006). It is only when such information is unavailable that the conscientious manager becomes… [END OF PREVIEW] . . . READ MORE

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