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Critical Thinking - Essay Example

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The process of decision-making has an important impact on company's market performance. Decision-making criteria is a major aspect of decision-making, as it relates directly to the process through which those responsible for both the business case and the choice of supplier will proceed in order to formulate the correct measurements and assessments…
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Critical Thinking

Download file to see previous pages... Critical thinking is effectively used in decision making process and helps to remove doubt. It involves having an objective to achieve and the tests of whether that objective is being achieved or not form the control criteria. Another definition is proposed by Halpern (1996): "Critical thinking is the use of those cognitive skills and strategies that increase the probability of a desirable outcomepurposeful, reasoned and goal directed - the kind of thinking involved in solving problems, formulating inferences, calculating likelihoods, and making decisions" (McGuiness, 2004).
In general, decisions involve the future and involve choice therefore they can be wrong. The point to consider is, who makes decisions in an organization, and what are the criteria in delegating some decisions to subordinates These questions can be answered by finding out those decisions where the chances of being wrong are high and the cost of correction is large: these can then be reserved for top management. Lower ranks would be allowed to decide where there was more certainty of being correct and the cost of correction is low. Many decisions are made by managers from a certain number of factors they have considered. The reality of the situation is that there may in fact be many more factors unknown to them that they should have considered. Analysis (based on critical thinking) of alternatives and their possible consequences can be assisted by techniques and the use of probability theory. It may be useful to look at decisions in terms of systems theory. Any choice that induces flow, or changes in the flow rate, is a decision (McGuiness, 2004).
The main benefit of critical thinking is that it allows managers to solve complex problems and to understand consequences of the decision. Rates are where the action is, i.e. what takes place between levels in a system. An example of this is when a person withdraws money from a bank; the level of money in the bank has been reduced - thus the action (decision) has caused a change from the previous state. For instance, company needs to impalement new in order to meet changing social and economic needs and customers' expectations. Today, there are a lot of alternatives and IT solutions which help organizations to improve their services. Although, the task of a management team is to find the best solution applicable for new environment. The main factors of decision-making and critical thinking will include: long-term strategies, self-reliance and economic situation, growth, budget and multiple benefits for the organization. This planned change represents an intentional attempt to improve, in some important way, the operational effectiveness of the services. Using Halpern's framework (for critical thinking process), it is important to estimate probabilities of alternatives, recognize regression to mean, use risk assessment models, generate solution, recognize constraints and evaluate solutions. In this case, decisions will result from a comparison of actual performance with standards and expected outcomes (McGuiness, 2004).
Also, critical thinking helps to set clear parameters and represents a method by which many problems can be sensed and measured. It is especially useful as a control tool for three reasons. In accounting, the data produced offer management one of the few methods of ...Download file to see next pagesRead More
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