We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Critical Thinking - Essay Example

Comments (0)
Summary
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…
Download full paper
GRAB THE BEST PAPER

Extract of sample
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
Comments (0)
Click to create a comment
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Critical Thinking Essay
Economists, as specialists in economics, are mainly concerned with the production, consumption and transfer of wealth. 2. Environmental scientists, as interdisciplinary specialists in physical and biological sciences, and environmental science, are concerned with the study of the environment and the solution to environmental problems.
6 Pages(1500 words)Essay
Critical Thinking Essay
The advantages of using ERIC databases are many, compared to other databases. ERIC offers a comprehensive, searchable, easy-to-use, full-text database of education research and internet based bibliographic. ERIC also provides information that meets the regulations of the Educational Sciences Reform of 2002.
3 Pages(750 words)Essay
Critical Thinking Essay - At Risk
The definition for at-risk students is based on several factors that were established to have a profound effect on the ability of these students to cope with the everyday demands of school. Students belonging to at-risk groups are labeled as such since these people experience much more domestic and other problems than the rest of the population.
4 Pages(1000 words)Essay
Critical Thinking Essay - Special Education
It promotes understanding and sharing ideas on various issues that appear essential for holistic development. This explains why school leaders have a significant role to play in ensuring that everyone irrespective of status and physical condition attain education.
4 Pages(1000 words)Essay
Critical Thinking Essay - Gifted & Talented
In fact, as early as the 2200 BC, the Chinese civilizations had felt the need to identify and develop gifted children and groom to take up the government administration positions. Even the Roman and Greek civilizations spent considerable focus and energy towards exploring and using these gifted people.
5 Pages(1250 words)Essay
Critical Thinking Master Essay
No religious, social, cultural or educational system has ever survived without being questioned especially the educational system. "Education can and should do much influence social, moral and intellectual discovery by stimulating critical attitudes of thought in the young." said Bernard Show (as cited in thinkexist.com).
12 Pages(3000 words)Essay
Critical Thinking Skills Essay
Explain how critical thinking contributed to the quality of your decision. Making a decision on career has lifelong repercussions. The ability to think with a clear objective and critical mind is a crucial factor for success in career, and personal life.
5 Pages(1250 words)Essay
Critical Thinking Essay: Let It Pour
It is also known that certain practices are carried out at no charge to the patient and payment arrangements, though non-conventional, have been made for uninsured patients or patients who cannot afford to pay for services and products. The current state of health care in our country is continually changing and is leaving the health care providers and practitioners with less and less power of their own to make decisions such as are promised in our mission statement.
7 Pages(1750 words)Essay
Critical thinking
our ability to have a good critical thinking, we are empowered in understanding the nature of a problem and eventually finding ways on how we could effectively and accurately solve the main cause of a given problem. Aside from the importance of solving problems, critical
6 Pages(1500 words)Essay
Critical Thinking Essay
Consumer changes, preferences, and tastes are constantly changing giving the retail sector a new look (Coen N.p). By 2020, the retail
4 Pages(1000 words)Essay
Let us find you another Essay on topic Critical Thinking Essay for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us