Your business guide

  Bounded rationality Making rational decisions is the process of choosing the best alternative that gives the maximum value. A rational decision maker would understand all the alternatives available, the steps that should be followed to attain the goal.  Bounded rationality is the decision-making approach which says that individuals have limited cognitive ability, resource, and time to make a restricted amount of information on which they try to make rational choices in a complexed organizational environment . Bounded rationality is one of the tools which Herbert A. Simon used to explain the administrative model of decision making. This model portrays how managers face complexed, non-programmed situations by making spontaneous decisions, it also helps to understand human and natural limits on rational decisions of a manager. Bounded rationality is explained as the logical way of describing how rational decisions are made by managers as rational decisions are made with less...

 Charismatic leadership Charismatic leadership is one of the contemporary theories of leadership . It is the kind of leadership which bring high level of commitment, responsibility in the subordinates.  Charismatic leadership is the process of creating positive impact on the employees through energetic, self-assured leadership . A charismatic leader is a self-motivated highly skilled personality who has the capability of influencing the behavior of the subordinates in a way the employees feel the responsibility, work willingly to achieve the targets assigned by the leader of a group, division, or association . Charisma, charismatic leadership are some of the familiar concepts of studies in the recent times. Charisma is the power a leader should have in order to attract, influence others. A charismatic leader should be self-controlled, motivated, should have strong communication skills, should be sensitive towards the feelings of employees to understand their concerns . A ...

  Barriers to effective communication Communication is a process of transmitting, and understanding of information. A communication can be effective only when the receiver understands the exact information that the sender is willing to convey.  An effective communication should increase commitment in managers, and employees, should reduce misunderstanding in the organizational structure, should help them achieve the organizational goals efficiently.  There could be various barriers that obstruct an effective communication. A barrier can arise in any element of the communicational process, they provide the organization an opportunity to become more effective with the communicational process.  Information being filtered, the receiver being emotionally unstable while receiving the information, excessive information, defensiveness, language, and cultural barricades in the working environment, lack of feedbacks from the receiver, physical disabilities, lack of technolog...

  The Delphi method The Delphi method is one of the commonly used group decision making methods in an organization . The Delphi technique is a research-based iterative cycle that gathers individual opinions, helps with identifying a consensus of expert opinion using a set of questionnaires. This method  is also known as a qualitative forecasting method. The Delphi method was introduced by Norman Dalkey in the 1950’s. This was a project sponsored, used by the military of the U.S.A . The classical Delphi method was developed in order to allow participants express their ideas freely, to distil the perspectives of the members, to give participants a chance to explain, changing their view points with regards to the other members point of view, to quantitatively investigate on the gathered information . The questionnaires for this method are designed to understand complications, discover opportunities, solutions, and for predicting the future of the organization. The questionnai...