Skip to main content

Posts

Showing posts from December, 2024

Understanding Bias in Business Decision Making

All people, even the most experienced leaders are subject to their own biases. Understanding what a bias is, and your own personal biases is key to being able to mitigate them and make more objective and effective decisions. In my career as a Physical Therapist, we are required to complete continuing education that pertains to implicit bias every 2 years to renew our license to practice. This helps us to treat our patients fairly. In the face-paced world of business, the ability to make objective decisions may determine the success or failure of an organization. The following shall discuss the different types of biases that can affect business decision making, the impact bias can have on business, and a few strategies to mitigate biases.  Confirmation bias occurs when a person making a decision favors information that confirms a hypothesis or preexisting belief and may look like a manager seeking out data that supports their preferred strategy (Soll, et al., 2015). Anchoring bias h...

Operations Management: What is it?

Operations Management (OM) aims to achieve higher profitability for a company or business. This can be achieved in a multitude of ways, however, generally centers around implementing business practices aimed at achieving the highest level of efficiency possible (Hayes, 2024). To expand, OM looks to convert materials and labor into goods and services as efficiently as possible and is essential for balancing cost with revenue to attain the highest possible net profit (Hayes, 2024).  A Few Key Concepts in OM Process design and management involves the implementation of processes that produce goods or services, and effective process design ensures operations run efficiently (Belyh, 2019). For example, in healthcare we call this an SOP or standard operation procedure and they are constantly being revised for efficiency. Supply chain management involves the flow of goods and services from suppliers to customers and encompasses logistics, procurement, production and distribution (Hayes, 20...