Assignment No.

Programme Name :MBA UID: D21MBA16489

Semester: I Course Code:21MBA-616

Course Title :Managerial competency Credit:4

development
Submitted Date:17 July 2021 Last date of Submission:21st July 2021
Max. Marks: 30 Weightage: 15 Marks

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Fill page numbers as per your theory assignment in the table below:
Question No Sec.A1 –10 Sec.B-1 Sec.B-2 Sec.B-3 Sec.B-4 Sec.B-5 Sec.B-6 Sec.B-7
Page No. 1-4 5-6 6-7 8-10 10-11 11-13

SHUCHIM GUPTA
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 Section –A

1. State the various decision traps.

Ans 1 - There are 9 types of decision traps:

• Information overdose trap
• Anchoring trap
• Status Quo trap
• Loss Aversion/ Sunk cost trap
• Overconfidence trap
• Confirming Evidence trap
• The Framing trap
• The Prudence trap
• The “Recall ability” trap

2. Note on Critical thinking.

Ans 2 - Critical thinking is the intellectually disciplined process of actively and skillfully
conceptualizing, applying, analyzing, synthesizing, and/or evaluating information gathered from,
or generated by, observation, experience, reflection, reasoning, or communication, as a guide to
belief and action.

3. Explain the importance of idea generation tools.

Ans 3 - Idea generation is a very important activity, without which we would have nothing to
work on. This activity also proves to be very beneficial for all the parties involved. The
organization gets a lot of innovative ideas to work upon, the employees get to be a part of the
bigger picture. There’s an increase in creativity and a lot of effective solutions are generated.

Idea Generation is important because it enables you to expand your range of

ideas beyond your current range of thinking.

4. Explain the relationship between Emotional Intelligence & self-regulation.

Ans 4 - Self-regulation or self-management is the second of the three key areas of personal
skills that make up Emotional Intelligence. Self-regulation is concerned with how

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 you control and manage yourself and your emotions, inner resources, and abilities. It also
includes your ability to manage your impulses.

5. Note on ethical decision making,

Ans 5 An ethical decision is one that engenders trust, and thus indicates responsibility, fairness
and caring to an individual. To be ethical, one has to demonstrate respect, and
responsibility. Ethical decision making requires a review of different options, eliminating those
with an unethical standpoint, and then choosing the best ethical alternative.

6. What are the qualities required in a leader?

Ans 6 - Qualities of a good leader are:

• Vision and foresight
• Intelligence
• Communicative abilities
• Knowledge of work
• Sense of obligation
• Self-certainty and resolution
• Humanist
• Empathy
• Physical appearance

7. Note on Business Ethics. Also, compare professional & personal ethics.

Ans 7 - Business ethics is the study of appropriate business policies and practices regarding
potentially controversial subjects including corporate governance, insider trading, bribery,
discrimination, corporate social responsibility, and fiduciary responsibilities.

Comparison between professional and personal ethics:

Personal ethics refers to the ethics that a person identifies with in respect to people and
situations that they deal with in everyday life.
Professional ethics refers to the ethics that a person must adhere to in respect of their
interactions and business dealings in their professional life.

8. Note on Ethical Corporate Behavior.

Ans 8 - In a business setting, ethical behavior is behavior that means applies the principles of
honesty and fairness to relationships with coworkers and customers. Ethical individuals make an
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 effort to treat everyone with whom they come in contact as they would want to be treated
themselves.

9. Explain the 4V-Model of Ethical Leadership.

Ans 9 - The 4-V model helps align the internal beliefs and values with the external behaviors
and actions for the purpose of the common good.
The four V's stand for Values, Vision, Voice and Virtue, the characteristics that help create a
strong ethical leader.

10.Explain the types of ethical dilemmas.

Ans 10 - There are 4 types of ethical dilemmas:

• Epistemic v/s Ontological:

In epistemic dilemma, the agent here does not know which option is morally right or
wrong. Whereas in ontological dilemma, the moral agent does not know which moral
requirement is stronger than the other, the point is neither of the requirements is stronger
than the other. Hence, the agent can hardly choose one on the other.

• Self v/s world imposed:

In the self-imposed case, the agent is herself responsible for the conflict, whereas the
agent is thrown into the dilemma without being responsible for it occurring in the world
imposed dilemma.

• Obligation v/s prohibition:

An obligation is an ethical requirement to act in a certain way while a prohibition is an
ethical requirement to not act in a certain way.

• Single v/s multi agent:

Ethical dilemmas involve two courses of action that are both obligatory but stand in
conflict with each other: it is not possible to perform both actions. In regular single-
agent cases, a single agent has both conflicting obligations. In multi-agent cases, the
actions are still incompatible but the obligations concern different people.

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 Section –B (20 Marks)

1. State the process of corporate decision-making.

Ans 1 - The decision making process helps managers and other business professionals solve
problems by examining alternative choices and deciding on the best route to take. Using a step-
by-step approach is an efficient way to make thoughtful, informed decisions that have a positive
impact on your organization’s short- and long-term goals.
The business decision making process is commonly divided into seven steps. Managers may
utilize many of these steps without realizing it, but gaining a clearer understanding of best
practices can improve the effectiveness of our decisions.

Steps of the Decision Making Process:

The following are the seven key steps of the decision making process:

1. Identify the decision: The first step in making the right decision is recognizing the
problem or opportunity and deciding to address it. Determine why this decision will
make a difference to our customers or fellow employees.
2. Gather information: Next, it’s time to gather information so that we can make a
decision based on facts and data. This requires making a value judgment, determining
what information is relevant to the decision at hand, along with how we can get it. We
need to ask ourselves what we need to know in order to make the right decision, then
actively seek out anyone who needs to be involved.
3. Identify alternatives: Once we have a clear understanding of the issue, it’s time to
identify the various solutions at our disposal. It’s likely that we have many different
options when it comes to making decision, so it is important to come up with a range of
options. This helps us determine which course of action is the best way to achieve our
objective.
4. Weigh the evidence: In this step, we need to “evaluate for feasibility, acceptability and
desirability” to know which alternative is best, according to management experts Phil

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 Higson and Anthony Sturgess. Managers need to be able to weigh pros and cons, then
select the option that has the highest chances of success. It may be helpful to seek

out a trusted second opinion to gain a new perspective on the issue at hand.
5. Choose among alternatives: When it’s time to make the decision, we need
to be sure that we understand the risks involved with our chosen route. We
should also choose a combination of alternatives now that we fully grasp all
relevant information and potential risks.
6. Take action: Next, we need to create a plan for implementation. This involves
identifying what resources are required and gaining support from employees and
stakeholders. Getting others onboard with our decision is a key component of executing
our plan effectively, so we’ll have to be prepared to address any questions or concerns
that may arise.
7. Review your decision: An often-overlooked but important step in the decision making
process is evaluating our decision for effectiveness. We need to ask ourselves what we
did well and what can be improved next time.

2. Note on Porter`s Five Force Model.

Ans 2 - Porter's Five Forces is a model that identifies and analyzes five competitive forces that
shape every industry and helps determine an industry's weaknesses and strengths. Five Forces
analysis is frequently used to identify an industry's structure to determine corporate strategy.
Porter's model can be applied to any segment of the economy to understand the level of
competition within the industry and enhance a company's long-term profitability. The Five
Forces model is named after Harvard Business School professor, Michael E. Porter.

Porter's Five Forces is a business analysis model that helps to explain why various industries are
able to sustain different levels of profitability. The model was published in Michael E. Porter's
book, "Competitive Strategy: Techniques for Analyzing Industries and Competitors" in 1980.
The Five Forces model is widely used to analyze the industry structure of a company as well as
its corporate

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strategy. Porter identified five undeniable forces that play a part in shaping every market and
industry in the world, with some caveats. The five forces are frequently used to measure
competition intensity, attractiveness, and profitability of an industry or market.

Porter's five forces are:

1. Competition in the industry: It refers to the number of competitors and their ability to
undercut a company. The larger the number of competitors, along with the number of equivalent
products and services they offer, the lesser the power of a company. Suppliers and buyers seek
out a company's competition if they are able to offer a better deal or lower prices. Conversely,
when competitive rivalry is low, a company has greater power to charge higher prices and set the
terms of deals to achieve higher sales and profits.

2. Potential of new entrants into the industry: A company's power is also affected by the force
of new entrants into its market. The less time and money it costs for a competitor to enter a
company's market and be an effective competitor, the more an established company's position
could be significantly weakened. An industry with strong barriers to entry is ideal for existing
companies within that industry since the company would be able to charge higher prices and
negotiate better terms.
3. Power of suppliers: An assessment of how easy it is for suppliers to drive up prices. This is
driven by the: number of suppliers of each essential input; uniqueness of their product or service;
relative size and strength of the supplier; and cost of switching from one supplier to another.

4. Power of customers: An assessment of how easy it is for buyers to drive prices down. This is
driven by the: number of buyers in the market; importance of each individual buyer to the
organization; and cost to the buyer of switching from one supplier to another. If a business has
just a few powerful buyers, they are often able to dictate terms.

5. Threat of substitute products: Where close substitute products exist in a market, it increases
the likelihood of customers switching to alternatives in response to price increases. This reduces
both the power of suppliers and the attractiveness of the market.

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4. Explain the ethical decision-making model in detail.

Ans 4 - Ethical decision-making models provide a suggested mechanism for critical thinking
and planning for the resolution of ethical dilemmas. An ethical decision-making model is a tool
that can be used to help develop the ability to think through an ethical dilemma and arrive at an
ethical decision. The goal of each model is to provide a framework for making the best decision
in a particular situation.

The PLUS model:

PLUS is the mnemonic of Policies, Legal, Universal, and Self. The integration of PLUS Filters
in the decision making process is best achieved when there are effective communication and
formal mechanism in place. The PLUS Filters are applied in each of the steps in the decision
making process.

The model is particularly objective since it doesn’t zero in on income or benefit, but instead
urges pioneers to adopt a lawful and reasonable strategy to an issue.

Model:
P= Policies and procedures (Is it consistent with my organization's policies, procedures and
guidelines?)
L= Legal (Is it acceptable under the applicable laws and regulations?)
U= Universal (Does it conform to the universal principles/values my organization has adopted?)
S= Self (Does it satisfy my personal definition of right, good and fair?)
The PLUS filters work as an integral part of steps 1, 4 and 7 of the decision-making process. The
decision maker applies the four PLUS filters to determine if the ethical component(s) of the
decision are being surfaced/addressed/satisfied.

Whenever, we’ve considered potential arrangements utilizing these inquiries as a guide, we

are prepared to execute the six essential strides to settle on your choice.

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Ethical Decision Making Process:

Ethical decision-making refers to the process of evaluating and choosing among alternatives in
a manner consistent with ethical principles. In making ethical decisions, it is necessary to
perceive and eliminate unethical options and select the best ethical alternative.

There are 6 steps of decision making process:

The PLUS filters do not guarantee an ethically-sound decision. They merely ensure
that the ethics components of the situation will be surfaced so that

❖ Step 1-Define the problem (use PLUS to surface the ethics issues): Use PLUS
channels to characterize our concern, and what it may mean for one of the PLUS
abbreviations. Is it illicit, or does it abuse our organizations qualities? Ensure we have
laid out the full extent of the issue- be straightforward with ourselves about it,
regardless of whether we are in part to blame.

❖ Step 2- Seek out relevant assistance, guidance and support: To assess our
concern, we need to search out every single accessible asset. These assets may be
coaches, colleagues, or even loved ones, yet they could likewise be proficient rules
and authoritative approaches. Ensure we furnished ourselves with information to
comprehend the degree of the term.

❖ Step 3- Brainstorm the potential solutions: At the point when we are

conceptualizing a rundown of possible answers of the concern, we should not what’s
been done previously. Stay open to new and various thoughts, and desire others to
share their recommendation. Consider outside assets, including what different
organizations have done. At last we need a rundown of any event 3-5 possible
arrangements.

❖ Step 4- Evaluate the identified alternatives (use PLUS to assess their ethical
impact): We need to jump into the rundown of likely arrangements, and think about

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 all the certain and negative outcomes of making each move. It’s significant we
consider how likely those results are to happen, too. We’ll again need to allude to
assets, rules and guidelines.

❖ Step 5- Make the decision, and Implement it: At this stage we have all the data we
need to settle on a reasonable and moral choice. On the off chance the we have settled
on the choice alone yet we need to impart it to our group, make a proposition
illustrating why we picked this course, and what choices we considered, so they can
comprehend our means.

❖ Step 6- Evaluate the decision (PLUS surface any remaining/new ethics issues):
since we have executed the answer, choose whether the concern was fixed or not. On
the off chance that there are unanticipated results. Maybe we need to think about
other option.

6. What are moral ethics & rights?

Ans 6 - Moral: Morals are the prevailing standards of behavior that enable people to live
cooperatively in groups. Moral refers to what societies sanction as right and acceptable. Morals
are the principles that guide individual conduct within society. And, while morals may change
over time, they remain the standards of behavior that we use to judge right and wrong.

Ethics: Ethics is a system of moral principles. They affect how people make decisions and lead
their lives. Ethics is concerned with what is good for individuals and society and is also
described as moral philosophy.

Moral Ethics: We as a whole, regardless of whether purposely or subliminally, approach

existence with a good and moral structure, for a considerable lot of us, this structure is developed
rght off the bat throughout everyday life. We frequently will in general interpretation of the
convictions and world perspective on our folks, our strict local area, our companions at school
and other people who have a compelling impact in our childhood. In any case, as we develop and

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 develop, our perspectives change --- now and again getting more liberal and now and then more
moderate. The ethical structures we convey with us don’t just vanish when we begin working or
when we oversee representatives. Indeed, the moral systems of entrepreneurs are staggeringly
significant components that shape how the association is run.

Moral Rights: Moral rights are an author's non-economic rights: to be attributed (that is,
credited) for the work (the right of attribution) not to have the work falsely attributed. not to have
the works treated in a derogatory way (the right of integrity).

Moral rights are personal rights that connect the creator of a work to their work. Moral
rights are about being properly named or credited when your work is used, and the way your
work is treated and shown. Moral rights require that your name is always shown with your
work. This is called right of attribution.

7. Give a brief description of ethical corporate behavior in organizations with

examples.

Ans 7 -
In the workplace, there might be a standard Ethical Corporate Behavior: Ethical people are
those who recognize the difference between right and wrong and consistently strive to set an
example of good conduct. In a business setting, ethical behavior is behavior that means applies
the principles of honesty and fairness to relationships with coworkers and customers. Ethical
individuals make an effort to treat everyone with whom they come in contact as they would
want to be treated themselves.

A person who demonstrates ethical behavior has evidence of a strong moral code and a
consistent set of values. Ethics can be rooted in belief or the pursuit of making the world better.
Those who exemplify ethical behavior do the right thing regardless of whether they get credit for
it. This sort of behavior is not limited to the workplace; it can be present in every facet of life.

Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. Those
who have others' interests in mind when they make decisions are displaying ethical behavior.

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for ethics set throughout the company. Many organizations create a code of ethics, which might
include generic guidelines for ethical behavior about doing the right thing or remaining fair. It
could also mention specific protocol within the business.

For example, a code of ethics at a doctor's office might include putting the patient first and
remaining understanding in tough situations. At a college, a code of ethics could include being
honest and unbiased when grading and being a catalyst for diverse perspectives in the classroom.

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