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Which concepts/theories from which week’s learning activities are significant or important to you?

Why are these concepts/theories you have identified important or significant to you? (Theoretical review)

How are the concepts/theories you have learned influencing/impacting your decision-making in relation to your current interpersonal relationships, professional workplaces and/or personal life? (Practical Application)

What have you learned about yourself through the unit activities? What skills do you possess and what skills are you lacking? How are you going to improve your decision-making in the future? (Self-knowledge and self-development)

You should tie all your arguments/insights together at the end of your paper, highlighting how you think you will be able to use your learning in your future career and in life generally.

Self-awareness and leadership

The paper will explore the techniques that are used to solve problems, make decisions and lead environments. The concepts of self-awareness, strategic planning leading and organization concepts are examined so as to link certain basic principles in order to create a thriving and healthy working environment. Specific human services details are considered and certain service delivery method to populations that are need-based including the workers serving in this capacity.

Self-awareness is knowing whatever that you are good at acknowledging what you are yet to learn in the process. It includes taking responsibility of your mistakes and also admitting every time when you don’t have the answers. When you have self-honesty, you will admit when the opposite is true (Model, 2013). Because whether or not you acknowledge the weaknesses that you have, everybody sees them anyway. So, people trying to hide their flaws actually highlight them, which create a perception of lack of self-awareness and integrity.

The Johari window model is one of the few tools that emphasis on “soft skills” like empathy, behavior, co-operation, interpersonal development and intergroup development. Within the Johari window model, there are two factors that work (Suthakaran, 2011). One is what you know of yourself and two how other people know you. The diagnostic of self-awareness is Johari window model great accompaniment as it helps in exploring the qualities that makes people who they are.

The uniqueness of self-awareness diagnostic is not only does  it explore “soft skills” of individuals and their preference style of working but also how the participants would like to learn; their learning styles (Ckark, 2018). Also, on an interpersonal level, acknowledging your strengths and flaws can earn you other people’s trust increasing your credibility later increasing leadership effectiveness.

Without understanding our emotions, weaknesses and strengths better, maintaining a sense of the way we are affecting others becomes difficult. This is true especially when in leadership position; people trust their leader to be following an overall vision. In case they make emotional decisions without the knowledge of those emotions, they might put the vision at risk by taking every opportunity that comes their way.

John von Neumann and Oskar Morgenstern came up with a groundbreaking mathematical theory of social and economic organization based on game theory strategy. This revolutionized economics and also the entire field of scientific inquiry yielded by it (Susan, 2013). Economic theory is a complicated mechanism of production and prices and of the spending and gaining incomes. It has been found that, in the course of this development, an approach to the problem is gained by human behavior analysis constituting the economic community (Model, 2013). Even though disagreements still exist, this approach’s significance cannot be doubted. The problem has been traditionally stated assuming that the customer desire is to get maximum satisfaction and for the entrepreneur is making profits. Also Game theory is a theory of interaction attempting to explain people’s interaction with one another.

Theory of Games and Economic behavior

Common sense may suggest that people combine the net gains with their associated losses in order to make an evaluation whether they are desirable. Another way of viewing this is through “utility” concept often used to describe desirability or enjoyment (Model, 2013). Contrary to what research shows that individuals doesn’t rationally process information, prospect theory was presented saying that people tend to differently value gains and losses from one another. This resulted to basing decision on perceived gains instead of perceived losses.

Prospect theory assumes that losses hit people harder. That the emotional impact associated with losses is greater than the one associated with an equivalent gain. This shows that people prefer to settle for a reasonable gain, but are more likely to risk when they are in situations in which they can limit their losses. In other words, losses are weighted heavily than gains of equivalent amount. This theory explains why many people are biased when making decision. When we understand these biases, we can persuade individuals to take action.

This is the belief that individuals have in their own abilities, especially the ability to overcome the challenges in the near future and to successfully complete the task. In other words you can say that individuals with high self-efficacy have a locus of control that is internal (Snowdwen & Boone, 2017). Locus of control can be defined as where individual believes the power of altering your events resides. If for example an individual immediately thinks “I only failed because the teacher graded unfairly- I couldn’t do anything to improve my score” or “she left me because she is cold-hearted and difficult to deal with, and am not” that individual has external locus of control meaning that he or she doesn’t have a sense of belief in his or her abilities.

Students who have self-efficacy have high optimism and both the variables results in positive outcomes: an academic performance that is much better, coping with stress better, personal adjustment that is effective, better health and overall higher satisfaction (Karatza, 2016). Hence, self-efficacy leads to better decision making and improves overall performance. Also there is a strong link between job performance and self-efficacy. This is due to vast evidence suggesting that increase in the results of self-efficacy leads to better job performance.

This theory is a relevant aspect of relationships in the workplaces and human behavior. Primarily this theory refers to employer-employee relationship concerning mutual expectation of outcomes and inputs. But still this theory can apply beyond workplaces to human relationships and wider society (Ball, 2017). At the heart of this theory is a philosophy reflecting that its deeply significant, dynamic and changing nature. The way we manage and define the psychological contract and also how we understand it and the way we apply its principles in our relationships- outside or inside of work- define our humanity.

Prospect theory

Psychological contract concept within business, employment and work is very difficult to measure and it’s extremely flexible as well (Dakshi, 2014). And although pre-employment expectations can influence psychological contract beliefs, the psychological contract reveals a wider array of obligation beliefs. 

The qualities and dynamic forces of psychological contracts are entrenched in this theory’s principles. They are developed through an individual's organizational and social experiences (Crossman, 2017). During the same time, their intellectual architecture is shaped by boundaries in individual cognitive capacity (i.e., bounded rationality). For example, people pay attention to only a portion of their environments information (Ball, 2017). They do this selectively, attending to exceedingly salient or information that is accessed easily. (e.g., employees believe that their immediate boss speaks for the company.

Attention-grabbing and emotional events trigger effortful, and cognitive processing (O'roucke, 2012). Direct experiences with supervisors and managers are salient, providing relevant information the contract, from the pleasure of promised acknowledgment to the ones who are more frustrated when promises are not fulfilled. As psychological contracts repeatedly unfolds over the exchange cycles, general principle on how the experiences are assessed influences the parties’ perceived  for future obligations(Ball, 2017).

If an employee believes that his or her manager has fulfilled prior commitments, he or she is most probably views his or her work like a relational focus, making him or her to most likely react positively to the opportunities or requests so as to contribute to his boss in new ways (Musslewhite, 2017). On the other hand, past fulfillments that lower are likely to reduce subsequent obligation feelings towards the other person, prompting certain beliefs to revise. If one fails to meet one's duties, this increases the other's doubts and monitoring and as such might lead to a drop in the perceived value of the work arrangement.

Benjamin franklin had many talents. Besides being a key founding father a one of the famous in his day, he was a scientist, businessman diplomat and a philosopher (Diane, 2014). His invention of a wood burning stove that is safe and lighting rod showcased his ability to identify risks and develop ways that are innovative so as to mitigate it. He also pioneered streets lights use to make Philadelphia safe (Rashmi & Lynda, 2014). He also pioneered fire departments and night watchmen and even hygiene after the discovery that “dry bellyache” a common malady during that time was symptoms of poison from lead from industrial methods of production that were unsafe.

Self-efficacy theory

Franklin practiced risk financing principles through the use of fundraising efforts and insurance associations, both personal and public (O'roucke 2012). He even followed some risk management principles, such as crisis management and supply chain preservation, after he came up with river blockades so as to protect his deliveries of paper supply and a militia organize to protect locals from the Paxton boys, a criminal gang who, in Philadelphia in 1764 had led a march.

According to Dakshi (2017), decisions are important in organizational operations because they help an organization to address some of the things that affect their performance. Some of the decision making frameworks covered in this course include the K-T methodology and decision making process by Lau. According to Diane (2014), the K-T methodology which is also known as kepner Tregoe method is referred as a problem analysis approach in which the issue is disconnected from the decision.

On the other hand, in the decision making process Lau suggests various steps that a person should follow when coming up with a decision. These steps include, coming up with a critical decision on how the decision should be made, undertaking some research, coming up with a list of options, evaluating the available pros and cons, and picking the best option, preparing for contingencies, and finally monitoring and learning the results (Diane, 2014). Other factors considered during decision making process include SWOT analysis, the Benjamin franklin method, and risk analysis framework.

References

Diane, D. (2014). Self-Awareness Enhancement through Learning and Function (SELF): A Theoretically Based Guideline for Practice.  British Journal of Occupational Therapy, 73(7), 23-45.

Suthakaran, V. (2011).  Using Analogies to Enhance Self-Awareness and Cultural Empathy: Implications for Supervision.  Journal of Multicultural Counseling and Development, 39(4), 67-87.

Rashmi, A & Lynda, K. (2014).  Enabling Entrepreneurial Minds: Using Appreciative Inquiry as a Pedagogical Tool for Uncovering Self- Awareness and for Generating Constructivist Learning.  Journal of Entrepreneurship Education, 17(2), 45-67.

Dakshi, W. (2017). Self-Efficacy as a Function of Life Regard: A Study of Gender Differences.  Journal of Psychosocial Research, 12(1), 56-78.

Susan, E. (2013). The Behavior Change Project: A Field Assignment in Empathy Building, Self-Awareness, and Direct Clinical Practice.  Field Educator, 3(2), 65-78.

O'roucke, M. (2012, April). Benjamin franklin: America’s origins risk manager. Available at https://www.investopedia.com/university/behavioral_finance/behavioral11.asp (accessed 11 September)

Model, J. (2013, November 10). Understanding the Johari Window model - Self Awareness. Available at https://www.selfawareness.org.uk/news/understanding-the-johari-window-model (accessed 11 September)

Model, J. (2013, November 10Behavioral Finance: Key Concepts - Prospect Theory. Retrieved from https://www.investopedia.com/university/behavioral_finance/behavioral11.asp

Karatza, N. (2016, November). Prospect theory on human decision making. Retrieved from https://www.investopedia.com/university/behavioral_finance/behavioral11.asp

Ball, B. (2017, January). Psychological contract. Available at https://www.investopedia.com/university/behavioral_finance/behavioral11.asp (accessed 11 September)

Crossman, A. (2017, June 19). Game Theory - Quora. Available at https://www.quora.com/topic/Game-Theory (accessed 11 September)

Snowdwen, D. J., & Boone, M. E. (2017, November). Behavioral Finance: Key Concepts - Prospect Theory. Available at https://www.investopedia.com/university/behavioral_finance/behavioral11.asp (accessed 11 September)

Musslewhite, C. (2017, December). Self-Awareness and the Effective Leader - Leading a ...available at https://www.inc.com/resources/leadership/articles/20071001/musselwhite.html

Ckark, P. B. (2018, March 30). How Your Self-Awareness Affects Everything You Do | Thrive ... Retrieved from https://www.thriveglobal.com/stories/26329-leadership-behavior-self-awareness (accessed 11 September)

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