Three Layers of Banking as a Service
The concept of banking as a service is revolutionary. This is because banking as a service is a mechanism using which commercial banks can now collaborate with other non-banking entities in order to expand the coverage of their services. Hence, this model has led to a decomposition of the commercial banking value chain. Earlier, all […]
Porters Five Forces Analysis of Samsung
Introduction Porter’s Five Forces methodology is used in this article to analyze the business strategies of white goods makers like Samsung. This tool is a handy method to assess how each of the market drivers impact the companies like Samsung and then based on the analysis, suitable business strategies can be devised. Further, companies like […]
Problem #1: GDP Disregards Debt
Debt was once an individual and social vice. Individuals and organizations in heavy debt were considered to be inefficient and heading towards disaster. However, the GDP system has turned this age old system of thrift being a saving and debt being a virtue on it’s head. The modern day GDP system not only incentivizes debt […]
Intra Group Reinsurance
In the previous articles, we have already studied about the concept of reinsurance. However, the reinsurance we have studied is a contract between two independent parties. This means that a ceding insurance company often transfers the risk to an external third-party reinsurance service provider. The risk actually moves out of the balance sheet of the […]
Democracy or Dictatorship? Which is Better for Economic Growth of Nations
Dictatorship or Democracy? The Debate Continues over Which System Promotes Growth If we look at the history of economic development of nations over the last hundred years or so, we find that different nations have taken different trajectories in their pursuit of economic growth. While countries such as China opened up their economies and at […]
Curious observation is the first step in the decision making process. These two words, the curiosity and observation are very important for a decision making process. Curiosity means the desire to know or learn about something. A person who is curious does not accept anything easily. He always has skepticism towards everything. The curious people always ask questions and try to search the answers for their questions. Being curious can help you in taking proper decisions.
You may ask this question that, how curiosity helps in decision making process? The answer is, when you are curious you can identify the situations in which decisions has to be made on the spot or in the future. The curiosity also stimulates other processes that help you in decision making. These include questioning, inquiring about things, experimentation, visualization, skepticism, evaluation, identification of different patterns, imaginative thought, logical reasoning, prediction, inference etc. All these processes will lead you towards appropriate decisions.
Curiosity not only helps you in decision making but it will also improve your other skills and abilities. If you are not a curious person then you can arouse your curiosity by reading newspapers, magazines, books etc. indulge yourself in discussions with family and friends, attend different exhibitions and conventions, observe the things going on around you and try to make a habit of questioning about everything and not accepting each and every thing as a fact.
The other word is observation which means the ability to notice significant details or the process of observing different things in order to gather information. If you are observant then you can become a good decision maker. It helps you to identify every significant detail regarding your problem and its solution. It is important that you closely observe everything related to your problem. Note down each and every details that you have gathered through your observation.
For example if you are running a company and you have to take decision that, from which supplier you will buy your products, then the first thing that will help you in decision making is through observation of the sample products. Through observation you can analyze the quality of product and then by following the further steps of decision making you can take a better decision for your company.
So through these two things: curiosity and observation i.e. curious observation you can make your decision process easy and also effective. During the decision making process, don’t stop your thinking process and think over the problem again and again. Set your thought free and try to improve your thinking skills.
Imagine and visualize the whole scenario in your mind so that you can predict the outcome of your decision. Curiosity during the decision making process will lead you to dissatisfaction and dissatisfaction will lead towards improvement in your decision making abilities. This first step of curious observation is very important step and a good decision maker always follows this step. Implement this step in your decision making process and get good outcomes.
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