Ask week6 m 8 Essay Example | Topics and Well Written Essays - 500 words

Ask week6 m 8 - Essay Example 621), the knowledge of â€Å"Winner Curse† helps professionals to become more aware of issues and matters at hand. It also helps an individual to be more creative and innovative in future decision making process. Operation successful: patient dead is defined by Holmes (1985) as a phrase that explains changes and reforms in the health care sector. It expounds on possible predicaments that may hinder the transformation process. For example, the transformation in healthcare sector in Canada can be referred to as operation successful: Patient Dead. According to Masuch (1983, p. 17), vicious circle is articulated when a wrong decision in an organization is followed by another wrong decision for a long period. This may be due to poor policies and ideologies As observed by Breyer (1993, p. 87), vicious circle can be alleviated through change of attitude and improvement in organization tactics such as a change in decision making tactics. For instance, the involvement of all stakeholders in decision making process is very critical in averting the vicious circle According to Rothstein (2005, p. 67), decision paradox is a situation where a rational decision making process leads to unexpected results, which may undermine the objectives and goals of the decision maker. For example, a failed plan aimed at improving organization performance can be referred to as decision paradox (Amason and Mooney, 2008, p. 407). As stated by Bell (1982, p.961), to counter the impact of decision paradox, decision makers ought to identify the decision paradox risks and develop ways of managing them in decision making process. For example, any decision to expand organization operations ought to be preceded by a comprehensive market survey According to Bulow and Klemperer (2002, p. 7), winner curse is more likely to occur in a competitive environment. Competitive environment leads to increased level of uncertainty relating to the value of the product or services to bid (Burger