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4349 The World without Bankruptcy Laws

Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]

4348 The Wirecard and Infosys Scandals are a Lesson on How NOT to Treat Whistleblowers

What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]

4347 Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks

How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]

4346 Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies

Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]

4345 Why Government Should Not Invest Public Money in Sports Stadiums Used by Professional Franchises

In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]

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Individuals have a tendency to think and question before performing. This is fruitful in analysis and forecasting of individual’s behaviour.

Individual decision making has certain pros and cons, few of which are mentioned below:

Pros of Individual Decision Making

  • An individual generally makes prompt decisions. While a group is dominated by various people, making decision-making very time consuming. Moreover assembling group members consumes lot of time.

  • Individuals do not escape responsibilities. They are accountable for their acts and performance. While in a group it is not easy to hold any one person accountable for a wrong decision.

  • Individual decision making saves time, money and energy as individuals make prompt and logical decisions generally. While group decision making involves lot of time, money and energy.

  • Individual decisions are more focused and rational as compared to group.

Cons of Individual Decision Making

  • A group has potential of collecting more and full information compared to an individual while making decisions.

  • An individual while making any decision uses his own intuition and views. While a group has many members, so many views and many approaches and hence better decision making.

  • A group discovers hidden talent and core competency of employees of an organization.

  • An individual will not take into consideration every members interest. While a group will take into account interest of all members of an organization.

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