MSG Team's other articles

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12952 The Cost Structure in the Insurance Industry

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In the previous article, we studied about how collateralized debt obligations (CDOs) are derivative instruments that have been built on top of other derivative instruments. They are complicated to understand and risky to trade. However, despite the various negative accusations against collateralized debt obligations (CDOs), they continue to be very popular. This is because they […]

10378 Modern Theories of Motivation

We all are familiar with the classical theories of motivation, but they all are not empirically supported. As far as contemporary theories of motivation are concerned, all are well supported with evidences. Some of the contemporary/modern theories of motivation are explained below: ERG Theory McClelland’s Theory of Needs Goal Setting Theory Reinforcement Theory Equity Theory […]

12130 Interpersonal Relationship Skills/Qualities

A strong association between individuals sharing similar interest and goal is called as interpersonal relationship. It is important to have trustworthy colleagues around at the workplace. One needs to know how to interact with fellow workers. Let us go through some interpersonal skills an individual needs to inculcate for a healthy relationship with coworkers. Stay […]

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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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