Competencies were selected to help support and drive NU's strategic goals. Because these competencies are so critical to the performance management and employee development programs, it is important to provide tailored measures of these competencies that reflect job duties, responsibilities and actual behaviors. From a motivational point of view, it is critical to communicate to employees key performance expectations and provide actionable feedback regarding their performance relative to the competencies. In order to do this, objective and observable measures were developed for each job family.
Imagine that you're facing a really significant decision, which could fundamentally affect your personal life, or could determine the future of your business. Maybe you're thinking about "stretching your finances" to buy a bigger house.
Or maybe you're thinking of launching a new product which you know could "cannibalize" existing sales. Perhaps you've done the numbers, and these seem OK.
But deep down, you dread what could go wrong. After all, no one has a foolproof vision of the future, and while you may have strong instincts as to how things may develop, any single projection of the future is clearly vulnerable to disruption by a range of different factors.
Scenario Analysis helps you bring these fears into the open and gives you a rational and professional framework for exploring them. Using it, you can make decisions in the context of the different futures that may come to pass.
The act of creating scenarios forces you to challenge your assumptions about the future. By shaping your plans and decisions based on the most likely scenarios, you can ensure that your decisions are sound even if circumstances change.
How to Use the Tool In Scenario Analysis, the scenarios are stories about the way the world might turn out if certain trends continue and if certain conditions are met. We offer a simple five-phase Scenario Analysis process, as follows: Define the Problem First, decide what you want to achieve, and think about the time horizon you want to look at.
This will be driven by the scale of the plans and scenarios that you want to test. Barry was starting to plan a new business that focused on helping corporate clients implement a popular financial management software package.
He wanted the business to grow to a reasonable size over the next five years. With this in mind, he decided to use scenario thinking to look at what the future might hold over this period.
Gather Data Next, identify the key factors, trends, and uncertainties that may affect the plan. If your plan is a large-scale one, you may find it helpful to do a PEST Analysis of the context in which it will be implemented to identify political, economic, socio-cultural, and technological factors that could impact it.
Then, identify the key assumptions on which the plan depends. Amongst others, Barry identified the following factors as important: The state of the economy people don't buy much new software in a recession.
The ongoing importance of new software in increasing clients' productivity. Whether the software package would maintain its market position.
Whether he could recruit enough skilled implementation consultants. Separate Certainties From Uncertainties You may be confident in some of your assumptions, and you may be sure that certain trends will work through in a particular way.
After challenging them appropriately, adopt these trends as your "certainties.
List these uncertainties in priority order, with the largest, most significant uncertainties at the top of the list. Based on analysis of recent vacancy rates, Barry was confident that, provided he paid attention to recruitment, he could find a sufficient number of new employees.
And seeing the new technologies shortly to be deployed by the software vendor, he was confident that clients would reap considerable efficiency gains by implementing the next versions of the software.
He was anxious, however, that a global software giant might enter the market and displace the current vendor. Furthermore, he'd seen plenty of implementation companies go bust in the previous recession. Develop Scenarios Now, starting with your top uncertainty, take a moderately good outcome and a moderately bad outcome, and develop a story of the future around each that fuses your certainties with the outcome you've chosen.
Then, do the same for your second most serious uncertainty. Finding This Article Useful?The way people make decisions often seems irrational. One explanation for this behavior is that they seek evidence that confirms what they already believe, a phenomenon called 'confirmation bias.
The majority of research on the retirement decision has focused on the health and wealth aspects of retirement. Such research concludes that people in better health and those enjoying a higher socioeconomic status tend to work longer than their less healthy and less wealthy counterparts.
Decision making is a skill – and skills can usually be improved. As you gain more experience making decisions, and as you become more familiar with the tools and structures needed for effective decision making, you'll improve your confidence. Apr 01, · This recommendation is also responsive to evidence that physician stress and time pressure are associated with a greater likelihood of making errors and providing suboptimal patient care (Williams et al., ) and inappropriate prescribing (Tamblyn et al., ).
Key behaviors drive the successful performance of the competency. There must be a meaningful difference in skills, abilities and knowledge requirements reflected in the behaviors .
"How Stress Influences Decision-making." that emotions impact rational decision making. Here are Views of Some Experts: process balancing urgency and caution when making decisions.