As CEO of my group i feel like I'm suppose to be making the important decisions for the team, or at least contribute in all decision making processes, as Hammond (1998) states "Decision-making is the executive's most important function". This is a very stressful situation, as the outcome of the simulation affects all of our grades, not just my own. This week Peter questioned many of the decisions that we were making and made us second guess our options and rethink our strategy. I believe this was ultimately for the best as taking a step back and assessing our work is a great way to make sure that were are going along the correct path, hut it did also make me question my decision making processes. If our strategies and decisions are not optimal it reflects badly of my decision making skills, as I am meant to be the executive and ultimately make these decisions. Obviously we are a team and the decision making of other members is important too, but it seems that if our decisions are miscalculated then it is kind of my responsibility to reassess and correct them.
It was also pointed out by a team member that I tend to make rash and quick decisions. For example, a team member asked if there was budget to spent extra on a section. I asked him how much he needed, which he replied something like $300,000. I told him its fine as it wasn't that much money. This was without assessing the strategy or talking to the rest of the group to decide if it was the best choice of action. We went back and reassess this spending in the end but it would still have been a better choice to evaluate the decision when it was requested instead of having to do it again later. This is similar to what Buchanan and O'Connel (2006) claimed "Corporations try to know as much as is humanly and technologically possible, deploying such modern techniques as derivatives, scenario planning, business forecasting, and real options." Instead of making fast decision, I need to asses the situation in depth so that I can mitigate the risks and make sure that is in the best interest of the business and the group.