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Critical Thinking: Strategies In Decision Making

1278 words - 5 pages

What would this world be like without effective communications? In this paper our team will identify the Bank of the World's communications problem, decide which alternative is best to resolve the problem and evaluate the chosen decision.Bank of the World started its operations collecting deposits from various types of people in 1871. The bank established its first headquarters in Forest, Montana in a rented room. Bank of the World expanded during the latter portion of the 19th century and eventually occupied roughly $500,000 in assets. By 1911 the company's first office building was constructed. Throughout the 20th century the bank has expanded to eight branches. New programs, such as free checking and a rewards program have emerged to help promote the financial institution. Today, Bank of the World occupies roughly $50 million in assets.Bank of the World currently faces communication problems. This problem is most noticeable when dealing with policy changes. All banks have policies on the many different activities that go on in the course of a business day. However, these policies are not always understood correctly by subordinates. Thus, a lack of accuracy occurs with transactions. This problem presents a contradiction to the banks slogan of "Providing a Bank Everyone Can Trust." If not all transactions are processed with accuracy, how can a bank be trusted?According to Bateman and Snell, One-Way Communication is "A process in which information flows in only one direction-from the sender to the receiver, with no feedback loop" (Bateman & Snell, 2007, pg. 486). Although this kind of communication is expected in banking, many different perceptions occur about the information communicated. Bateman and Snell describe Perception as "The process of receiving and interpreting information" (Bateman & Snell, 2007, pg. 487). As a result of perception, people do not always get the message. Specific policies are incorrectly enforced and not everyone is on the same page.In order to fix the communication problems at Bank of the World, the company must hold regularly scheduled meetings. As a result, management will have the opportunity to explain policy changes and how they are to be enforced. Employees also will have the opportunity to ask questions and clear up any information not understood. All in all, this solution will help prevent mistakes and keep customers happy in the long run.We have framed two solutions including the implication of implementing the solution, short and long-term results and evaluation of both strengths and weaknesses to the identified problem. Alternative one is to change the education and training requirements. Alternative two is to implement regular staff meetings.Alternative One - The bank should implement educational resources to keep managers' fresh with up-to-date knowledge. Looking ahead long-term, a 2nd six-month working breakfast meeting should be scheduled to assess progress.The strengths and weaknesses of this...

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