In a common situation test, participants are often asked about the ethicality of store owners hiking the prices of snow shovels on the day of a major snowstorm. To this most answer that it is alright, due to a combination of several reasons. However, business research conducted clearly reveals that a majority or four-fifths of survey respondents feel that such an act will hinder the long-term sustainability of the business. This is especially true if the business is of a local nature as stores often are. It will not improve the profitability. Leaders need to take decisions based on the timing. Countries too need to take holistic decisions based on their stage of development commensurate with the recent history. As leadership is both a science and an art, so leaders need take decisions based on both hard evidence as well as the ethicality of them.

Source:https://knowledge.insead.edu/blog/insead-blog/the-key-to-cultivating-agility-in-decision-making-9521

Uploaded Date:09 August 2018