BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC HOA SEN Introduction to Management Final Group Assignment CRIT EQUIPMENT COMPANY Members Students ID Phạm Thục Huệ 22113184 Lê Nguyễn Trang Linh 22111257 Nguyễn Thị Mai Hương 22118692 Hồ Thiên Vũ - 22111632 22111632 Tôn Nguyễn Khánh Uyên 22109822 1. The company
a. What is the name of the company?
Our company name is CRIT Equipment Company. Our company’s name is short for four key
values of the corporation including customer orientation, respect for individualism, innovation and teamwork.
b. What is the reason for existence of this company? (For what purpose was this
company founded and what is its mission etc.)
The first purpose that our company wants to achieve is to improve the quality of life, by
innovating ordinary sensors into modern things that can help people solve problems in their
lives, create sustainable values for society and people.
c. What are the 4 key values of this company? (No more, no less. Exactly 4 values)
Our company has discussed and together agreed to introduce four core values and bring long-
term values that are innovation, customer orientation, teamwork, and respect for
individualism. We are always aiming for something new, positive and able to convey
sustainable values to our customers.
d. Where does the company want to be in 5 years (Vision)
Our company has long-term plans, specifically 5 years later: The first will be to launch new
innovative ingredients to help solve other health problems. Then create many activities that
contribute to society and the environment. Expanding the market to develop the company to
become a multinational corporation. We want to bring more products to consumers, not just 1
or 2 products. Besides, we want to contribute to environmental protection and gradually gain a foothold in the market.
i. How is it going to get there?
Those are big decisions, and to achieve them, we plan very specifically and carefully. Things
to do like expanding customer relationships, good maintenance, and high-margin equipment
parts. Most businesses need to expand relationships and be profitable to survive long-term
and develop sustainably in the future. Set a plan for each purpose, and survey foreign markets
for expansion. To avoid mistakes in the working process, it is necessary to have specific plans
and monitor them. At the same time, it is necessary to survey foreign markets, it is a stepping
stone for us to have more knowledge and appropriate strategies to become a multinational
company. Building a good working environment for employees, creating motivation for the
company. This is extremely necessary because employees of the company will have more
motivation and interest in working.
e. What are the 5 key leadership principles of the company? (No more, no less. Exactly 5 principles)
In our company, there are 5 main leadership principles: The first is about management:
respect for employees (Active listening, intensive training for management, and remembering
behavior). The second is employee-centric. Thirdly, promote teamwork. Fourth is improving
job satisfaction. The fifth is to help develop future leaders. 2. Structure
a. What is the company structure?
Our company structure is a system outlining how the activities are organized and directed to
achieve goals. These activities will generally include the rules to be followed and the roles
and responsibilities of those within the company.
i. Specify in terms of six elements
Work specialization: Sometimes, to increase efficiency and productivity, managers need to
divide labor among employees, breaking a single complex task down into multiple tasks.
Explore the advantages and disadvantages of work specialization in organizations.
Departmentalization: Functional: Easy for managers to control their department.
Authority and responsibility: Work in the company is unified and employees are treated
fairly, the direction of development of the company will be more specific.
Span of control: The more training and experience employees have, the less direct
supervision they need, so the manager can manage other employees that have less experience.
Centralization vs. decentralization: Decentralization: It will have our company innovate and
employers can give their opinions to fix mistakes.
Formalization: Employees respond to problems in a similar way across the organization, this
leads to consistency of behavior. b. Decision making
i. How are the ’bigger’ decisions made?
Every company has big decisions, they need to be passed through many steps, many
departments, and ultimately the owner of that company. Here are the steps to make big business decisions:
Ask questions that align with the goals we want to achieve: When considering anything, ask
"is it really right for me?". At the same time, when asking questions, it is necessary to pay
attention to the suitability of the intended purpose, in accordance with the capacity of the enterprise.
Taking the time to think is to plan: Take the time to think seriously and come up with a smart
plan. It is necessary to outline in detail the steps to be taken and see if it is suitable for the
business. Choose qualified people to plan together. Doing so will achieve a more objective understanding.
Find out the pros and cons of the problem: It is necessary to have an objective and diverse
view of the point of view to jointly find out the pros and cons of that problem. At the same
time, it is necessary to overcome the disadvantages and find reasonable alternatives.
Create deadlines: This is an important factor to promote the working process more
effectively. In this step, all participants will voluntarily control their time and know how to use that time on time.
Find a companion: No matter what job you do, when making a big decision or big project,
you need a companion. Everyone will support each other to achieve the fastest and best
results. If you do it alone, it will be very time consuming and may not achieve the expected results.
ii. How about decisions that involve significant monetary resources or
that otherwise determine the future course of the company?
All problems in the company are divided for the parties involved in that problem to solve.
Specifically, financial issues will be solved by the audit-finance department, they will discuss
together and offer reasonable solutions for each case. As for the issue related to the
company's orientation, it will be decided by the strategy board, they will propose solutions,
and then will be approved and given by the higher competent departments/individuals final result.
iii. For what decisions must employees ask for permission?
Any issues that are not within the scope of their expertise and work authority should be
consulted by their superiors. For example, when the auditor processes data and discovers
errors, they should not arbitrarily change the data but need to compare the data with a third
party to find out the errors and correct them. Cases that have a direct impact on the
development of the company, affect finance or other employees... are all cases that need to be
consulted by superiors. We can ask for permission. If you want to try something new at work,
you can ask, “Can I try this new approach?” “Can I attend this meeting?” “Is it ok if I work
from home?” The answer to your question determines whether or not you move forward, but
you don’t do anything new without permission. This is the approach most people take.
iv. How are the relevant tasks identified and assigned to individual employees?
The company has a project, and the managers of the departments will receive the project and
assign it to the leader, then the leader will divide the work and check the work performance
of other members. It can be specified by the following steps:
Setting the purpose of the work is easy to understand so that employees can know what they
will do: This is the first step for employees to easily grasp their work, and what they need to
do in the future. If this step is not clear and easy to understand, it will be difficult for
employees to work at the desired level of performance.
Create transparency at work: Any employee wants to work in a fair and transparent
environment. This increases employee confidence in the business. As a result, the work will
be more efficient and more productive.
Creating a comfortable working environment requires commitment from employees:
Everyone will feel tired and pressured when working in an uncomfortable, friendly
environment. Organize small events to give them extra motivation. If it is a large business,
organize short trips. At the same time, it needs the commitment of employees to work
effectively. This is part of transparency and clarity. It is a condition for evaluating employee performance.
Assign employees jobs that match their real capacity: To avoid bad results at work. When
their employees have to do jobs that are not in accordance with their expertise and capacity, it
will be difficult for them to adapt and work effectively.
c. How to increase knowledge sharing to build a learning organization?
Encourage and foster a knowledge-sharing culture: Model the behavior from the very top;
experiment with learning and encourage that “failures” are a part of innovation and success;
Make knowledge-sharing part of your company values, for the entire organization to live by
this value, it needs to be communicated company-wide. Share with new employees the
importance and how-tos of knowledge sharing within the organization from day one.
1. Create spaces for knowledge sharing to happen: Other ideas to promote conversation
include adding coffee stations throughout the office, informal conference room settings, or
even casual seating in high-traffic areas.
2. For remote workers, establish regular virtual events such as Top Learnings from this
Month that encourage knowledge exchange: Provide employees with multiple ways to
share their knowledge. This way each employee is empowered to select the method they
find fits their personality and skills best. Change up the scenery, and try implementing off-
site events and meetings where a new scene can inspire colleagues.
3. Have experts share their knowledge: When you've identified your experts, make sure
they know that their knowledge and expertise are highly valued and critical to the
business's success. Show experts in a quantifiable way what their contribution means to
the company and, when appropriate, publicly thank them for their support.
4. Use effective knowledge-sharing tools: The best tools integrate into workplace apps.
You can bring the knowledge directly to your employees by using a tool that integrates
into the apps they already use on a daily basis. By using the right platform, you can
supercharge productivity, innovation, and workforce development by providing employees
with instant access to collective knowledge and expertise.
d. How is potential freeriding taken care of?
We will divide three cases and offer solutions that are suitable for each specific case:
1. Feedforward control: Recruiting staff carefully, employees through recruitment must
have many rounds to comprehensively evaluate their personality and capacity, take
the company's test of working style before the face-to-face interview, agree on
working rules and requirements before working in groups.
2. Concurrent control: The team leader properly evaluates work performance, and
reminders when not finished work; in each project, the team leader needs to have a
public work breakdown table and attached criteria to evaluate the level of work
completed so that employees know what they need to do, each member after
completing frankly gives feedback to other staff.
3. Feedback control: Publicize the individual who has committed a mistake and faces
their mistake but remains anonymous, clearly state the rights of the person who
completes the job well and the punishment for the person who does not edit the job
evaluation sheet to be more detailed and relevant for employees to agree on, give
employees individual feedback instead of just having the team leader evaluate.
i. How is it detected? How is the detected freeriding handled?
There are many ways to discover freeriding, through their working style, attitude, and
performance. Because freeriders often don't really want to work, so their expressions are
often very clear, especially in productivity results. It should be handled according to the
principles and regulations given initially. It is necessary to be strict with such cases,
otherwise, it will affect the productivity of other members in the department and company. 3. Policies
a. What is the company policy as regards overtime and remote working? Working from home
There are many reasons why a company should let their employees work from home.
Therefore, a company has some policies related to virtual offices 1. Working hours
Working hours are one of the most crucial points that have to be clarified. They have to do
timekeeping on the company’s timekeeping system whenever they start or finish working every day.
Time worked includes responding to phone calls and emails, no matter the time of day.
Nonexempt employees are required to be paid only for time worked. Managers of your
department turn to time clock software to ensure that offsite employees put in the expected
hour. Employees still need to follow labor laws, so you should remind workers to take
required breaks and monitor the time cards to catch and correct any issues.
If hardware or software that is normally used to track time is unavailable to an employee
working from home, then any method that allows the employee to self-report his or her
working time (e.g: an Excel spreadsheet) is acceptable. 2. Communication guidelines
During an employee's working process, they have to follow some policies when they
communicate with others through virtual platforms. 
Attend all meetings related to departments and customers to get information and discuss with colleagues. 
Attend on time and be prepared for what needs to be discussed. 
It is not possible to voluntarily leave the meeting without the permission of the manager. 
Mute your microphone upon entering the call. 
Use headphones to minimize noise.  Keep your webcam fed on. 
Broadcast from a clean space or use a neutral background 
Dress politely and appropriately for the office environment, showing respect and professionalism when working. 3. Technology usage
If your remote employees use company laptops or other employer-owned equipment
at home. Technology is imperfect and issues are bound to arise. All remote employees should
know how to reach the IT department. The company will pay the repair fee for electronic equipment in the case of: 
Problems related to software errors  Battery replacement  Faulty keyboard 4. Digital security 
Avoid public Wi-Fi; if necessary, use personal hotspots or some way to encrypt your web connection.
Public Wi-Fi introduces significant security risks and should be avoided if possible. If you
need to access the internet from a public Wi-Fi location, you have two essential problems to
solve. First, other people have access to that network and, without a firewall between you and
them, threat actors can pound away at your computer from across the room. Second, any
interested observers on either the current network or any other public networks your data hits
between you and your workplace can monitor your traffic as it goes by. 
Keep Work Data on Work Computers.
If your employer gives you access to a portal or remote access environment, you can work
online and avoid downloading emails to a personal device. It's always a best practice to keep
the personal business on personal technology, and only use your work-issued laptop for work- related business.  Block the Sight Lines
If employees are at a coffee shop, pay attention to your sightlines. If someone is behind you,
they can see everything you are typing. Furthermore, someone with the right observational
skills (like a cybercriminal) could easily watch what you are doing and identify confidential
information. So employees have to work in their homes or private place without any strangers
https://teambuilding.com/blog/work-from-home-policy
https://www.criticalinsight.com/resources/news/article/8-best-practices-for-working-remotely Working over time
To comply with record keeping and overtime compensation requirements, we need a
smooth procedure. We should record overtime timely. This is our suggested procedure: 
The amount of overtime required is decided by the team's managers and team
members. Employees shouldn't wind up working beyond the legal limit for overtime, either. 
Managers should be aware of whether their team members are exempt or non-exempt
and make sure they are informed. 
Managers and team workers appropriately track overtime. 
Overtime pay is computed by [Finance/HR] using the lawful pay rates. 
The team members' overtime pay is given out at the following scheduled pay period.
b. How are the salary levels of the employees determined?
Salary scales are the range of pay you offer a new employee to do a specific job. They
are intended to serve as a guide for the compensation you provide to a new hire and indicate
the minimum and maximum salaries you pay a candidate for the position, which you may
publish on a job posting. The wage scale's lower end represents the amount you would pay an
applicant who satisfies the position's minimum qualifications, while the scale's upper end
represents the amount you might pay an applicant who satisfies all of your preferences and is
deemed an excellent hire. There are many steps to help the company decide the salary levels:
1. Write a detailed job description.
Companies can determine how much authority they anticipate the person to have by outlining
the formal job title, tasks and responsibilities, obligations, education and certifications,
experience requirements, and if it is full- or part-time.
2. Research salaries for similar jobs in job markets.
The standard salary for the position based on the job description, experience, and education
qualifications will help our company understand how much a qualified candidate expects to
make. Research wages for related jobs and experience requirements.
3. Based on the contribution that fits with your organization
Choose the pay band that best suits the position by looking at what other employees in the
same capacity at your company are paid. This will help you decide where the position fits within your organization. 4. Think about compensation.
Many individuals are curious about the extra benefits a business can provide them. The
frequency of their paychecks, whether they are hourly or salaried, and whether or not you
will be providing benefits like health insurance, company stock, provident fund, or other
advantages should all be taken into account. 5. Budget availability
A company must determine how much money is available for each role. i. Who decides them?
Employers establish a salary range to determine how much they pay their employees. A
salary range includes a minimum pay rate, middle-range pay increase possibilities, and a
maximum pay rate. Individual employers can also set pay rates and salary ranges by taking
into account the experience, skill, and education required for the job. To set the salary range
minimum and maximum, they consider the potential salary increase they will offer for a
promotion. Many companies contribute to market pay studies, and the data from these studies
are used to determine what employers pay for similar work in a similar region and industry.
Employers use market data to inform their salary decisions. ii. Who knows about them?
iii. Are there any bonus systems? (If yes, how are they determined?)
Make certain that commendable efforts are rewarded. Organizations and managers
must build trust, and in order to do so, they must deliver tangible results with commensurate
rewards. Without this, trust will be broken, employees will no longer be motivated to work,
and the promises we make will be endless. Employees' desired goal is not always to be
rewarded. Some people believe that monetary rewards are more important, but others may
want to receive organizational recognition or advance in their careers. In order to create
motivation in work, companies have decided to have a bonus system for those who work and
contribute many values to the organization. 1. Yearly bonus
When a company has a successful year, it usually gives out annual bonuses. Annual bonuses
are given in some companies, though the amount varies from year to year depending on the
company's profits. Other businesses only give out annual bonuses after a particularly prosperous year. 2. Individual bonus
These bonuses are given to employees for a variety of reasons such as hard work, outstanding
behavior... Managers or supervisors are usually authorized to give these low-cost bonuses to
employees who demonstrate a specific company value. 3. Bonus for connecting others
The referral bonus is another type of bonus. Employees who bring in new talent are
compensated with this bonus. Referral programs vary by company, with some offering a flat
rate regardless of position, while others pay their employees more for finding candidates for
difficult-to-fill or executive-level positions.
iv. Are there any non-monetary rewards? (If yes, how are they determined?)
These rewards are based on the successful projects of a department and the profit of
the company to boost motivation and connect everyone together.  Free - tea break:
When the company signs a contract or completes a good project, the whole company will
have a free meal - tea break to relieve stress and enjoy a small reward prepared by the
company. The free-tea break sessions will not be announced until the afternoon of that day to create a surprise  Team Building per year:
Based on the company's annual revenue to organize team building sessions. Employees will
be able to participate in voting for places they want to go as listed by the company. The
company will fully cover the costs of meals and accommodation. Employees will be able to
participate in group games and visit famous places together.
c. How are people hired to the company?
There are several reasons why the company has to hire new employees such as employee
turnover being high, and customer complaints increasing at an unusual rate. Increase in
overtime expenses, frequently falling short of objectives, frequently having to extend
deadlines, unable to accept new projects or clients, need more professional staff, the
managers have not taken a vacation in months. i. What is the process?
Hiring employees requires many steps to find out the most suitable person for a position including:
1. Evaluate which positions you need to fill.
2. Build your recruiting strategy
In this section, we decide which sources we want to post recruitments on: (Session 7, slide 14) 
Internal searchers: This is a low-cost method. Because when an employee works
productively for a long time, we have a promotion for him or her as a reward for their contribution. 
Advertisements: We post recruitments on social media such as Facebook, Instagram,
or Linkin to attract many talented candidates. 
School placement: We also organize internships for senior students to accumulate
experience and help them develop their soft skills.
3. Write the job description.
Consult with company managers about the perfect applicant before posting a job to acquire a
clear understanding of what you require. Making existing staff aware of the position is also a
good idea. Create a job description that includes information like the qualifications, duties,
and expectations of the position. In order to locate the correct cultural match, include details
about your key beliefs and corporate culture. 4. Post your job opening 4. Select applicants
The hiring department's workers evaluate and examine the application materials, including
resumes, CVs, and cover letters. We might need to revise our job description if the applicant
pool currently available cannot produce the ideal applicant for the job opportunity. 6. Interview the candidates
We start off with a direct interview in our company. This will allow us to quickly determine if
they really meet our qualifications, expectations, and goals. We ask about their reasons to
apply, their experiences, behaviors, and solving problems by their professional and soft skills. 7. Delivering a job offer.
Make sure to inquire about candidates' expected salaries multiple times as we move through
the hiring process. Depending on the other offers they are considering, this might alter. Send
a great job offer letter format when it's time to make a company offer, including everything
we are providing, such as paid time off and any benefits or equipment allowances.
ii. How to ensure correct decision and avoid reject or accept error?
The company wants to find people who can contribute to the company’s vision including:
1. The innovator: A person who always finds problems and solves them directly, ready to
face difficult situations. The development and success of an organization may depend
on innovation. An inventive employee is one who consistently contributes fresh
concepts. They are insightful and imaginative, and they frequently devise unique
solutions to issues. This worker questions the current status, which can be beneficial
for developing more effective procedures.
2. The planner: For our company's long-term success, hiring a task-oriented employee
who serves as a planner might be quite beneficial. These workers are aware of the
objectives of the business and what it takes to achieve them. They excel at organizing,
planning, and maintaining focus.
3. The investigator: It's crucial to have at least one team member that enjoys conducting
research on your team because not everyone is strong with numbers and analytics.
This individual excels at weighing the pros and cons of different solutions. They can
take corporate and personnel data and transform it into information that your
company's executives can use and understand.
iii. What type of employees you are looking for?
The interviewees are in the Human Resources Department. Based on the professional
knowledge and the job they want to apply for the worker, the HR staff have responsibilities in
interviewing new employees which is decided by the HR leader. It also can be based on job,
the higher the job position, the HR managers have to interview to choose carefully and
consider. People who take part in interviewing the candidates are determined and have the
final decision for who is hired.
iv. Who interviews the candidates? v. Who makes the decision?
d. How are conflicts between employees resolved?
When employees have conflicts, they are in stage II - storming (Session 8, slide 6).
Because they are miscommunication and cannot understand each other's point of view. In this
stage, there are many steps for them to solve the problem between workers. 1.
Find out the reason of the conflicts
Clarifying the source of a disagreement is the first step towards its resolution. You'll be able
to comprehend how the problem first arose by defining the conflict's root problem.
Additionally, you will be able to persuade both parties to agree on the nature of the conflict.
And in order to do that, you must talk about the needs that are not being met on both sides of the debate.
2. Find a private place to communicate
You need to select a setting where you feel comfortable talking to others in order to have a
productive conversation. You can also take the required risks in such a setting to have open
discussions about the problems at hand. When having conflicts, employees have to find a
quiet place for them to talk together. 3. Analyze the situation
Take the time to look into the situation after hearing the participants' worries. Don't try to
judge or make a decision based just on the information you know. Investigate more to learn
more about the events, parties involved, problems, and reactions. Have a private, assured
conversation with the parties involved and pay close attention to what they are saying by listening intently.
4. Decide the final ways that suitable for the situation
The goal of managing conflict processes should be to resolve the conflict and prevent future
occurrences of it. And you need to be aware of the many stages of conflict in order to solve
any issue. You will then be able to search for the best solutions to achieve the shared objective.
e. How to increase rationality in decision-making process of the whole
company? How to reduce the chances of biases & errors? o
How to increase rationality in decision-making process of the whole company?
Decision-making is the process of recognizing and defining the nature of the problem,
developing possible alternatives, and selecting and implementing them accordingly. To
increase the rationality in the decision-making process of the whole company, we can follow eight steps as follows:
1. Identification of a problem: in the decision-making process begins with the
identification of a problem-that is, a discrepancy between an existing state of affairs
and the desired state of affairs. How does a company become aware of such a
discrepancy? They have to compare the current state of affairs with some standard,
which can be past performance, previously set goals, or the performance of another
unit within the organization or in another organization. (Session 5, slide 6) For
example, if a product is obsolete, the company's best decision may be to develop a new product.
2. Identification of Decision Criteria: Once a company has identified a problem that
needs attention, he or it must identify the decision criteria that will be important in
solving the problem. This is Step 2 in the decision-making process.( Session 5, slide
7).For example, In that case, the company will evaluate the relevant criteria, which
may include price, style, size, and suitable components.
3. Weighting criteria: In many decision-making situations, the criteria are not equally
important, so it’s necessary to allocate weights to the items listed in Step 2 to factor
their relative priority into the decision. This is Step 3 of the decision-making
process.A simple approach is to give the most important criterion a weight of 10 and
then assign weights to the rest of the criteria against that standard to indicate their
degree of importance. Thus, a criterion that you gave a 5 is only half as important as
the highest-rated criterion.( Session 5, slide 8 ). For example: lists the criteria and
weights that have been developed for the decision to develop a new product. Quality,
time, shape, demand, profit. But quality is the most important criterion in the company's decision.
4. Developing Alternatives : the decision maker lists the alternatives that could resolve
the problem. The decision maker only lists the alternatives and does not attempt to
appraise them in this step.( Session 5, slide 8 )
For example: Assume that our company has identified 3 products as possible options:
Smart Watch, Smartphone, and Laptop.
5. Analyzing Alternatives :critically analyzing each choice by appraising it against the
criteria. The strengths and weaknesses of each alternative become evident when
compared with the criteria and weights established in Steps 2 and 3.(Session 5, slide 9
). For example: make an assessment of the proposed audience for each of the 3
options of the company after the survey. Some evaluations can be obtained
objectively, such as the best purchase price from local dealers.
5. Selecting the Best Alternative: the critical act of choosing the best alternative among
those assessed. Since we determined all the pertinent factors in the decision, weighted
them appropriately, and identified the viable alternatives, we chose the alternative that
generates the highest score in Step 5.(Session 5, slide 10). For example: In our
company's new product development example. As a result, people decide to choose a
smartwatch. On the basis of defined criteria, weighting criteria, and decision makers'
evaluation of each product based on the criteria, the smart meter scored the highest,
thus becoming the alternative. best position.
5. Implementing the Decision: decision implementation—involves conveying the
decision to those affected and to obtaining their commitment.( Session 5, slide 11 )
Evaluating the Decision: the last step in the decision-making process, the company appraises
the result of the decision to see whether the problem was resolved. Did the alternative chosen
in Step 6 and implemented in Step 7 accomplish the desired result? o
How to reduce the chances of biases & errors?
When a company makes a decision, it is inevitable to make mistakes, so to reduce the
possibility of biases & errors our company has tried to avoid biases & errors as follows: 
Overconfidence Bias: The time when decision-makers think that they know more
than they really do or have unrealistically positive views of themselves and their
performance then they are exhibiting the overconfident bias. 
Immediate Gratification Bias: The immediate gratification: bias describescdecision-
makers who tend to want immediate rewards and to avoid immediate costs. 
Anchoring Effect: The anchoring effect describes how decision makers fixate on
initial information as a starting point and then, once set, fail to adequately adjust for subsequent information. 
Selective Perception Bias: Wheerdecision-makers selectively organize and interpret
events based on their biased perceptions, they’re using the selective perception bias. 
Confirmation Bias: Confirmation bias is a type of cognitive bias that involves
favouring information that confirms your previously existing beliefs or biases. 
Framing Effect: The Framing effect is the principle that our choices are influenced
by the way they are framed through different wordings, settings, and situations. 
Availability Bias: The availability bias happens whesidecision-makers tend to
remember events that are the most recent and vivid in their memory. 
Representation Bias: When decision-makers assess the likelihood of an event based
on how closely it resembles other events or sets of events, that’s the representation
bias. Managers exhibiting this bias draw analogy and see identical situations where they don’t exist. 
Randomness Bias: The randomness bias describes the action oeadecision-makers
who try to creat meaning out of random events. They do this because most decision
makers have difficulty dealing with chance even though random events happen to
everyone and there’s nothing that can be done to predict them. 
Sunk Costs Error: The sunk costs error occurs when decision makers forget that
current choices can’t correct the past. 
Self-serving Bias: Decision makers who are quick to take credit for their successes
and to blame failure on outside factor are exhibiting the self-serving bias. 
Hindsight Bias: Hindsight bias, which is when people have a tendency to view events
as more predictable than they really are in hindsight. (Session 5, slide 14)
f. What is your plan to train and develop your employees?
For companies to develop more, it is indispensable to train and develop employees. What is
employee training and development? Employee training is a program that helps employees
learn specific knowledge or skills to improve performance in their current roles. Employee
development is more expansive and focuses on employee growth and future performance,
rather than an immediate job role. (“What is Employee Training & Development?”). Our
company can offer employees many in-person or on-the-job and off-the-job training methods.
And the company uses in-house training, third-party training, or off-site activities to provide
those opportunities. We want to balance two kinds of training to help employees. On-the-job
training methods: learn by doing based on practical circumstances (10%). For example
Mentoring programs. Off-the-job training methods: learn by sharing with many successful
managers in their department (30%). For example Job orientation - new employees' training,
Company culture introduction, Management training, Sales training.
g. How can you keep the company’s talents?
At the company, there will always be talented employees and in order to retain talented
employees, we have offered many benefits to employees while at the company. The first is
flexibility: we give employees the freedom to choose full freedom for their top talent to
choose the time, location, and manner they work so that they can align organizational goals
with individual goals. Next, offer good benefits: offers on-site medical staff, free lunch,
medical insurance coverage, free cooking classes, insurance coverage on medical and dental
fees, employee appreciation program, provide free food, wellness program, company trip,
paid time off, performance bonuses and many more. Next, build a good company culture.
Company culture refers to the environment that defines how people work, behave, and
interact. Is your working environment hostile? (Samani). The company will create a
comfortable environment, respect each other, not overtime and see if you are bullied at the
company. Finally, Invest in their career growth. Time is a valuable asset for your top talent.
As learning is a life-long journey, it's essential that your top talent contribute, learn, and
evolve with your company (Samani). Example: creating conditions for employees to study abroad for 2 years.
h. How are people promoted in the company?
Promotion refers to advancing an employee's rank or position in a hierarchical structure.And
We will promote employees based on their performance and workplace conduct. Experience
in the job or tenure, a high-performance level in [two] review cycles, a skill set that matches
the minimum requirements of the new role, personal motivation, and recent willingness for a
change in responsibilities. Here are some suggestions: 
Work on your communication skills: As you step into a leadership role you are
responsible for more people so you need to have good communication skills. Learning
how to communicate goes hand-in-hand when learning how to get promoted. 
Be nice: Develop strong relationships within your organization. For most bosses, the
decision to promote someone also requires the input of others. Maintaining good
relationships will encourage other colleagues to go to bat for you when it matters the
most. Always treat everyone with kindness and respect.(Cooks) 
Recognize others: Not only should you advertise well about yourself, but recognize
the achievements of others that will make you impress management. The company
will promote people who are able to drive and manage successful teams. 
Communicate with your boss: Don't be afraid to tell your manager that you want a
promotion. They can impart the skills and experience you need. 
Bring in revenue: If you bring profits to the company, you will be seen as a talented
employee. The ability to see your performance, the results of your work.
Create value wherever you can: Many people think that dominates every conversation is a
leadership trait. Be intentional when you speak so that you become known for only
contributing valuable input. Look for ways to streamline processes so you can be more
efficient. Invest that freed-up time into developing your skill set or projects that deserve your extra attention. (Cooks)
i. How is the performance and other qualities of potential candidates evaluated?
To evaluate the performance and other qualities of potential candidates our company is based on:
Critical incidents: This employee performance appraisal method focuses on fundamental
behaviors that impact how a job is carried out. Critical incidents refer to incidents that either