Part 1: Critical Thinking for Business/ Business Planning

1. Critical Thinking for Business

Current Strengths:

Analytical Skills: I have reviewed one of the essential competencies in this category and would like to
share one more of them; analysis of business dilemmas. I perform very well in analyzing information,
evaluating its importance and discovering the relationship that defines good decisions. Since then, this
skill has proven helpful in scenarios such as evaluating business cases appraising risk and coming up
with solutions (Brinckmann et al., 2019).

Problem-Solving: I pride in being able to apply a lot of logic in problem-solving, which makes me
come up with concrete solutions. I can find out readily the causes of issues, assess different options and
provide solutions that are informed by logic.

Opportunities for Growth:

Decision-Making Under Pressure: My analytical skills are rather good, however, I experience some
limitations in decision-making, especially if it is urgent. Such uncertainty can delay decision-making
and graph impact on the business (Calma & Cotronei-Baird, 2021).

Bias Recognition: This is an area that I have realized a need to beef up especially when it comes to
recognizing personal bias that may be present in a given case. One of the things I believe I still lack is
the ability to look at business scenarios in a rather neutral way to avoid biases.

Relevance to Career Development: Another skill that is crucial to my profession and therefore career
success is critical thinking because it is critical in the preparation of strategic plans. This has helped me
in my career in that it has equipped me with confidence in handling certain situations in the workplace
as this decision-making tool tests the capability of one how to handle a certain situation as well as
explain delays in decision-making. This skill is important as I intend to grow to positions that require
strategic and fast decision-making.

Improvement Goals: Increase the rate of decision-making by incorporating the features of fast analysis
in working conditions. Increase the knowledge of cognitive biases by providing the corresponding
training and focusing on self-reflection.

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Action Plan: Data use Goal 1: Improve the rate of decision-making. SMART goals:

 Specific: The analysis process is timed to practice making a quick decision.

 Measurable: Solve at least one of the timed decision-making activities at least once a week for
three months (Simplilearn, 2021).
 Actionable: It is important to capture a realistic flavour of the pressure of time by employing
actual scenarios from the projects being completed to date.
 Realistic: Begin with simple activities and extend periods during which the child should engage
in a particular task or exercise (Brinckmann et al., 2019).
 Timely: Increase the decision speed by at least 20 % in three months.

Goal 2: Avoid biases in the decision-making process. SMART goals:

 Specific: Compulsory course: cognitive biases in business decisions.

 Measurable: Register in a workshop and keep learning records by successively passing all the
operative modules and checklists.
 Actionable: Spend 1 hour every week to attend the sessions and practice in practice the acquired
knowledge (Brinckmann & Kim, 2015).
 Realistic: Choose something that I can do in my spare time as well as one that is relevant to my
line of work.
 Timely: Engage and complete the course within 6 months and incorporate the learnt techniques
in my daily decision-making.

2. Business Planning Current Opportunities for Growth:

Financial Forecasting: Specifically, whereas the strategic planning strengths are apparent, I understand
the weaknesses of financial forecasting. Sometimes my forecasts are imprecise and this impairs their
ability to accurately assist in business decision-making (Calma & Cotronei-Baird, 2021).

Resource Allocation: It also entails that I need to learn more about resource management convolution
and how resources can be effectively managed in uncertain circumstances.

Relevance to Career Development: Business planning plays an important role in my career as it

influences my efficiency in the implementation of business strategies, projects and prospects (Pearl et
al., 2018). Business planning enables me to enhance my input towards company growth since I can
facilitate proper planning of goals and objectives and also that of resources. In particular, the
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shortcomings in this area have been manifested in all sorts of gaps in forecasts, which at times results
in the failure to achieve certain targets; it is here that the development of the corresponding skills is
urgently needed.

Improvement Goals: For the short term improve one’s ability to forecast since the knowledge of
financial models would be expanded. In the long term discover how professional certifications can help
obtain a better grasp of the concept of resource allocation (Pearl et al., 2018).

Action Plan: Strategic objective 1: Enhance the ability in the project of the company’s finances.

 Specific: Master a variety of different concepts and skills in basic Excel and financial
modelling.
 Measurable: It was required to finish a specific, online course in financial modelling.
 Actionable: Ensure newly-acquired knowledge is properly applied a certain number of current
projects and properly monitored for improvement of forecast accuracy (Simplilearn, 2021).
 Realistic: Schedule 2 hours in a week specifically for training alongside other current
responsibilities.
 Timely: Pass all the lessons of the course and optimize the real-time effectiveness of the
forecast within six months (Brinckmann & Kim, 2015).

Goal 2: Strengthen the ability to organise resources. SMART goals

 Specific: You should earn a certification in project resource management.

 Measurable: Attend a certification course and pass all the necessary tests.
 Actionable: Use the resource management techniques learnt in the course to current team
activities.
 Realistic: Choose a course that falls within my working hours and the type that I require for my
career.
 Timely: Complete the certification programme within one year (Calma & Cotronei-Baird,
2021).

Analysis and business strategy proficiency is the core set of skills for my professional development. In
this way, I may increase effectiveness of the strategic decision-making and planning by paying more
attention to the strengths and opportunities aspects. When acting out the above-said action plans, I will

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be well placed for other leadership positions within the organization as well as becoming more useful
to my organization.

References
Brinckmann, J., Dew, N., Read, S., Mayer-Haug, K., & Grichnik, D. (2019). Of those who plan: A
meta-analysis of the relationship between human capital and business planning. Long Range Planning,
52(2), 173–188. https://doi.org/10.1016/j.lrp.2018.01.003

Brinckmann, J., & Kim, S. M. (2015). Why We Plan: The Impact of Nascent Entrepreneurs’ Cognitive
Characteristics and Human Capital on Business Planning. Strategic Entrepreneurship Journal, 9(2),
153–166. https://doi.org/10.1002/sej.1197

Calma, A., & Cotronei-Baird, V. (2021). Assessing critical thinking in business education: Key issues
and practical solutions. The International Journal of Management Education, 19(3), 100531.
https://doi.org/10.1016/j.ijme.2021.100531

Pearl, A. O., Rayner, G. M., Larson, I., & Orlando, L. (2018). Thinking about critical thinking: An
industry perspective. Industry and Higher Education, 33(2), 116–126.
https://doi.org/10.1177/0950422218796099

Simplilearn. (2021, January 20). Business planning: It’s importance, types and key elements.
Simplilearn.com. https://www.simplilearn.com/business-planning-article

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