Tag: growth

Summary of Union Budget 2021-22




The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament today, which is the first budget of this new decade and also a digital one in the backdrop of unprecedented COVID-19 crisis.

This year’s Budget lays focus on the seven pillars for reviving the economy – Health and Wellbeing, Physical and Financial Capital and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, and Minimum Government Maximum Governance. Several regulations around the securities market are proposed to be merged as a single code. Several direct taxes and indirect taxes amendments were also proposed.



Our FM starts the budget2021 announcement by mentioning the challenges during the pandemic and the vision of the Pradhan Mantri Garib Kalyan Yojana.
FM says that India has two vaccines made available and two more will be made accessible soon.
FM reiterated that the government is fully prepared to support the economy’s reset.
FM says the Budget2021 is based on 6 pillars.
Starting with healthcare & wellbeing:
Spending’s been increased
New scheme with an outlay of Rs.64K crore to be spread over 6 yrs
The above is in addition to the National Health Mission.


Support to rural & urban health centres
FM announces the Jal Jeevan Mission with an outlay of 2.87 lakh crores aiming to provide full-fledged water supply to all urban local bodies with household tap connections.
The FM proposed Rs1.41 lakh crores over a period of 5 Years for the Urban Swacch Bharath 2.0.


An amount of Rs.1.47 lakh crores, over a 5-year-period, from 2021 has been assigned for initiatives such as wastewater treatment, reduction in plastic waster, reduction in pollution and the like.
The Scrapping Policy has been announced in the Budget2021. The voluntary vehicle scrapping policy aims to remove inefficient vehicles so as to reduce vehicular pollution and oil import bills.
FM proposes an amount of Rs.35000 crore to manufacture and make accessible the COVID19 vaccine.


To strengthen nutritional content, delivery, outreach, and outcome, Government will merge the Supplementary Nutrition Programme and the PoshanAbhiyan and launch the Mission Poshan 2.0. Government will adopt an intensified strategy to improve nutritional outcomes across 112 Aspirational Districts.



Universal Coverage of Water Supply and Swachch Bharat Mission:

The Finance Minister announced that the JalJeevan Mission (Urban), will be launched for universal water supply in all 4,378 Urban Local Bodies with 2.86 crore household tap connections, as well as liquid waste management in 500 AMRUT cities. It will be implemented over 5 years, with an outlay of Rs. 2,87,000 crore. Moreover, the Urban Swachh Bharat Mission will be implemented with a total financial allocation of Rs 1,41,678 crore over a period of 5 years from 2021-2026. Also to tackle the burgeoning problem of air pollution, government proposed to provide an amount of Rs. 2,217 crore for 42 urban centres with a million-plus population in this budget. A voluntary vehicle scrapping policy to phase out old and unfit vehicles was also announced. Fitness tests have been proposed in automated fitness centres after 20 years in case of personal vehicles, and after 15 years in case of commercial vehicles.



Physical and Financial Capital and Infrastructure:

AatmaNirbhar Bharat-Production Linked Incentive Scheme

Finance Minister said that for a USD 5 trillion economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral part of global supply chains, possess core competence and cutting-edge technology. To achieve all of the above, PLI schemes to create manufacturing global champions for an AatmaNirbhar Bharat have been announced for 13 sectors. For this, the government has committed nearly Rs.1.97 lakh crore in the next 5 years starting FY 2021-22. This initiative will help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.



Textiles:

Similarly, to enable the textile industry to become globally competitive, attract large investments and boost employment generation, a scheme of Mega Investment Textiles Parks (MITRA) will be launched in addition to the PLI scheme. This will create world class infrastructure with plug and play facilities to enable create global champions in exports. 7 Textile Parks will be established over 3 years.

Thus, the budget was widely acclaimed and appreciated.

Education a right of everyone but a gift for poor

Education the solution for every problem in this world. If you are educated you know how to manage difficult time in a better way then others. Education is not only provided in school but it also present all around you.

The context of education is very wide, you can’t say that education is only provided in schools and colleges. By education you’re mean that you learn from your surrounding not only bookcase knowledge. A person who never went to school doesn’t mean that he don’t have knowledge of anything.

At present to the covid-19 situation there are millions of children who had lost the access to education, because they are not having digital devices to have their online Classic in even their schools are shut off.

Today we are having so many excuses for online classes like we’re having strain in eyes, neck, headache etc. I don’t mean mad they are not genuine but, these are not as hard as you are not getting education. You are fortunate in now to continue your education even without going to school but many in this world a not so fortunate.

There are many example synthesis world who had sacrifice a lot just to get educated. One of them is Malala Yousafzai who was ready to get shot from gun just to get educated.

So whenever you feel like you don’t want to study just think about them and you automatically will get an inspiration and a sense of gratitude that you are having so many resources that your education is not getting any hindrance.

We and government together should take step that gift access of education to everyone in your country or in the world. We can donate our old book, pencils and other stationaries to them and that will be a small step from our side but will make a big difference for them.

The problem of poverty in India

In India, poverty is presently estimated by fixing a poverty line based on a differentiated calorie-norm. This means that the level of poverty depends upon the capacity of a person to purchase food and a person who can buy specific amount of food to cross the poverty line margin for nutrients and calorie intake is above the poverty line. Whereas, the person who cannot buy enough food to meet the required nutrition value of calories and carbohydrates is below the poverty line. This level is not the correct parameter to check the level of poverty.

A task force of the Planning Commission in 1979 defined the poverty line as that per capita expenditure at which the average per capita per day calorie intake was 2400 calories in rural areas and 2100 calories in urban areas. Average per capita expenditures incurred by that population group in each State which consumed these quantities of calories, as per the 1973-74 survey of NSSO, were used as the poverty lines.

The debate on the extent of poverty in India has been a matter of global interest in the recent years. The primary reason for the global interest in the debate is that the levels of poverty in India and China have come to exert significant influence over the trends in world poverty itself.

Within India too, there has been growing contestation around poverty estimates, particularly in the period of economic reforms. First, there are persistent disagreements among economists on whether the rate of poverty decline after economic reforms was slower than in the preceding period. Secondly, the shift to targeted, rather than universal, welfare schemes has witnessed the use of poverty estimates to decide on the number of households eligible to access these schemes. The report of the Expert Group on the estimation of poverty, chaired by Suresh Tendulkar, is the latest input to the “Great Indian Poverty Debate.”

It is to be noted here that many subsidies and programs are launched by the government but these additional increments do not reach the actual people that are in need of them. Instead it is sent back to the businessman and thus a lot of profit is earned on these subsidized goods. Thus, to lower the level of poverty in India, schemes have to be launched in order to directly benefit the people in need.

The Hindu states that, “A final issue with the report, of much long-term consequence, relates to the wisdom of abandoning the calorie norm. It is indeed true that the levels of calorie intakes are not well correlated with nutritional outcomes. However, abandoning the calorie norm altogether and taking solace from the fortuitous fact that calorie intakes appear adequate at the new poverty lines is an arbitrary proposition. It is unclear whether there is any basis, theoretical or empirical, for this relationship to hold true across time.”

The Tendulkar Committee has pitched for a policy position that is stranded between the harsh realities of poverty in India and the fiscal conservativeness of a neo-liberal framework. The real challenge lies in preserving the positives from the report, and strongly persisting with the demand for a universal social security system.


Written by: Ananya Kaushal

Growing Up Is Fun But Really Stressful By An Adolescent

College is one of the most important phases in any person’s life. There are some who enjoy these days by going to parties and watching movies and simply enjoy themselves, there are others who have to work and provide for to a family at the same time. This period, like any other period, in a person’s life goes through in phases and with each phase comes an increasing level of stress. Some stress is good and is necessary, it is termed as Eustress. It is the minimum level of stress that keeps us motivated to do our best and thus is positive in nature. Some stress is negative and its constancy can cause us much harm, this kind of stress is known as Distress.

The first change that occurs with college is the absolute freedom we receive, and we are not always use to it and get carried away in the process. Important decisions are to be made, like what courses to choose and what career to follow? Whether to live at home or in a hostel? Students have to develop an ethical value system that is best suited to them. Once the courses are chosen, the most common reason for stress is grades. The students put themselves under a lot of pressure to perform better, the professors often tend to side

the ones who score high marks rather than focusing on how much the students learn, the pressure to perform together with the pressure to impress could lead to a lot of stress. Students who enter college on scholarship programs or those from low socio economic status who have the responsibility of caring and providing for the family, suffer the most. Some of them even take up part time jobs that leave them no time to relax.

Next in line are friends. Friends are the most important part of any ones life. Friends give our life meaning and to some extent help us find our inner self. Making new friends and adjusting with their lifestyles is never easy. Sometimes it may lead to change in the value system. In the shoes of a non-smoker, “Do I really need to smoke to fit in the group?” Sometimes individuals change their entire perspective on life. Deciding on giving in to peer pressure or to stick with your own values and judgments often lead to conflict and stress.

Love is another important change in an adolescent’s life. There are different kinds of lovers. There are some who feel love is a game. Some feel it is something which would make them cool. Some are just flirting and then there are those who think love is eternal and forever. With these different perspectives sometimes different kinds of lovers get together. This could lead to a lot of stress. From one of my heart broken friends I got this, “My boyfriend

thinks love is just another game in life. If you are strong enough you will win the game or else you are a looser. Sex is just another parameter just like cloths or shoes in life.” Many times sex is misunderstood and misused as love. Sometimes girls feel pressurized into being physical on the demand of their boyfriends. Sometimes it can lead to date rape or sexual harassment also. Most girls get too embarrassed to talk about it or seek much needed help; this resistance is very harmful to their mental and physical health.

With love and relationships come break-ups. Breakups are never easy. It can lead to self doubt, feeling depressed, and can sometimes also lead to a negative and poor self image. By the age of 17, most of the college students have had their heart broken and fallen in love all over again. By the time they are 18, they face different kind of stressors. Now they are official adults and have far more responsibilities. There is a conflict inside of them, as they

are not children and not totally adults. They have to find socially accepted ways to express themselves.

This is a period where adolescents usually face identity confusion. They are in the process of making an individual identity based on their on values. Sometimes these values go against the values of their parents and family systems. In a typical Indian society, there are a lot of gender related stressors. Adolescent girls are under the pressure of getting married, and many times against their will. She is expected to perform all the house hold functions

and duties and has to manage her education and homely duties which can be very stressful. She is expected to be humble and respectful and is many times not allowed to speak her mind. She is dominated by the wishes of her father and is given very little freedom. On the other hand the male child is encouraged to go out, and make a living. They are given more freedom than women.

These are few stressors that my surveys conclusively indicated. There are far too many that are faced by the adolescents of today. The stressors faces by adolescents today are far more different from the ones faces by their parents or even their elder siblings. The adolescents in our modern world are aware and willing to make a difference.

Milestones in India’s science and technological development

The fashionable age is the age of science, technology and knowledge in which all of these are interrelated and are different aspects of the same thing. Explosion of knowledge and data , supported breathtaking advancement within the world of science and technology, has bestowed on man powers enviable even for gods. it’s helped man conquer space and time. Now one has unraveled many mysteries of nature and life and is ready to face new challenges and move forward within the realm of the unknown and thus the undiscovered. In India there has been an extended and distinct tradition of scientific research and technological advancement since the past .

Since independence, India has accelerated it’s speed and efforts in this field and have established many research laboratories, institutions of upper learning and technical education. The results would make anybody’s heart swell with pride , confidence and fulfillment. The best, however, is yet to return . The central and state governments, various public and private sector establishments are engaged in scientific research and technological development to require the state on the trail of rapid development, growth and prosperity. There are about 200 research laboratories spread everywhere in the country. The institutions of upper learning, and universities, the fashionable temples of learning, are all committed to need the country forward. they’re well equipped and staffed to secure for the people of the state all the blessings and benefits which can accrue from the acquisition and application of knowledge and technology. But there is no room for complacency, for during this field only the sky’s the limit and that we are yet a developing country.

Our technology policy is comprehensive and well thought out. It aims at developing indigenous technology to ensure efficient absorption and adoption of imported technology suitable to national priorities and availability of resources. Its main objective is attainment of technical competence and self- reliance, leading to reduction in vulnerability in strategic and important areas.

With a view to strengthening our economy and industrial development, our government has introduced many structural reforms through adoption of a replacement industrial policy which features an important pertaining to the programmes of development concerning science and technology. Consequently, technology has become our mainstay enterprise and now we’ve built a robust and reliable infrastructure for research, training and development in science and technology. Within the field of agriculture, our scientific and technological researches have enabled us to be self-reliant and self-sufficient in food grains.

Today, India withstand droughts and natural calamities with much greater confidence than ever before. Now, we are at an edge to export food grains, etc. and are on the sting of white and blue revolutions. Our agricultural scientists and farmers, who are always ready to imbibe new technologies, our country has many kinds of hybrid seeds, crop- protection technologies, balanced farming practices and better water and irrigation management techniques. Similarly within the sector of economic research, we’ve achieved many milestones and India is emerging as a significant industrial power of the earth .

The Council of Scientific and Industrial Research (CSIR), which has its network of research laboratories and institutions, has been chiefly instrumental in our major achievements in scientific and industrial research. We’ve now joined the exclusive club of six advanced nations by developing our own supercomputer at the Centre for Development of Advance Computing (C- CAD) at Pune. Our Atomic Research Commission, acknowledged in 1948, is engaged in valuable nuclear research for peaceful purposes. The chief agency for implementing atomic energy programmes is the Department of atomic energy . The Bhabha Atomic Research Centre, Trombay, near Mumbai is the most important single scientific establishment within the country, directing nuclear research. Now, we’ve five research reactors, including Cyrus, Dhruua, Zerina and Purnima. We’ve administered two underground nuclear tests at Pokhran in Rajasthan.

This is often an interesting achievement by our nuclear scientists, which has enabled us to become one of the chosen few countries on earth to have done it. India is additionally the first developing country, and one of the seven countries of the earth to master fast breeding technology. Research in breeder technology is currently happening at Gandhi Centre for Atomic Research at Kalpakkam, Chennai. The successful launching of the Polar Space Launching Vehicle (PSLV- D-2), in October 1994, marked India’s entry into the league of the world’s major space powers. Within the INSAT-2 series of satellites, launched first in 1992, India has shown its ability to fabricate complex systems like anything made anywhere within the earth . Our previous launches of the SLV-3 and thus the SLV were merely stepping stones to what’s going to be the workhorses of the business, the PSLV, which can launch one tone satellite into orbit of up to 1000 km, and therefore the Geosynchronous Satellite Launch Vehicle, which can take 2.5 tonne satellite to orbits 36,000 km away. India’s space programme rocketed to greater heights with the successful launch of the second Geosynchronous Satellite Launch Vehicle (GSLV-D2) in May, 2003. As has been rightly observed, the challenge before Indian Space Research Organisation (ISRO) is to take care of the momentum of the programme by integrating it with other missions. The foremost obvious ones are related to military communication and reconnaissance.India’s first space mission to specialize in an extraterrestrial landing, Chandrayaan-2, would have commenced by the time you read this. It’s a symbol achievement for India’s technological capability, in areas ranging from propulsion , signals and communications, materials, robotics, remote guidance and even AI , to let the lunar lander navigate on its own on the far side of the moon. If successful on all targeted fronts, it’d also increase humankind’s understanding of cosmology and thus the origins of the planet , because the moon probably could also be a piece of this planet that got thrown out at a stage when it had been mostly molten matter. And, of course, it’d cause greater understanding of the moon itself, its chemistry and composition. America landed men on the moon essentially to demonstrate that it had overcome the Sputnik scare — the shock realisation that the Soviet Union was before it in space science and technology which its own education system had to repair for greater specialize in science and maths — and had beaten the Soviet Union therein lone area of human achievement during which the Communist nation had been ahead.

Achievements in space still have a component of demonstration of technological capability, apart from their intrinsic utility. So, becoming the fourth nation within the world, behind the US, the previous Soviet Union and China, to land a mobile explorer on the moon, tells the earth of India’s capability altogether the intricate technologies that are marshalled and harmonised to carry out Chandrayaan-2, its predecessor having orbited the moon with a proximity of 100km. The mission, conceived in 2008, has taken 11years to end . The mission director and thus the project director are both women, to boot. The Indian Space Research Organisation is standing testimony to the overall public sector’s capacity to deliver outstanding results, when given autonomy and resources. There’s a case for similar public sector initiatives in cyber security, telecom systems and AI . What it lacks is political vision and commitment. Our success on Antarctica speaks volumes of our scientific genius and technological wisdom within the world . So far, 13 scientific expeditions by our oceanographers,scientists and technicians are to Antarctica where we’ve two permanent stations on the icy continent. within the field of defence also our achievements are quite laudable.

The successful production of such missiles as Prithvi and Nag testify to the high capabilities and achievements of our scientists. we’ve also been successful in producing opt-electronic preparation and night-vision devices required for our indigenous tanks. The HAL at Bangalore has already produced the Advanced Light Helicopter (ALH). Obviously, technology has been used effectively as a tool and instrument of national development and yet much remains to be achieved so that its benefits reach the masses. Scientists within the country will strive hard to bring technological developments to people’s doorsteps.

Therefore, they can not rest on their laurels, but should remember the famous and galvanizing lines of the poet Robert Frost: The woods are lovely, dark and deep, But I even have promises to stay, And miles to travel before I sleep……

Survival of the innovative

Its easy to give birth but to make it grow into a complete institution is a whole different journey!

Innovation is a Necessity for Survival

Innovation is defined as an idea, method, process, product, or practical solution to meet a need. It implies research, analysis, creativity, learning, and continuous improvement.  In the modern era, innovation is associated with computers, digital tools, automation, and technology, but it doesn’t always have to involve any of these things. Innovation could simply be a new solution or approach to a problem that a business association or chambers have not utilized before. It could be a new perspective on how to look at a problem.

Some sectors, particularly related to healthcare, personal care and hygiene, certain food industry segments, cleaning supplies, information and communications technology, big data analytics, drones, health technology, education technology, e-commerce, delivery services, artificial intelligence, and financial technology are thriving during this pandemic crisis’ economy. Others are questioning their business models and value proposition to innovate, adapt, and survive. Informal sectors in many emerging markets are incentivized with amnesty programs to move to the legally registered and tax-paying formal sector to be able to take advantage of government economic protection measures.

Inclusive Private Sector Engagement is a Must and Part of Good Governance :

As governments manage the crisis, each in their own manner, they struggle to balance the preservation of life and integrity of their health systems with economic activity and productivity. Many countries are operating under a state of emergency, granting them unprecedented powers. Some are placing an emphasis on transparency, accountability, and collaboration. Others are seizing the opportunity to create state-run monopolies and/or curtail rights and freedoms.

Some countries are bullying the private sector, blackmailing them to contribute to national economic relief funds, threatening them covertly with nationalization, or, imposing tough measures to safeguard employees at businesses’ expense. Other countries are only protecting select sectors or large enterprises, forgetting that small and medium enterprises are the engines of most economic activity. Others are using quasi-government business institutions to rubber-stamp government decisions, allowing them to claim private sector engagement as they roll out economic relief and recovery efforts.

Inclusive and diverse private sector engagement in formulating economic relief and recovery plans is a key strategy in managing the crisis successfully by any government. Business associations and chambers have a responsibility towards their members and sectors to ensure this level of engagement.  They also have the responsibility to provide practical solutions, raise awareness, garner support, effectively advocate, in addition to raising red flags pointing out problems.

some essentials of innovation :

Discover :

Innovation also requires actionable and differentiated insights—the kind that excite customers and bring new categories and markets into being. How do companies develop them? Genius is always an appealing approach, if you have or can get it. Fortunately, innovation yields to other approaches besides exceptional creativity.

The rest of us can look for insights by methodically and systematically scrutinizing three areas: a valuable problem to solve, a technology that enables a solution, and a business model that generates money from it. You could argue that nearly every successful innovation occurs at the intersection of these three elements. Companies that effectively collect, synthesize, and “collide” them stand the highest probability of success. “If you get the sweet spot of what the customer is struggling with, and at the same time get a deeper knowledge of the new technologies coming along and find a mechanism for how these two things can come together, then you are going to get good returns,” says Alcoa chairman and chief executive Klaus Kleinfeld.

The insight-discovery process, which extends beyond a company’s boundaries to include insight-generating partnerships, is the lifeblood of innovation. We won’t belabor the matter here, though, because it’s already the subject of countless articles and books.2 One thing we can add is that discovery is iterative, and the active use of prototypes can help companies continue to learn as they develop, test, validate, and refine their innovations. Moreover, we firmly believe that without a fully developed innovation system encompassing the other elements described in this article, large organizations probably won’t innovate successfully, no matter how effective their insight-generation process is. 

Evolve :

Business-model innovations—which change the economics of the value chain, diversify profit streams, and/or modify delivery models—have always been a vital part of a strong innovation portfolio. As smartphones and mobile apps threaten to upend oldline industries, business-model innovation has become all the more urgent: established companies must reinvent their businesses before technology-driven upstarts do. Why, then, do most innovation systems so squarely emphasize new products? The reason, of course, is that most big companies are reluctant to risk tampering with their core business model until it’s visibly under threat. At that point, they can only hope it’s not too late.

Leading companies combat this troubling tendency in a number of ways. They up their game in market intelligence, the better to separate signal from noise. They establish funding vehicles for new businesses that don’t fit into the current structure. They constantly reevaluate their position in the value chain, carefully considering business models that might deliver value to priority groups of new customers. They sponsor pilot projects and experiments away from the core business to help combat narrow conceptions of what they are and do. And they stress-test newly emerging value propositions and operating models against countermoves by competitors.

Amazon does a particularly strong job extending itself into new business models by addressing the emerging needs of its customers and suppliers. In fact, it has included many of its suppliers in its customer base by offering them an increasingly wide range of services, from hosted computing to warehouse management. Another strong performer, the Financial Times, was already experimenting with its business model in response to the increasing digitalization of media when, in 2007, it launched an innovative subscription model, upending its relationship with advertisers and readers. “We went against the received wisdom of popular strategies at the time,” says Caspar de Bono, FT board member and managing director of B2B. “We were very deliberate in getting ahead of the emerging structural change, and the decisions turned out to be very successful.” In print’s heyday, 80 percent of the FT’s revenue came from print advertising. Now, more than half of it comes from content, and two-thirds of circulation comes from digital subscriptions.

Scale :

Some ideas, such as luxury goods and many smartphone apps, are destined for niche markets. Others, like social networks, work at global scale. Explicitly considering the appropriate magnitude and reach of a given idea is important to ensuring that the right resources and risks are involved in pursuing it. The seemingly safer option of scaling up over time can be a death sentence. Resources and capabilities must be marshaled to make sure a new product or service can be delivered quickly at the desired volume and quality. Manufacturing facilities, suppliers, distributors, and others must be prepared to execute a rapid and full rollout.

For example, when TomTom launched its first touch-screen navigational device, in 2004, the product flew off the shelves. By 2006, TomTom’s line of portable navigation devices reached sales of about 5 million units a year, and by 2008, yearly volume had jumped to more than 12 million. “That’s faster market penetration than mobile phones” had, says Harold Goddijn, TomTom’s CEO and cofounder. While TomTom’s initial accomplishment lay in combining a well-defined consumer problem with widely available technology components, rapid scaling was vital to the product’s continuing success. “We doubled down on managing our cash, our operations, maintaining quality, all the parts of the iceberg no one sees,” Goddijn adds. “We were hugely well organized.”

Mobilize :

How do leading companies stimulate, encourage, support, and reward innovative behavior and thinking among the right groups of people? The best companies find ways to embed innovation into the fibers of their culture, from the core to the periphery.

They start back where we began: with aspirations that forge tight connections among innovation, strategy, and performance. When a company sets financial targets for innovation and defines market spaces, minds become far more focused. As those aspirations come to life through individual projects across the company, innovation leaders clarify responsibilities using the appropriate incentives and rewards.

The Discovery Group, for example, is upending the medical and life-insurance industries in its native South Africa and also has operations in the United Kingdom, the United States, and China, among other locations. Innovation is a standard measure in the company’s semiannual divisional scorecards—a process that helps mobilize the organization and affects roughly 1,000 of the company’s business leaders. “They are all required to innovate every year,” Discovery founder and CEO Adrian Gore says of the company’s business leaders. “They have no choice.”

Organizational changes may be necessary, not because structural silver bullets exist—we’ve looked hard for them and don’t think they do—but rather to promote collaboration, learning, and experimentation. Companies must help people to share ideas and knowledge freely, perhaps by locating teams working on different types of innovation in the same place, reviewing the structure of project teams to make sure they always have new blood, ensuring that lessons learned from success and failure are captured and assimilated, and recognizing innovation efforts even when they fall short of success.

Internal collaboration and experimentation can take years to establish, particularly in large, mature companies with strong cultures and ways of working that, in other respects, may have served them well. Some companies set up “innovation garages” where small groups can work on important projects unconstrained by the normal working environment while building new ways of working that can be scaled up and absorbed into the larger organization. NASA, for example, has ten field centers. But the space agency relies on the Ames Research Center, in Silicon Valley, to maintain what its former director, Dr. Pete Worden, calls “the character of rebels” to function as “a laboratory that’s part of a much larger organization.”

Why Decision Making & Problem Solving is Afraid of the Truth

Many bad decisions can be remedied, however, the more people the decision impacts, the more difficult it will be to remedy the situation. When making a decision, determine how your choice will impact your life and as well as the lives of others, and respond accordingly.Problem Solving is the capacity and the ability to evaluate information and to accurately predict future outcomes. The ability to seek out logical solutions to complex problems. The ability to calmly and systematically solve problems without making things worse.

Photo by Nataliya Vaitkevich on Pexels.com

Every problem can be solved, you just have to learn how to solve it. There is a process to problem solving, but you also need skills, knowledge and information in order to be a good problem solver. Problem solving skills are the most important skills to have. They are the most widely used skills in every human’s life. The majority of our lives are spent solving problems. Most problems are easy to solve and take very little time, while other problems could take hours, days, weeks, months and even years to solve. But if you don’t start, you will never finish, and the problem will never go away. So if you don’t learn how to solve problems, then you will always have problems. Never underestimate the importance of learning. The benefits from learning are endless.

Important to solve a problem and make decision Don’t Afraid

The ability to solve problems and make decisions gives a person confidence. If you’re always struggling with what you should do and how and when you should do it, you’re languishing in a state of uncertainty.

Although it is important to solve a problem, it is far more important to avoid potential problems altogether, if at all possible. When you can make decisions to avert a situation right away, you can save yourself from going down a path of no return. That goal is achieved by having the ability to make concise decisions and avoid problems altogether. Developing that skill will save you tons of problems in your life.

Why is it important to solve a problem and make a decision?

If you’re faced with a problem and it’s impeding you and you feel uncomfortable because of it, then solving it means reducing the things that makes it a problem, which then makes the environment comfortable again.

If you like being uncomfortable, or the threshold of comfort hasn’t been crossed, you don’t really have to solve it, I suppose, and it’s “not that big” of a problem, but it can become one if left unattended and it gets worse.

Making a decision is a process of your brain where you try to incorporate all of the information you’ve acquired over the years and try to implement the best scenario option. So, technically, you’re not making decisions, you’re just following along the path best theorized based on your information. You just did science. Science is very important in solving problems because we’re able to recognize something as a problem using science.

Photo by David Cassolato on Pexels.com

Let’s begin with a quick experiment. You’ll soon find that we, as educators and researchers, have a fondness for experiments. We encourage you to try these simple exercises whenever they appear. You’ll learn more quickly the general principles we’re trying to convey. More important, you’ll learn about yourself and how you make decisions. Armed with that knowledge, you can better choose whether to replace your habitual approach to decision-making.

Imagine you have in front of you two coins. Both are biased: coin has a 55 percent probability of turning up heads; coin , a 45 percent probability of yielding heads. The coin you select will be flipped only once. If the head appears, you get $10,000 tax-free. If the tail turns up, you get nothing.

Coin : 55% chance of heads Coin : 45% chance of heads

Playing the odds, you choose coin . It’s flipped… and lands tails up. You get no money. Curious to see what would have happened with the second coin, you flip it. It lands heads up.

“Always remember that those with very important paths to fulfill will always be forced by life into the fear of the very things that their true paths consist of, in order to prevent the destiny from ever happening. Or perhaps, in order to strengthen the courage of the heart, because courage is to look into a direction, make a choice and to actually do that which you are afraid of, and what is destiny if it is not fulfilled by a heart full of courage and brawn.

The four categories of decision making:

1] Making routine choices and judgments. When you go shopping in a supermarket or a department store, you typically pick from the products before you. Those items, perhaps a jug of milk or a jar of jam, are what they are. You have no ability to improve them. Control is low. Moreover, you make the choice that suits you best—it doesn’t matter what anyone else is buying. Performance is absolute. The same goes for most personal investment decisions. You may be able to decide which company’s shares to buy, but you can’t improve their performance after you buy them. You want high returns but aren’t trying to do better than others. The goal is to do well, not to finish first in a competition.

2] Influencing outcomes. Many decisions involve more than selecting among options we cannot improve or making judgments about things we cannot influence. In so much of life, we use our energy and talents to make things happen. Imagine that the task at hand is to determine how long we will need to complete a project. That’s a judgment we can control; indeed, it’s up to us to get the project done. Here, positive thinking matters. By believing we can do well, perhaps even holding a level of confidence that is by some definitions a bit excessive, we can often improve performance. Optimism isn’t useful in picking stocks whose performance we cannot change, but in the second field, where we have the ability to influence outcomes, it can be very important.

3] Placing competitive bets. The third category introduces a competitive dimension. Success is no longer a matter of absolute performance but depends on how well you do relative to others. The best decisions must anticipate the moves of rivals. That’s the essence of strategic thinking, which Princeton professor Avinash Dixit and Yale professor Barry Nalebuff define as “the art of outdoing an adversary, knowing that the adversary is trying to do the same to you.” Investments in stocks are typically first-field decisions, but if you’re taking part in a contest where the investor with the highest return takes the prize, you’re in the third field. Now you need to make decisions with an eye to what your rivals will do, anticipating their likely moves so that you can have the best chance of winning.

4] Making strategic decisions. In this fourth category of decision making, we can actively influence outcomes and success means doing better than rivals. Here we find the essence of strategic management. Business executives aren’t like shoppers picking a product or investors choosing a stock, simply making a choice that leads to one outcome or another. By the way they lead and communicate, and through their ability to inspire and encourage, executives can influence outcomes. That’s the definition of “management.” Moreover, they are in charge of organizations that compete vigorously with others; doing better than rivals is vital. That’s where strategy comes in.