Navigating Covid Crisis: A Decision-Making Model - Essay Sample

Introduction

Decision making in times of crisis is very key in sustaining the economy and ensuring that the crisis or the problem does not impact the economy heavily and also ensuring that the economy does not remain at recession for long due to the long-term implications and consequences. Covid19 has impacted the economy negatively in the USA, and there is a need to deal with the crisis before the situation gets out of hand.

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Model

At first, the problem or crisis this is the situation that is harmful to the organization or a sector and requires to be dealt with in urgency. This is because there is a discrepancy between the set goals and reality. In the case of covid19 that we are handling currently, the set goals cannot be achieved in the economy, and hence it can be defined as a problem (Nahum et al., 2020).

Secondly, we have a policy, these are the instruments, principles, and a course of action that can be adopted by the stakeholders in ensuring that the problem is dealt with. This requires both the intervention by the government, organizations, and individuals to come up with policies that will address the issue (Nahum et al., 2020).

Lastly, the politics, this is where the politicians agree that there is a problem and that there is a need to address the problem, they also work to ensure that the policies that have been brought forward are implemented so that the problem is addressed well.

Example

The problem that we are currently facing with covid19 requires drastic measures so as to bring it into control. The number of people who have been infected is rising day after day, and this has impacted on the economy because people who are dying have been playing an important role in ensuring that the economy runs well and also it grows (He et al., 2020). Economists and the government need to look at how this has crippled most of the economic activities and ensure that the economy gets functioning. If we allow the economy to continue functioning halfway, what are the implications, and on the other hand, if the whole economy is closed for a certain period of time and then resumes in full force, what are the implications? Recognizing the problem, coming up with policies, and the politicians supporting the policies is very crucial in the current situation (Vassilopoulou et al., 2019).

Role of Actors in Using the COVID19 Crisis to Bring About Organizational/Industrial/Societal Change

The problem that is arising from covid19 requires collective intervention to be dealt with. Since the end of 2019, the covid19 outbreak has become a global pandemic, and it is devastating the economy. The fact that the economy has been affected negatively for the last four months now, there is a great need for the government, employers, employees, and the economic models' developers to come into consensus and bring about changes that will help in solving the problem (Clift, 2020).

Economists need to come with the models that can give direction in the current situation. This will help in coming up with mitigation measures and ensure that once the economy reopens, it will be possible to function in full and ensure that there is growth (He et al., 2020).

According to (Clift 2020), employees and employers also have a role to play. Since then, it's not possible to realize a profit, and the employees need to understand the situation and also be part of bringing change. On the other hand, employees need to act in a more humanitarian way when dealing with employees. The problem has coursed unanticipated and a significant threat and a very short time for decision making.

Conclusion

In conclusion, the federal government needs to act fast so as to bring the crisis into control. This can only be possible if the government will adopt the drastic measures that have been proposed by all the other actors in the economy and support the employees and employers at this critical hour.

References

Clift, B. (2020). The IMF, the eurozone and global financial crises, and the politics of economic ideas.

He, S., Zhang, M., & Wei, Z. (2020). The state project of crisis management: China's.

International perspectives on securing human and social rights and diversity gains at work in the aftermath of the global economic crisis and in times of austerity. European Management Review, 16(4), 837-845.

Involvement in the strategic decision-making process. Journal of Management and Governance, 24(1), 199-227.

Nahum, N., & Carmeli, A. (2020). Leadership style in a board of directors: implications of

Shantytown Redevelopment Schemes under state-led financialization. Environment and Planning A: Economy and Space, 52(3), 632-653

Vassilopoulou, J., Kyriakidou, O., Da Rocha, J. P., Georgiadou, A., & Mor Barak, M. (2019).