Paul Ghotra CIMtech Mfg.’s CEO, has worked on teaching every employee the basics of economic decision-making. CIMtech Mfg. employees are empowered to make decisions based on economic thinking within their role capabilities. "By having every employee understand the basics of economic thinking, we can discuss at any team meeting decisions from a shared objective viewpoint and compare alternatives in terms of their costs and benefits instead of using opinion and authority," said Paul.
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Economic Thinking
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Distributed Decision Making
According to Paul, big Distributed Decision-Making is opposite of hierarchical decision-making. And Distributed Decision Making requires three elements: employees that are smart, confident, and empowered enough to learn principles and be able and expected to apply them shared understanding of direct, indirect, and opportunity costs information sharing about current company revenue and expenditures to make contextually good decisions
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Act Like You Own the Company
Any decision must be rational and based on the best information you have now. The results of being trusted to make good, distributed decisions meant occasionally having to verify that your decision-making criteria was correct.
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Leadership without Management
In a traditional corporate hierarchy, managers try to create perceived value by holding information and making decisions for their team, as opposed to leaders who share information and are rewarded by their team being autonomous, learning from their shared mistakes and growing in scope and expertise.
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Commitment
Making a commitment is not about trust. It is a promise of delivery. At CIMtech, the team members trust each other to be honest and to do the best of their ability within the time and resources.
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