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This question is not simple and will be resourceful for your help with herd behavior assignment. As it will tell you the roles that herd behavior has in different fields. It will throw light on why do people go for herd behavior? Herd behavior is nothing but a mentality which tends human to work in groups. Well, to make it simpler we can take an example of animals; a single animal grazing on the field tends to be in more danger. Whereas when they graze in herds they are free and feel strengthen up to fight the danger they may face. Similarly, humans when taking any decisions alone are prone to risk more than what they take in a group. In this way, they can expect a positive output in their way. And also if anything negative happens then they will not be alone to bear it.
When any decision is taken by a single person he or she brainstorms to their capability and then takes a decision. Now they are human may be some areas would have been left to think about something minor which can be bigger for the output. But when the decision is taken by the more than one member let's say five members then five brains are at work. There will be five different scenarios for one single outcome. The chances of leaving even a minor detail will decrease and the positivity of the outcome increases.
Herd behavior is used in almost all fields. In business, it is used for making an observation about certain happenings and taking decisions. Now the observation part is the company might have taken any decision previously. Now for the future reference that past decision has to be observed. Alone herd behavior is not used for this process. There are certainly more steps involved in it. The team sits and draws out the points which need to be looked upon. They go through every aspect and then each member of the team suggests something out of it. In the end, there is a list of dos and don'ts are prepared. Although it can be done by a single person also, but having a group of members increase the chances of better outcomes.
Everything comes with a negative impact also, as nothing in this world is perfect. And so herd behavior has its disadvantages also. Taking decisions in groups decrease the mental workability of an individual. Many times, not all the members brainstorm on the issue but simply choose to yes to other opinions. This decreases the quality of the decision. Many times the members do not agree with each other and instead of any positive output, there is a conflict between them. All this can be prevented if the management takes care of the situation beforehand. But in many fields, herd behavior can be a bad impact on the growth of the company. People may just focus on the part where they have the personal benefit, rather than focusing on the company's growth.
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