Make a robust decision today and safeguard the future of an organization for tomorrow
There are several types of decisions which an organization can make in order to safeguard itself in the long run against external factors which are not in their control such as the business environment, market trends, customer preference, interest rate fluctuations etc.
These decisions can be categorized as:
- Trial and error
- Made in stages
It basically depends on organizations which one they choose to apply to their organization.
The style of making a decision used by the WaveRiders Company was one which was systematic in its approach. My team and I tried to take in to consideration all the options in front of us such as the market condition, location of factory and the various other factors.
Through this systematic approach the NPV and Decision tree methods of estimating the ideal location were very useful. These methods gave us a clear idea of which location was the most ideal in terms of long term profit and avoiding risk of failure.
The marketing of the new product was considered very crucial to the success of the new product as it is necessary to make a product known to the potential customer. Several methods were considered and the best ones were chosen using the GRID analysis and SWOT analysis.
All in all I feel that to make a robust and effective decision for the long term benefit of ones company it is crucial to look at the numbers, market conditions, economic conditions and have the ability to perceive where the companies standing will be in the future.