All 8 entries tagged Rdm

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April 22, 2013

Final thoughts

This RDM module I can say with full confidence has given me a new perspective on how to make decisions which would be robust and reduce uncertainties. Of course with the economic conditions of the world economy these days it is hard to be certain about anything. However, this is not to say that one cannot be cautious in their approach to making a decision which would cost a company a fortune.

The need to be focused and consider all the alternatives available and the risks that accompany them is more important than ever before. Managers need to be certain about the decisions they make as it affects not only the company but the people associated to that company.

Decisions made on just a mere whim can be catastrophic hence robust decisions with the use of tools as mentioned in this module are the best method to safeguard a company from future uncertainties.


April 20, 2013

How to make decisions

Decisions are never made on a spur of the moment and even if they are they would not be considered robust decisions from any angle. The reason for the necessity of a decision to be robust and well thought out is quite logical. Without any clear thought or planning going in to a decision there are no considerations about what the after effects of that decision would be in the long run.

There is an imperative need for decisions to be based to sound and provable data which can be gathered from a number of tools such as the ones used by my team members and I in the WaveRiders presentation.

However, there should be a consideration of the fact that financial data is not the only data which should be considered when making such big decisions for a company such as WaveRiders. There should be considerations of long term goals etc.


April 17, 2013

Uncertainty

It seems every company you come across these days is in the pursuit to avoid the unknown. Every company has this fear of some of an unknown event happening which would tarnish the productivity of the company. It is obvious that in order to avoid such uncertainty companies employ certain techniques and methodologies which allow them to be avoided.

It is necessary for management to be well informed about all the current situations internally and externally of the company in order to be able to judge what strategy to adopt.

It is necessary to make the right decisions in the beginning in order to avoid any hassles during production or in the end.


March 10, 2013

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
  • Conditional
  • Delayed
  • Cautious
  • 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.


March 07, 2013

Tackling Uncertainties

Robust decisions are generally decisions which are able to tackle uncertainties an organization might be faced with. These uncertainties might be market trends etc. It all depends from company to company.

The main aim for management is to make decisions in light of any uncertainties that may or may not take place in the companies near or distant future. A robust decisions is exactly as what it is named as… “ROBUST” it should be able to tackle these problems so that management is not faced with any new challenges during the course of a products life cycle.

In our decision my tam members and I were able to make a robust decision based on pure facts, figures and logic.

We choose Lymington as it is the least risky if the targets not achieved and even considering all the probabilities using the decision tree we came to the same conclusion.

It is vital that in order to arrive at the best possible decision that the company be assessed thoroughly with its strengths and weaknesses.



March 05, 2013

Dont judge a book by its cover!

When we started of the RDM course and were handed the briefing sheet for Waveriders. My team members and I read it carefully but decided to go with the option of Exmouth instead of Lymington because at the time it seemed like the most feasible option.

It was only afterwards that when we started to sit in our group discussions and started to work out the numbers and the logic of the two options for the locations that it struck us that we ony made a decision on the face value of both the locations.

Starting off with the decision tree we began to realize which option seemed more logical cost wise. It should be noted that that is the essence of what this decision will be based on as there is no point in choosing an expensive option if it will not even work.

We then moved on the cost benefit analysis which was calculated using the NPV with the data provided in the briefing sheet. The decision we came to was supported by both the decision tree and the CBE we conducted.

Furthermore we used SWOT, Grid and PESTLE in order to figure out how best to market out product in order to gain most sales. The SWOT helped us determine the internal and external weaknesses of our organization.


March 03, 2013

Alternatives

The methods of Decision trees and the cost benefit analysis are great methods in helping my team and I decide which location to choose, Exmouth or lymington.

Without analysing the locations and the various costs and benefits in both it would not be a robust decision. Robust decisions as far as I have observed up till now consist of strategy, psychology and practicality. The project we are currently working on gives us a mere glimpse in to what would be expected of us in real life.

Making decisions with such a huge amount of money riding on it cannot be made with the mere flip on a coin and his module is teaching us exactly that. The road to practicality is through observing the case and using all the knowledge available to look at alternatives etc and then make a clear decision.


February 28, 2013

WaveRiders and making decisions

The decision making process for WaveRiders has been a great learning process for me and the team. Working on the financials of the team and constructing the decision tree and cost benefit analysis gave us a very clear idea of how such factors could determine the location of the new WaveRiders factory.

It was an eye opener how options which seemed viable in the beginning to the team are proved to be unsuitable when an in-depth analysis is conducted. Being extremely lifelike our team meets on a strict timetable and works diligently, as we would have if we were in a real company.

This exercise will definitely be beneficial to the team in the long run.


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