All 1 entries tagged Robustdecisionmaking
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March 21, 2014
We had very interesting week full of group meetings. It was very good idea to mix MBE-1 and MBE-2 as, I believe, we all learned something new from each other. It was interesting to observe how students from MBE-2 show different approach to work which is effective too.
During these 10 days we were seeking a solution for mainly two issues for WaveRiders: site location and marketing. Honestly, I've learned much more about the tools discussed at the lectures and now I have a deeper understanding. Sometimes (but very rarely) we had arguements about the appropriateness of some tools, but overall I think we did well.
From the very beginning we decided that we need tools that will help us to view the decision from different perspectives. We started with decision-making tree, and, in our opinion, this tool is very important as draw a line between all of the decisions that need to be taken. It also shows every possible outcome of every decision, therefore we could better understand the issues.
PMI, Trade-off represent more qualitative approach. However, when using these tools it is risky to shift to the biased judgements. The most difficult tool is Scenario Planning. It really requires the whole group members to work on it. We spend three days discussing, writing and editting the whole planning. Different sources say different methods of constructing this tool. And it is very difficult especially when you use it for the first time.
Overall, what I really learned, is that there are many tools and techniques which can make your System 2 work and make your decisions more robust. What made me think is that at the beginning of the module our team agreed on Exmouth, based on System 1. Obviously, we should avoid such quick decisions, at both daily and business level. You should first of all evaluate the option from different perspectives, assess the risk, and based on your values, make a decision.