Book review entries
March 19, 2017
- Reflective Writing 2
- Not rated
Making a quick decision without systematic analysis is much easier than when you have to consider large amount of information and face up to the resource limitation. As soon as we began our group discussion about WaveRiders’s Case, we found that it was much more complicated than what we believed on the first day.
It was clear for us that we should continue to invest on the new product otherwise we will lose the chance to earn profit. Then decision tree and SWOT analysis were selected to handle the first and the second question.
For the location part, the first criterion that we came up with was about the production volume. Since it is a new product and new trail in the market, we think that it should not be produced in large amount so as to reduce the high possibility of failure. So the Lymington was more preferable for us. Then we do deeper analysis and confirmed our decision. However, the information that we have on the handout was quite limited for us to draw a comprehensive picture about the situation of two locations, thus we decided to search more extra data like geographic information and economic situation to make our analysis more supportive. There was another challenge was that we found the development timeline of the new product was kind of confusing as explanations were different in different parts of the essay. The point that we have to do our own assumptions about these things was difficult.
For the marketing methods, we chose grid matrix analysis. We decided to do the research about the average investment on each advertising channels to compare the cost and benefit and then make the last decision.
I have to say this is a relatively difficult case study that asks for more efforts on logic thinking and extra information searching, which gives us a great opportunity to experience how complex and difficult that decision making could be and learn more lessons about how to make use of those helpful techniques.
March 16, 2017
- RDM-Reflective Writing1
- Not rated
I have to confess that this module is actually much more interesting and useful than what I thought before. The inspiration part about bias within our thinking system and applicable techniques that could be used in the decision making process are all very helpful and enlightening.
The beginning exercise about the tendency for us to ignore something that we have seen happened quite frequently in my daily life. I used to focus on one thing and neglect other important information, which had negative impact on my attitude toward a certain event. As for judgment quiz, I learned another lesson that we have to involve more complex thinking when addressing problems. The biggest challenge for me is that I tend to be influenced by experimental beliefs, which results in simple mistakes that could be avoided. In the future learning, I should try my best to view the problem from different perspectives and have a trail on some new strategies and methods.
The second important reflection is about group thinking. I believe that most students have experienced conformity to social pressure in group work. The common choice is agreeing with the idea that most people support. However, it is highly recommended that someone will stand out to play the role of devil’s advocate to argue against others, which is a good way to help the team to accumulate more useful resources and opinions to come up with the most suitable alternative.
One impressive lesson that I have learned is that good decision doesn’t always lead to good result, which may due to the limitation of resources and uncontrollable external factors. However, sufficient effort is surly needed to make the applicable decision. Couples of exercise that we have done in class about decision making are really enlightening for that they all ask for accurate thinking and certain logic analyzing ability. I found that sometimes it is kind of hard for me to view the problem logically, thus this should be one aspect that I need do more practices about.
Decision making is a process which can be supported by many techniques. For student like me who lack the systematic analyzing ability, decision tree is quite a useful tool to organize my thinking process. Another helpful method that I would make use of in the future learning is cost benefit analysis, not only for those complex problems but for the simple choice that I have to make in the daily life, because I think it is a quick and clear way to view two sides of the problem.
As a very important part in everyone’s life, making good decisions is not an easy task. But we can improve our analyzing ability by leveraging those techniques to decrease the possibility of trapped by bias.