All 1 entries tagged Rdm
March 13, 2016
This week we had to work on making two decisions for WaveRiders, the first one was to identify in which place the production plant will be located and second one, what would be the marketing channels we will use to promote the new product.
Something I realised doing the project, it is that when you don’t really understand the tool you cannot be a critical evaluator of the decision making process. For the first time in my academic life, I was finding hard to follow what people in my team was doing and the only tool I understood properly was the tree. I could ask smart questions when constructing it to evaluate if it would be good or not, but in the other two tools I was just agreeing on what the person who understood the most said.
So how good it is the application of a tool by a group in which half of the members don’t really understand what is going on? …I think that the potential for good group decisions is dependent on the knowledge of all the group members on the tools used and the topic (marketing, location, production, etc.). I can say that thanks to my group I now understand a bit more; however, my critical thinking on the decision making process was really weak because of my lack of knowledge.
Moving on from this point, something else I learnt this week is that you need to base your assumptions in real data, like customer characteristics, market research, even government information (like what skilled labour means), the more basement you have the less biased you get. Even though we did a good research on market, we did little about information for the location, we took as true the fact that lymington had more skilled labour than Exmouth when in reality is the other way around. So informed assumptions are much better than our own assumptions.
Finally, I learnt that you should not blindly trust the data you have been given, make sense of the numbers and dates you have received, they can be inaccurate, like the years of start production, irrelevant like the info of other products and incorrect as the skilled labour info, make sense of the data before using it!!!