All entries for Saturday 05 March 2016

March 05, 2016

Robust decisionmaking– imodule week

Robust Decision Making- In module week.

The first day of RDM, normally when we first have module class, it begins by explanation of objectives but this module started with a briefly of details following by the individual test. Personally, this is suitable for this kind of subject because the test result shows how poor of decision making we made. Therefore, we recognize the importance of this module since it is not purely business or academic study but it is also useful for our daily life. Then we have introduced to how our brain work through the system one and two. It is easy for me to understand that human’s nature is easily falling into biases, for instance, anchoring bias and framing bias. Consequently, I am now being aware of biases and also much more interest to the bias avoidance strategy. I, therefore, will practice theses presented strategies into my routine practice to improve my judgement.

The second day, RDM introduced us about the tools and methods that would help us to make more robust decision making. Although it is briefly since the time constraint and the designed module, in my opinion it is enough for guiding us to go further explore. Turning to the detail, the first section was the decision making basics which allow me to understand about the type of decision making, assumption of simple decision theory, organizational making and so on. This section provided me the big picture of the decision making process in organization. Hence, I could imply into the real situation in the future. Subsequently, the methodologies which would help us to make the decision for example, grid analysis, trade off, cost benefit analysis, risk analysis, AHP, SSM and the rest have been taught. My understanding is all tools and techniques have various benefits and limitations, it is our accountable to consider and apply which one is more suitable to adopt in the various situations. The last section, seminar, the brought examples showed us in reallity practice. This section encourages me to go further exploring the exists practice in today's business.

In addition, it is important to mention here that the decision making does not relate to the result, it means good decision making does not always come with good result. However, the healthy decision making has more chance to have the good results. Hence, we just try our best to gather information and use the appropriate tools and techniques to support our decision making. Individually, I do believe that it is right or wrong answer but it is suitable or not to the various faced situations.

All in all, from my viewpoint, this module week is the window which introduced us the exist of methodologies and techniques. It is our own interesting which one that we prefer to explore more, and or any tools and technique can be used in real life. The most imporatant is how we make the decision to pick up the tools and technique and be able to apply in the near future, the group assigned project as the typical example with the aim to have the robust decision making.

March 2016

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