All entries for Tuesday 03 May 2011
May 03, 2011
The RDM module has been a very good experience. Both, the in-module work and the PMW has been very interesting and challenging as well. There was a lot to learn during the module week and especially the final presentations were really interesting and impressive. The group work during the module was also a very different experience as well. The post module work was also a challenge since we had to write about the whole decision methodology within 2000 word limit and it demanded us to write precise and to the point stuff which is a challenge in itself since we are use to writting long PMAs and this was therefore a different experience. Altogether it seemed kind of a small module than the normal ones that we had throughout the degree although it was two weeks long only because there were not many lectures and also because of the length of the final assignment.
I have emphasized this point alot of times that learning about many different has been a very good experience which will definitely be fruitful in the future. I really hope that we will all get the chance to implement all of this important learning in the future. I am myself definitely going to try a few of these tools, especially the easier ones like the Grid and the Trade-off analysis in the future if a situation rises. Altogether, it was a good interesting experience and the learning was really good as well.
I have thoroughly enjoyed bloging throughout the MBE degree and it has been a very good experience because it is a source of learning for all of us. When we read blogs from our other collegues, we certainly learn a lot and and they also learn from us. But while writting the reflection for the RDM module I felt kind of boring because of the fact that I knew that I have already discussed almost all of these points already and it is like writting the same thing again and again which is kind of boring and for me personaly blog writting has always been fun but reflective writting is not very interesting since it is the repeatation of the same thing. I really do not get the idea of writting a reflection within the final PMA along with all the bloging stuff even though it is only 500 words or so. My personal opinion is to have one of the two things and I would definitely suggest blogging instead of PMA reflection because it is about writting about your day to day learnings and reflections and is something interesting. But if the whole idea is about making those people write, who don't actually write blogs otherwise than it is understandable. But still I don't know the actual reason behind this. This is something that I just wanted to share.
Decision making is an activity that can be carried out in many different ways. Some people like to make random decisions even in many imporatant situations whereas some people take decisions very carefully by keeping everything in mind and by considering many important factors. During the in-module work although all the people took decisions using more or less the same information and had the same tools available to chose from for reaching those decisions but still the criteria of decision making and the selection of tools was different. Many people chose to select very few important tools and used them for decision making and they did a lot of deep research realted to those tools whereas many groups also selected many tools and my group was among those few groups because the idea was to make the decision as effective and as robust as possible. Although we can't say that which approach was right but still both have their pros and cons. People choosing many tools didn't properly get the chance to look at them in great depth whereas the groups who selected very few tools didn't get the chance lo learn about many other tools that were also available.
So, different people and groups can have different preferences and strategies towards decision making and there is no one right approach towards anything and it really important to learn about the other approaches that could have been adopted and were followed by other people because gives us the chance to learn and do better in the future and avoid that if it was not a successful approach. I personaly feel that it is better to do few things properly than go for many things and don't do well at any of them but that certainly does not mean that we as a group did not do well at all thew approaches. Although we did think that it would be difficult to use so many tools but we still managed to do a very good job at the end. It basically depends on your passion and how much effort you put in your work.
One of the most effective way to tackle or handle a situation is to carry out a simulation for that scenario. It is a very effective technique since it helps to learn about different problems and issues that may occur within some situation or business by creating a model and then trying to solve the issues. It basically helps to manage crises and problems with solving issues during an exericse that is based on a real life situation or business activity. It helps to develop decision making skills and is a very important type of training that is used all over the world for effective problem solving. For instance in our degree we have also had the chance to do many simulations regarding different real-life situations and they have been really effective because they have equiped us to handle those issues if they arrive in the future.
Therefore, simulation is among the most effective technique to model situations as a framework and an exmple to learn from and although they are not as beneficial as the real life experiences themselves but still they are really important and are a good source of training and learning.
Many organizations use simulations for problem solving and training and it definitely can be used to model complex situations in order to learn how to cope with them. Therefore simulations are really effective and generate great learning.
SMART (Simple multi-attribute rating technique), is one of the most important decision making tools. It is very useful when there are many attributes into consideration relating to different options. It helps to highlight the importance of different alternatives and than helps to select one out of them as the decision. SMART technique is one of the most important mutli-attribute technique which makes the decision making robust by following different steps of first allowing to create a value function and then reaching a decision with the help of highlighting the importance of different options.
SMART is a very important and steo by step decision making tool that helps an organization to select an alternative among many and helps in effective decision making. It is a robust technique since it takes ino account important aspects and attributes related to the alternatives.
So, it can be used within organizations specially when we are dealing with multiple attributes, it is one of the msot important tool in that regard and is being used all over for effective decision making.
Cost and benefit analysis is used to see whether taking a decision would be beneficial or not since it helps to state the costs that will be included in the activity and the benefits that will be gained out of that. Therefore it is a very imporatant technique since it helps to check whether a particular decision and venture is worth it or not. Because if the costs that are found are greater than the benefits than surely the project or activity should not be continued. So if we calculate the total costs and benefits of many different alternatives that are available we will be able to select the more beneficial option out of those alternatives so it is a very good way to select between various alternatives. the whole of the process is carried out in monetary terms to have a much better idea of the benefits and costs for any activity or action.
So it is a very good technique since it helps to select the potential beneficial option among many and it is very necessary to know the benefits and costs of anything before taking a final decision. If the expected return out of a project or alternative is more than it is definitely worth continuing otherwise it will not be beneficial for the organization even if it seems beneficial.
Whenever starting new ventures, products or taking decisions the organizations should do the cost and benefit analysis to reach an effective decision. This method can be used to reach robust decisions in the future by looking at the returns and costs before hand.
Paired comparison analysis is a very useful technique when you have a lot of alternatives and you want to select a single option out of them. It is an effective and yet simple technique. It basically makes one to one comparison of alternatives with each other. A table is made where all the altenatives are put both in rows and columns and then they are compared and the one with the highest percentage is selected as the final decision. It is very effective since it helps to make a decision between many potential alternatives by pair wise comparison. Paired Comparison method helps to find out the importance of a number of alternatives relative to each other. It basically helps to provide a framework which helps to compare different options or course of actions with each other and prioritize them to reach a final decision.
It is very important tool and can be used for effective decision making since it helps to reach a decision by highlighting the importance of one option or alternative over the other and thus makes decision making easy. So, we can definitelly use it for making robust decision and it is also a very simple and east to use tool in important situations.
Risk analysis is very important for all the organizations in today's world. With the passage of time it has become inevitable for organizations to monitor the threats and obstacles that an organization may face. Organizations have to look at the threats around them in order to tackle with any possibilities that might happen. Risk analysis helps to identify the threats for an organization and also helps to tackle them as well. It also includes the development of plans to tackle these threats and minimize tehm as much as possible and also includes the review of the progress pertaining to risk management. Risk analysis is not very easy since it incorporates many different aspects and has to be done in great depth in order to get descent results.
It is a very very important activity since it aids an organization in the minimization of the external threats and therefore plays ann important role in the stability of an organization. It should definitely be carried out in organizations whether it be at a smaller scale because there is definitely a need to keep yourself aware with the external world and threats around and especially in case of organization it is a must.
So, risk analysis could be tried within an organization maybe at a smaller scale at first but it surely is a useful technique for identifying and tackling threats