All entries for Saturday 19 March 2011
March 19, 2011
Pareto analysis is a tool that is based on a very general and important rule which is the 80-20 rule. It considers that which alternative solves the most issues if it is selected or solves the problem the most effective way, when a problem is under consideration. The Pareto analysis is used to take decisions when there are several options and we have to chose an alternative. In general sense, it is used for effective solution of problems and help to chose the biggest issue that is causing the most problem and then solve it first. It does the cost and benefit analysis and look at the scores and eliminate the alterntives with lowest scores.
So, it is a very important too, since it helps to solve the issue and take decision by selecting the most effective that solves the problem in the best way. It also considers the costs and also the benefits to look at what is gained out of the alternative if we chose it.
The RDM module was a very different module because there were not many teaching sessions and also because we had to work with MBE section A, so it was a very different experience. All the groups had few people from A and few from section B. THe group work has been a very learning experience during this module. It is always interesting that how different groups decide to work differently. If I talk about my group it was a very good group and all the people participated in the work. Although there were also some issues when it came to deciding how to go about the work but at the end it all went well. What is really good about group work is the way you get to know differnt people and it was also a way for us to interact with some people from section A. It was a very good experience and they were very hard working and cooperative people.
Even though sometimes we had some issues with the work because of lack of proper coordination but still it was a very good learning experience and the presentation was a very good way to learn about some very imporatant decision amking tools. But definitely group work is far more effective than individual work whether there be any probelm.
The presentations session that we had on Friday was very interesting considering the strategy for the Wave Riders company. It was really interesting to see that all the groups had a different take on the same decision. Some chose to go for Lymington, some for Exmouth but the most interesting part was the people going for both the sides. People using the same tools also used them differently and therefore came up with the different results. There were some very good discusions at the end of the presentations. Some groups chose to use few specific tools effectively. But almost all of the most imporatant tools were used. There was quite alot of confusion about the usage of the 'Decision Tree'. Some groups had these huge Decison Trees which were very difficult to understand.
Over all the the presentation were very good and specially I would like to mention that the presentation skills were really great and material was very well sorted. It was a very informative session. There was a lot to learn from from th eother groups.
It is a tool that considers positives and negatives of taking a specific decision and also the outcomes that might occur because of the decision. It helps to chose between the alternatives by making 2 seperate tables stating the plus and minus points of chosing a specific alternative and also the outcome and give them numbers i.e positive numbers for the plus points and negative numbers for the minus points and both for the outcomes. At the end all the scores are added. After that the same procedure is repeated for the other alternatives and then compare them with each other, chose the one with more score.
It is a very important and effective technique since it also states the negatives of taking the decision does not only consider the good points. So, we can use this for effective decision making and can bring good results if all the plus and minus points are considered and also all the important implications are considered.
Trade-off analysis is a very imporatant tool for decision making when selecting between alternatives. It is a tool that aids in decision making by considering the objectives and also the advantages and disadvantages of all the aletrnatives. It first lists the objectives against the alternatives and rate them in priority from 1,2 etc. After that we sum all the scores and eliminate the ones with the least scores. In the next step we list the advantages and disadvantages of the alternatives. Then we score them from 0 to 3 and sum the scores again and chose the one with the highest score. It is somewhat similar to the grid analysis.
It is a very imporatnt method that helps to look into the discripencies of the alternatives as well. It eliminates some options and choses the one which helps the most to reach the goal and also has the most advantages. It can be used for effective decision making and it is a very simple method and is not very complex.