All entries for Monday 11 March 2013
March 11, 2013
What- Is focusing too much on the figures a good decision making ? No. For WareRider Company presentation, there is no doubt that financial figures, such as cost, NPV, ROI, profit, are important. But our team point out that financial firgures only give you a corner picture of the whole dicision making process, hence it is limited and bias.
Why- Business world is complex and changing every day. The financial figue made it today could be unvalid tomorrow. Think about what is the impact on the environment, how does the decision influence environment; think about social, how does the decision affect poeple social life? Or in the other way, how will environment affect our decision making? Although I understand that using too many analysis tools could cost too much time and lead to more questions, it goes backs to the question what tools are best ideal for the organisation to choose and how to use it wisely.
How-Do not use only decision tree or cost-benefit analysis. Most of the team done a good job on balancing the tools used, for example, AHP, SWOT and so on. However, it is important to state that how does the other tool affect the decision have already made on by using decision tree? Why the change on the decision or why no change on the decision?
What-In making decision, it is very important to gather the relevant information. During our presentation for WaveRider Company, we talked about Political environment and how will it affect our decisions on choosing the location. However, after the presentation, we realise that it is not necessary to discuss it during the presentation
Why-Two things matter. First is time is limited. This is a total 16 hours work presentation. If we focus too much on unrelevant information, the result could be use more time and less accurate result. Collecting data is very time consuming, collecting and analysing the data collected is much more harder. Secondly, using unrelevant data or analysis does not help make any further decision. It may contradicts for what we have found and hence cause confusion.
How-Analyse the case wisely first. Do not go straight into analysis tools although they seem to be very cool. For example, we use ignore the political and legal factors in using PESTLE for WaveRider Company because those are the unrelevant information.
What-One of the areas improvement in our presentation for the WaveRider is that we should use table to present out figures that come from decision tree.
Why-It is important to show them the process of how we calculate the final result using decision tree, but putting all the figures into a table give audience a clear picture of what have we done.
How-Use table to group the figures wisely. It can improve our presentatiom more smart.