All entries for 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.
March 07, 2013
What- This is not a new and hot topics anymore. Leaders in 19th century are greatly different from 21st century. As the political and economic environment change rapidly, a leader now should be able to lead the company differently. It is necessary for a leader to understand and sense what is happening in your country (locally) as well as the rest of the world (globally).
Why- Customers are getting dynamic. A few hundred years ago, there were very little American or British customers in China, I guess. Thinking about what happen now is that the organisation is dealing with the customer from all over the world, either through direct visit in the shop or Internet shopping. Focusing only on local customer is limit for a company to grow. In addition, how can a leader respond to this change effective still remains quite challenge. There are many problems when leading a new team in a new country, for example, culture, politics, social and so on. But the real problem, I think, is that leader fails to change people's mind. They want to stay in their comfort zone, and cannot sense the risk of being bankruptcy or hostile takeover etc.
How- To be a successful glocal leader in the future requires me to be resilient and self-corrected. Right now I need to fully open my mind to the world, rather than focusing on reading British, USA and Chinese news only. I need to be able to accept all the opinions from different people, and try to organise these opinions into different categories and look at the connection. And I will pratice my communication skill and let my voice to be heard.
March 06, 2013
What- There is no question that leader himself must be able to keep learning new knowledge, reflecting on what and why had been done wrong and how to improve it better. Every leaders approach it in a different way. I am now questioning the method that can a good leader benchmark?
Why- This is important because it probably creates a new learning opportunity for self improvement for a leader. I have looked at the researches about the "benchmarking leadership" yet, and I also believe that there will be some problem in benchmarking a good leader. For example, what are the critical criteria can be benchmark and what cannot? More critically, if I want to benchmark a good leader in no matter what industry or organisations, I need to stay very close with him so I can observe, learn and reflect. This seems, in practise, impossible.
How- From my own experiences, there are four steps in benchmarking a good leader (or someone who is better than me). First it is VERY important that you need to do something before you start to benchmark. Because once you do something, you can realise your strengths AND weakness. Then observe, analyse and ask why he (or she) is doing better than me? This requires a lot of time and effort, indeed. Thirdly, think about how you can benchmark him (or her), and how can I improve myself to achieve where he is now. Finally, if you keep benchmarking very well, you will do much better than him. And you have two choices to be decided: to improve himself even better by guiding and coaching or just leave him alone.
March 05, 2013
What-SWOT is not an independent analysis of strengths, weakness, opportunity and threat independently. There is a internal and external relationship between SW and OT. If looking at independently of each area, it cannot give you an overall picture of the organisation and poor strategy may be made.
Why-The video about SWOT analysis is a wake up call for me. My old understanding of SWOT is indeed to look at each areas independently without analysing the linkage between strength and weakness, and opportunity and threat. The real power of SWOT probably is let the strengths of your organisation to overcome the (potential) weakness of your organisation. And threat could be minimise or reduce by taking the opportunity. It is about making a good balance between win and lose.
How-Use SWOT to understand the internal and external environment of the organisation. The progress should not stop here. Analyse what are the weaknesses and how the strengths can reduce the impact of the weakness. Same analysis should continue with the threat and opportunity.
March 04, 2013
What-An effective leader should be able to understand and search for the lessons in both successful and unsuccessful outcomes.
Why-There are hidden lessons in the failure, and leader should not be afraid of admitting the failure. In order to create a learning environment, leader should realise that there could be a change in the culture. For example, he described to a group that sales figures go down because of his misunderstood in market research. The lesson, he explained, was that he can be more open-minded and share the ideas with team.
How-One way to learn is to note down the lesson, and be reflective. And then broadly communicate the resulting insight. In the future, I should reward managers who are laudable and willing to take responsibility of failures. It also important to create a learn culture that any inquires are highly considered and mistakes are fully analysed and viewed as a learning point. No blaming.