All 7 entries tagged Rdm
April 22, 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 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.
February 25, 2013
What-I believe that most of the decisions I have made today were bias. And, because I have not or can not see the outcomes of those bias decisions yet, I can not conclude that bias decision leads to bad outcome. I remember there was an article saying about managers should make decision based on their first thought to the problem, first feeling, instinct. The reason in a real business world, there is no much time to make a rational decision. Especially, in urgent situation, managers are usually required to respond to the problem very quick and only a few minutes are left for the decisions to be made. Therefore, they have to make the decisions based on their experiences or perceptions. My opinion is that, after today's lecture, I agree that the process of rational/critical thinking is very important to day-to-day life. And in order to be critical, I need to think critically about critical thinking.
Why- Why it is important? As I mentioned earlier, time is the currency in 21st century. And the cost of wasting or losing time is much greater the cost of anything. Making a very rational decision is quite costly. However, you can argue that what measures a VERY rational decision. I don't know honestly speaking. I am not a critical thinking person, so most of time I make decision based on my "feeling" within a few seconds. And the outcome is sometimes it works well, sometimes it is very bad. SO, it seems like that the when is the critical time to make decision rationally becomes quite important.
How-Further to the question, I have not found an satisfied answer yet. But at least I have come up with more thoughts about critical thinking which is good. The base rule I apply to critical thinking everyday is by asking myself: what, why, and how. Although I admit that sometimes asking what why and how could lead me to more confusion, most of time it takes me out of the fog.