All entries for Sunday 24 April 2011

April 24, 2011

The choice of decision tools (RDM)

A lot of options for the decision tools were available to us in the RDM mini project. Our group chose those options about which we were more confident about. Some of the options were left out because of having little knowledge and understanding about them. Our rationale was that we wanted to be more confident about the decisions that we make by a sound implementation of the tools that we use. Also we wanted to make all the decisions in a timely manner. The time was limited to around 10 days. We wanted to solve the problem efficiently in the alotted time. I think we could have gone for more tools but to use them we had to spend time understanding those tools before being able to implement them. They would have helped us in our decision making but that is a choice we had to make in our decision making process. We chose to ue those tools which we felt confident with and I think this approach worked out well for us.      

Looking back at the the mini project (RDM)

Having read some literature on robust decision making and looking back at the mini project of RDM, I noticed bias in some areas of our decision making. These bias included the confirmation trap, overconfidence and anchoring. It is quite interesting for me that while making the decisions, I didn't notice those biases but now after carefully considering all parts of the decision making, I have realized the presence of bias in them. I think that bias is inadvertently always going to be present in all the decisions we make but it is very important to reflect on the decisions we make and be aware of the bias, so that we might not repeat the same mistake over again. Even in all the decisions we make in our daily life, it is important to keep on reflecting and realizing where bias was present in them, in order to improve the quality of our decision making.

April 2011

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