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April 22, 2013

decision making process

there are some journals said there are 7 steps of decision making process


decision making process

some of them said only four

decision making process

no matter what kind of decision making process. both of them are helpful to the final decision making.

both of them need to identify the problem of the company at the first stage to help company know their current situation better.

both of them need to use tools to help the decison making to be more robust

both of them ask the managers to rethink the decision process to decrease the bias.


folowing the decision making process is not only a good way to make a robust decision, following it is also a good way to rethink and judge the decision making process


April 20, 2013

further learning on SWOT analysis

the first time i learned SWOT is the second year of universtity.

i used SWOT to analyze a travel agency to create a market strategy from it.

after that, i use SWOT oftenly, especially using it to analysis the current situation faced by the company, including the international joinver venture moudle i taken.

However, in the process of re thinking the process of decision making, i read a lots of journals.

i found SWOT can not only use to investigate the situation the company faced to, but also can use to investigate the tools and techinologies or other things.

it is a good tool to investiage a problem to find detail information.


April 19, 2013

make a decision is not an easy thing

after i learned this module, i find make a decision is not an esay thing

there are five main reasons i conculued based on the journals i read to support my opinion.

Firstly, the most important thing I learned in this model is that decision-making is not an easy thing. Before this module, I think the decision making process is an easy process. The managers can make decisions after they control the situation of the company. After I took this module, I find good or bad are not only two criteria to judge the decision. There are lots of types of decisions such as robust. In addition, making a decision should follow five steps and meet the critierias.

Secondly, there are lots of alternatives can help the decision making to be more robust. Good examples to support it is that finance one can make the decision more robust such as cost benefit analysis, investment appraisal and the marketing one can help the managers know the current situation better such as, SWOT, PESTLE. Majority experts encourages using market tools instead of statistic tools to avoid bias.

Thirdly, the sequence and the combination of the decision-making alternatives are also very important. In the process of writing PMA, I rethink the process we made decisions. I found if we can consider more on the sequence of the alternatives using instead of investigating more alternatives, the results would be better. In addition, in the process of writing this PMA, I read lots of journals. The theories shown on the journals support my opinion.

Fourthly, having a good explanation on the results gain from the decision making techniques is the same important as choosing the suitable decision making methods. Having a good explanation not only depends on personal characteristics (risk lover V.S. risk adverse), but also depends on the personal experience. Some experts can investigate what¡¯s going on deeply below the surface. Thus, in the future, control all the decision-making alternative is important, but gather experience on decision making process is also important for us, if we cant to be a leader in the future.

Finally, the decision-making also depends on the time or situation. After having lectors and reading journals, as far as I considered, the criteria for decision making is changed based on the situation. In the common decision making environment, a more comprehensive decision making process would be better. While, quick decision making process is needed in the emergency. Thus, in the future, when we judge some decision making process, we cannot only see the result of it. We should see the situation it happened in.


April 18, 2013

bias in decision making

after i checked lots of journals online. i found a large number of experts said the bias of decision making is easily created by the misexplaination of the decisions and using finance tools too oftenly.

there are lost of people nowadays prefer to using finance tools instead of marketing tools.

Because some finance calculation is conlicated, some bosses may hardly understand the meaning of the datas.

they think this way is more persuasive and more reliable.

another reasons for them to do this may be they do not have much knowledge about marketing tools and do not know the importance of these tools.

in the future, the company can on some training on the decision making process.

learn how to make a decision more robust is also a task for managers, which is the same important as having a suitable leadership


April 16, 2013

finance tools in decision making

during the process of writing post module assgniment, i read a lot of journals.

i know that using statiscits tools can make the decision more reliable and persuasive.

however, the thing is as far as i consider the results gain from the finance tools are not such reliable.

because oftenly, there are some calculation bias.

in addition, the finance tool can only analysis the current situation faced by the company.

it is not the most suitable tool to decide the long term strategy for a company.

the long term strategy is better to decide by the market tools such as swot analysis or pestle.


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