Week 5
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Week 5: Decision making, Change and Innovation Concept/ Mode/ Theory Definition: _ As defined, decision making is synonymous with managing and it is part of all four management functions: •
Planning
•
Organizing
•
Leading
•
Controlling
_ According to Robbin… decision making process is a set of eight steps including identifying a problem, selecting an alternative and evaluating the decision’s effectiveness: •
Step 1: Identifying a problem
•
Step 2: Identifying of decision criteria
•
Step 3: Allocation of weights of criteria
•
Step 4: Development of alternatives
•
Step 5: Analysis of alternatives
•
Step 6: Selection of an alternative
•
Step 7: Implementation of an alternative
_ There are three views that how managers make decisions: •
Rationality describes choices that are consistent and valuemaximizing within specified constraints. This chart below is given as an example:
•
Rational decision Problem is clear and unambiguous? Single, well-defined goal to be achieved? All alternatives and consequences known? Preferences are clear? Preferences are constant and stable? No time or cost constraints exist? Final choice will maximise payoff? •
Intuition is subconscious process of making decisions which takes from previous experience, “Gut-Level Feeling”, and Accumulated judgment. Furthermore, there are also some sub unit for Intuition with explanations in detail: o Experienced based decisions is decisions based on past experience
o Affect-initiated decisions is decisions based on feelings and emotions o Cognitive-based decisions is decisions based on skills, knowledge, and training o Subconscious mental processing is decisions based on subconscious data o Values or ethics-based decisions is decisions based on ethical values or culture _ Moreover, there are four decision making styles: •
Conceptual style is a decision making style characteristed by a high tolerance for ambiguity and an intuitive way of thinking
Rich Description of Practice in Group: _ On 22/08/2007, our group had an weekly meeting at library to discuss about what we should finish for this week. According to our group timetable for the whole poster assignment, I oughtn’t to have sent my researches to Mac by 24/08/2007, but we have just know that he dropped this subject already, so I sent it straight to Nick- text editor. Anyway, it didn’t affect us too much; we just organize a little bit in our group’s responsibilities. However, our poster was nearly finished so we thought we could continue to work without any problem. Moreover, in this group meeting, we decided the format, outline and style of our poster carefully and Louiza would sent it to every member by next week so that we can double check everything again before moving to the next step of the process. Actually, the design was really hard because it requires high level skill in Photoshop program to make a fantastic poster. Because thinking of ideas were hard and to execute from these was harder. Afterward, when I and Jing sent our researches to Nick, he would review, organize them again and choose which one should be suit with the poster. Then, Nick would submit finalized
written work to Louiza- Designer and she would decide where to put them in our poster in a logical and relevant way so that it could attract many readers and easy for them to follow our poster. James- Project manager, he seems to take the most important part in our group, because he has to evaluate and find out the problems during the process then try to solve them soon. Our responsibilities were coordinated effectively and interdependently, we had a clearly timetable, therefore we just follow this and try our best to finish our part perfectly. Analysis and Critical Reflection of relationship between Theory and Practice in Group: _ As mentioned on some previous journal entries, our group is committed to achieving the highest result for this poster assessment so it was considered as the whole process in which decision making process absolutely involved. We have followed 8 steps correctly through out the process. In step 1, we identified the problem is finishing the poster assessment which contains two parts are poster proposal and group poster respectively. The second step was identifying of decision criteria which are company with well organized, company having relevant information and management theories required, company with large market share in the market and company is familiar with all people. Then we weighted each criterion to determine which one is the most, more and less important one. This step is defined as allocation of weights of criteria. In fact, we chose company having relevant information and management theories required is the most important by giving it 10 marks, company is familiar with all people got 8 marks, company with well organized got 5 marks and finally company with large market share got 3 marks. After that is the development of alternatives step which concerns with listing all relevant companies, there were Myer, Virgin Group, Rupert Murdoch
and Westpac. Once the alternatives have been identified, we began to analyse each one critically. By appraising it against the criteria established in step 2 and 3. From this comparison, the strengths and weakness of each alternative can be determined. After analyzing and thinking carefully, we moved to step 6 is selection of an alternative. For this fact, we chose Virgin Group for our poster assessment. Because it generated the highest total mark in step 5. Then step 7 is implementation of the alternative, we start to research all relevant information for Virgin Group and prepared this for the poster proposal. Finally, step 8 is evaluation of decision effectiveness, it evaluate the outcome of the decision to make sure whether it still had any problem. When the problem has been identified, we had 2 different views that could make decisions. First is rationality, in this view, there were lot of questions being asked to determine the problem, so that we could identify a clear goal because everyone in our group had different goals. After all, we knew that our problem was clear and unambiguous which was also single and well defined goal to be achieved. Moreover, all alternatives and consequences were clearly known and we believed that final choice would maximize payoff. Next, intuition was our second view; it is subconscious process of making decisions. Basically, it bases on previous experience, “Gut-Level Feeling” and accumulated judgment. From this view, we got opinions from other people about our decision making’s alternatives for which company should be better. After analyzing all different opinions, we chose Virgin Group. In addition, all of us had good feelings on this company. It is a big and has a wide range of data to be researched. We also involved in decision making styles. It was conceptual in which we had lots of creative ideas and ways of thinking about our decision. Certainly, our aim was to make it more interesting and maximized outcomes.
Planning
•
Organizing
•
Leading
•
Controlling
_ According to Robbin… decision making process is a set of eight steps including identifying a problem, selecting an alternative and evaluating the decision’s effectiveness: •
Step 1: Identifying a problem
•
Step 2: Identifying of decision criteria
•
Step 3: Allocation of weights of criteria
•
Step 4: Development of alternatives
•
Step 5: Analysis of alternatives
•
Step 6: Selection of an alternative
•
Step 7: Implementation of an alternative
_ There are three views that how managers make decisions: •
Rationality describes choices that are consistent and valuemaximizing within specified constraints. This chart below is given as an example:
•
Rational decision Problem is clear and unambiguous? Single, well-defined goal to be achieved? All alternatives and consequences known? Preferences are clear? Preferences are constant and stable? No time or cost constraints exist? Final choice will maximise payoff? •
Intuition is subconscious process of making decisions which takes from previous experience, “Gut-Level Feeling”, and Accumulated judgment. Furthermore, there are also some sub unit for Intuition with explanations in detail: o Experienced based decisions is decisions based on past experience
o Affect-initiated decisions is decisions based on feelings and emotions o Cognitive-based decisions is decisions based on skills, knowledge, and training o Subconscious mental processing is decisions based on subconscious data o Values or ethics-based decisions is decisions based on ethical values or culture _ Moreover, there are four decision making styles: •
Conceptual style is a decision making style characteristed by a high tolerance for ambiguity and an intuitive way of thinking
Rich Description of Practice in Group: _ On 22/08/2007, our group had an weekly meeting at library to discuss about what we should finish for this week. According to our group timetable for the whole poster assignment, I oughtn’t to have sent my researches to Mac by 24/08/2007, but we have just know that he dropped this subject already, so I sent it straight to Nick- text editor. Anyway, it didn’t affect us too much; we just organize a little bit in our group’s responsibilities. However, our poster was nearly finished so we thought we could continue to work without any problem. Moreover, in this group meeting, we decided the format, outline and style of our poster carefully and Louiza would sent it to every member by next week so that we can double check everything again before moving to the next step of the process. Actually, the design was really hard because it requires high level skill in Photoshop program to make a fantastic poster. Because thinking of ideas were hard and to execute from these was harder. Afterward, when I and Jing sent our researches to Nick, he would review, organize them again and choose which one should be suit with the poster. Then, Nick would submit finalized
written work to Louiza- Designer and she would decide where to put them in our poster in a logical and relevant way so that it could attract many readers and easy for them to follow our poster. James- Project manager, he seems to take the most important part in our group, because he has to evaluate and find out the problems during the process then try to solve them soon. Our responsibilities were coordinated effectively and interdependently, we had a clearly timetable, therefore we just follow this and try our best to finish our part perfectly. Analysis and Critical Reflection of relationship between Theory and Practice in Group: _ As mentioned on some previous journal entries, our group is committed to achieving the highest result for this poster assessment so it was considered as the whole process in which decision making process absolutely involved. We have followed 8 steps correctly through out the process. In step 1, we identified the problem is finishing the poster assessment which contains two parts are poster proposal and group poster respectively. The second step was identifying of decision criteria which are company with well organized, company having relevant information and management theories required, company with large market share in the market and company is familiar with all people. Then we weighted each criterion to determine which one is the most, more and less important one. This step is defined as allocation of weights of criteria. In fact, we chose company having relevant information and management theories required is the most important by giving it 10 marks, company is familiar with all people got 8 marks, company with well organized got 5 marks and finally company with large market share got 3 marks. After that is the development of alternatives step which concerns with listing all relevant companies, there were Myer, Virgin Group, Rupert Murdoch
and Westpac. Once the alternatives have been identified, we began to analyse each one critically. By appraising it against the criteria established in step 2 and 3. From this comparison, the strengths and weakness of each alternative can be determined. After analyzing and thinking carefully, we moved to step 6 is selection of an alternative. For this fact, we chose Virgin Group for our poster assessment. Because it generated the highest total mark in step 5. Then step 7 is implementation of the alternative, we start to research all relevant information for Virgin Group and prepared this for the poster proposal. Finally, step 8 is evaluation of decision effectiveness, it evaluate the outcome of the decision to make sure whether it still had any problem. When the problem has been identified, we had 2 different views that could make decisions. First is rationality, in this view, there were lot of questions being asked to determine the problem, so that we could identify a clear goal because everyone in our group had different goals. After all, we knew that our problem was clear and unambiguous which was also single and well defined goal to be achieved. Moreover, all alternatives and consequences were clearly known and we believed that final choice would maximize payoff. Next, intuition was our second view; it is subconscious process of making decisions. Basically, it bases on previous experience, “Gut-Level Feeling” and accumulated judgment. From this view, we got opinions from other people about our decision making’s alternatives for which company should be better. After analyzing all different opinions, we chose Virgin Group. In addition, all of us had good feelings on this company. It is a big and has a wide range of data to be researched. We also involved in decision making styles. It was conceptual in which we had lots of creative ideas and ways of thinking about our decision. Certainly, our aim was to make it more interesting and maximized outcomes.
