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MGT 602 Business Decision Analytics

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Question:

Learning outcomes- through examining decision-making at individual, team and organisational level, you will be able to:
 
a)Select and evaluate the usefulness of a range of decision making tools and reflect on your decision-making styles and contrast with other styles to determine the respective levels of rationality and intuition utilised
b) Compare, contrast and critically evaluate sources of data as influences for decision making in a range of business contexts
c) Examine and evaluate decision-making systems and techniques to engage group decisions and analyse how these can enhance sustainable outcomes
d) Critically examine emerging tools and technologies for decision making.
 
 

Answer:

Introduction

According to me, life is a series of decisions some good and others bad. For example, I make a conscious decision to consume coffee instead of tea or cocoa every morning for breakfast. Other decisions I have made recently or continuously make on a daily basis are listed as follows:

  • I normally take a bus or taxi to get to school
  • I complete all assigned school tasks by 5pm,
  • I only watch movies after 8pm and ensure that my living space is clean and tidy before I leave the house,
  • I call my family after school hours, and I do not use my phone during class hours
  • I do not engage in the consumption of intoxicating substances e.g. alcohol,
  • And lastly, I put my personal religious beliefs before societal pressures.

Major decisions

I can admit that the two most important decisions I have made in recent weeks are: avoidance of intoxicating substances and putting personal virtues before societal pressures. I am of the opinion that a person has to be governed by rules that define wrong and right. These rules should be socially acceptable and applicable without causing harm or distress to others. Nevertheless, those set rules should be firm and non-malleable to societal influencers and demands. Moreover, the decision to not ingest intoxicating substances is founded on the fact that such actions result in the impairment of the senses and detriment of the decision making process. As such, I will avoid substances that will limit my mental, physical, and sensory capabilities (Klein, 2009).

Decision-Making Preferences

In my decision making process, I tend to employ a combination of institution, logic, and balance. The weight placed on each decision-making tool is not even; with given elements being offered more consideration. For example, in most situation I tend to utilize the following decision making style; intuition is medium, logic is low and balance is high. The majority of my decisions are largely influenced by whether or not they affect other. As such, I will decide on doing something if and only if it does not negatively affect others around me. Secondly, my decision making process is influence by intuition (hunches and “gut-feeling” with regard to a given activity or resolution). If the decision does not feel right to me I will avoid doing it altogether regardless of whether or not it affects other. Lastly, my decision making process largely influenced by logic (Sadler-Smith & Shefy, 2004).

Personality style/ strengths and Impact

I believe that my Type A personality has a direct influence on my decision-making style. A Type A personality means am able to make decisions quickly and under-pressure. Therefore, with regard to the Think Fast-Think Slow decision-making model; I would categorize myself as a system 1 thinker. This type of thinker is able to make fast, autonomous, efficient, intuitive, and emotional decision. As a result, my thinking is normally prone to systematic errors and biasness. I tend to fall victim to confirmation bias, where I will only pay attention to information that conforms to pre-established notions and concepts; as such, I will avoid new information that challenges known personal dogmas and facts.

 

Reflection on Feedback and Insights

The first classmate describes my decision making process are rushed, emotional, and highly biased to peer expectation. This first individual indicates that are more willing to make a decision if it lines up with the expectations of others (NERIS, 2018). Moreover, the personal indicated that I will allow emotions to override logic causing me to make rushed and often erroneous decisions. The second person described me as a group oriented decision making that focuses too much on the social implications of a decision instead of whether or not it is right. Hence, this second person believes that I will abandon logic for the sake of social correctness.  The last person indicates that my decision-making process was highly influenced by personal concepts and held notions about benefit and loss. Therefore, the person indicated that my decisions are based on my need to avoid risks and losses (Myers & Briggs, 2018).

Sources of Data and Use of Decision-Making Tools

The source of data does affect the decision-making process I decide to follow.  For example, when making a friendly wager with my friend I will employ intuition because the consequences of the decision are known and quantifiable. On the other hand, when marking a decision on which tertiary learning institution to join I will employ a mix of logic (high), rationality (High), and intuition (medium). Critical decisions have to be dealt with in a rational and logical manner as opposed to trivial things like on which side of the bed to step-out of. Therefore, it is correct to conclude that my decision making process will be affect by the subject matter and consequences (Akinci & Sadler-Smith, 2012).

Evaluation of Decisions and Their Significance

As indicated above, I am less likely to make a decision based on intuition if the subject matter is important and has far reaching consequences. Therefore, significance has a crucial pull on the decisions made and the overall decision-making tools employed (AFM, 2017). The significance of different decision is therefore malleable depending on my level of prioritization for each of the mentioned decisions. The more life altering a decision is the more significant it is to me.

Visual Interpretation of Data / Trends/ Patterns

Since I am a very intuitive person, I would much rather visual representations and quantitative data as opposed to verbal explanations and qualitative data. Therefore, I will gather more insight from visual charts and tables based on my personality traits. For example the pie chart below tells me that hot conditions were considerably high compared to cold, rainy, and cloudy condition.

 

References

AFM, [. A. (2017). Balanced decision-making: Dealing with blind spots. Case study with management boards of small and medium sized banks. Retrieved March 20, 2019, from AFM [Dutch Authority for the Financial Markets]: https://www.afm.nl/en/professionals/onderwerpen/gedrag-cultuur-publicaties

Akinci, C., & Sadler-Smith, E. (2012). Intuition in management research: A historical review. International . Journal of Management Reviews , 14 (1), 104-122.

Dhami, M., & Thomson, M. (2012). On the relevance of cognitive continuum theory and quasirationality for understanding management judgement and decision making. European Management Journal , 30, 316-326.

Klein, G. (2009). Ch. 5 Intuition vs analysis . In Streetlights and shadows (pp. 67-82). Boston: MIT Press.

Myers & Briggs, F. (2018). MBTI Basics. Retrieved March 20, 2019, from Myers & Briggs Foundation: https://myersbriggs.org/my-mbti-personality-type/mbti-basics

NERIS, A. (2018). Our theory. Retrieved March 20, 2019, from 16 Personalities: www.16personalities.com/articles/our-theory

Sadler-Smith, E., & Shefy, S. (2004). The intuitive executive: Understanding and applying ‘gut feel’ in decision-making. Academy of Management Executive , 18 (4), 76-91.

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