Tools And Technologies For Effective Decision Making In Account Department At Torrens University Essay.

Decision Making Process Tools and Technologies

For the past two years, I have been working as a manager in charge of account department at Torrens University. This has been a quite challenging duty I ever hold in my professional life. This is because I do face multiple challenges in my place of work particularly when making decisions that are meaningful to steer the institution forward in terms of all financial activities. Account department of Torrens University has been used as a case study for entire paper.

The duty of account manager certainly is maintaining al balance sheets, statements of finance, data in addition to information associated with monetary transactions. Besides, account manage is tasked with maintaining credit transactions as well as executing all accounting operations in systematic way. By working in Torrens University, I have utilized multiple technologies and tools when it comes to managing as well as taking suitable decisions associated with my roles at the workplace. These tools and technologies have aided me in enhancing the process of administration within the account department. 

The process of decision making is multifaceted at times and it calls for the use of tool that would lead to accurate decisions being made in the end. So as to improve the process of decision making, these are some of the tools which assist me in making my work easier:

Decision trees. According to Bahnsen, Aouada and Ottersten (2015) decision trees ac like a support tool which aid analyst to in accurate decision-making process. Decision trees utilis a graph like trees and tree-based model for identifying probable and prospective outcomes when it comes to making effective pronouncements. Ideally, the use of decision tree in the process of decision making makes me distinguish results, utility costs in addition to resources which shall be required to control the whole system. Kami?ski et al., (2018) state that tree model is employed in displaying algorithms which control decision making statements in a manner based on the provided conditions. 

Diagram 1: Decision Tree

Source: Arnott and Pervan, G. (2015)

Delphi technique: As indicated by Goodman (2016) Delphi method describes the framework process of forecasting which is anchored the structures of probable outcomes of many rounds which had been sent by the panel of professionals or rather questionnaires.  In this technique, the several rounds which had been utilized has assisted men to recognize the averages and anonymous responses which are shared in every round. The approach aids me in making decisions as per choices which have been recommended most by the experts.  

Diagram 2: Delphi Technique

Source: Arnott and Pervan, (2015)

The process of decision making is deemed to be essential act in our university and other companies around the globe. There are technologies used this process thus making it easier for the process. The technologies used for the decision-making process are as follows:

Decision Support Systems (DSS). DSS describes a technology which assists in backing up all my decisions whenever the problems are never identifiable easily. It is an IT system. It is greatly interactive and flexible. DSS assists me in defining varied fee structure packages for students. This helps the institution and students in making appropriate decisions. Fee structures alongside other plans of investment for student education assist the university in collecting appropriate funds with the intent of offering effective acquaintance to the students as well as appropriate technologies for use in studies  

Technologies for the Process of Decision Making

Diagram 3: Decision Support System

Group decision support system (GDSS). This is a technology for the decision-making process which assist in the formulation of real solutions for available problems while being assisted by the team. The process of decision making in a group is known to be an interactive computer-based system. This helps me in solving university problem through making appropriate choices. GDSS assists me in the analysis of varied monetary issues, problems as well as requirements. Again, the system aids me effecting requisite decisions on budgeting in support of the university operations.  

Diagram 4: Group Decision Support System

Source: Kami?ski, Jakubczyk and Szufel (2018)

While working at account department, there are decision processes which I make as an individual as others are made in group. Individual decision process includes the decision that I take identifying all the potential results in order to make quick decisions. However, the group decision making includes the decisions and responses of my overall accountants and their suggestions based upon the decisions being taken. I undertake all the accounts related decisions within the university. Certain specific circumstance lead towards the processes of making decisions in a group or individual.

Individual decision-making processes: These processes describe those which are undertaken individually. The processes are not involving other persons or rather groups. It helps in making easy as well as quick decisions and is cost-effective (Ferrell & Fraedrich, 2015). This is one of the easiest processes to make decisions as I do not have to gather others, schedule meetings, or send multiple meeting emails. I have the tendency to think and question before implementing or performing the decisions. It helps me to make an effective analysis of issues and problems and to forecast the potential results.

Decision-making processes in Groups: Group decision-making process in Torren University involves all accountants. This is done which the intent of making effective decisions for the operation of the University. Several ways help me in making effective group decisions. These are as described below:

1. Decide and Communicate: in this process, I make a decision and they explain it to all the accounts that use to work within the university. I use to make the decision individually however I ask for the confirmations from the entire accounts team that if they agreed with me or not (Ebrary, 2019).
2. Decide and Announce: I use to decide sometimes and just announce it to my accounts team for those decisions’ that are been made quickly and within time. However, it is almost a decision that is been made individually.
3. Suggest Decisions and Invite the Comments: in this process of group decision, I use to present my decision before my accounts team, they seek their comments of what positive, and negative impacts can happen if that decision will be implemented. It helps me to make effective group decision however; it requires sufficient time.
4. Ask the group to define Problems and make the Decision: in this process of a group decision, I ask my accounts team to define the problems and find a solution together. I allow them to make such decisions for those certain specific issues that need sufficient time to make decisions’ (Tindale & Winget, 2019).

Data sources and analysis assist in the process of making effective decisions in the University. The methods of data analytics assist me to take effective decisions while at the same time facing challenges regarding generally accepted accounting principles. These are some of the analytics which help make decisions:

1. Descriptive Analytics: This helps in providing complete analysis for every prospective major metrics as well as measures which could aid in getting solutions to the issues or problems investigated. t helps in analysing all the data teat are been required to cope up with the revised taxations and government policies in order to make the University budget according to that. It helps in defining the issues from and drawing out various inceptions to understand the general outcomes of performance of budgeting in the University. It assists in the management of prospective risks that has been exposed through structured data pulled from the databases as well as unstructured data drawn from the principal books of accounts as well as policies attained from government brochures.
2. Diagnostic Analysis: This describes the subsequent phase which aids in effective process of decision making.  The diagnostic analysis is often done following assessment descriptive analysis. It aids all me in understanding problems which late helps when it comes to eradicating the major cause of the problem. Through the process of diagnostic process, I use to ascertain the answers of the questions through several walkthroughs. It helps me to make effective decisions’ by making out most from the available information and data. It uses to shape the potential solutions of all the accounting methods so that my team can work collaboratively with the generally accepted accounting principles as well as the government (Chris Mishler & CIA, 2016).
3. Predictive Analytics: Predictive analytics use to consider the patterns of the past with the upcoming accounting trends. It helps me to determine the future outcome as well as the accounting department’s goals and objectives. Our accounts department always focuses upon making the effective budgeting plan so that we can provide all the financial support information and data appropriately that shows the credits and debit transactions in the University. Through using predictive data, I get assistance to drive performance of all department of account with the intent of successfully optimizing the processes.
4. Prescriptive Analysis. In this analytic process, the potential actions are prescribed which assists in addressing all the predicament that could be facing our account department in future dates. This assist in the analysis of the whole underlying motives which make processes of accounting to be complicated in the university. As a matter of fact, this aids the account department when it comes to making appropriate decisions. Through this, the account group are able to come up with apt fee structures and capable of ascertaining the whole university budget plans. Again, prescriptive analysis assists in the management of risks in budgeting which might be experienced in the University.

People are used to making decisions which involve other forms of judgements and decisions. The process of decision-making leads towards choices that are straightforward; however, they need multi-step approaches in order to make effective decisions.

Experiences: The experiences of the past had a major role in influencing the decision-making process. In the financial decision, making I take effective fees structuring as well as the investments decisions of the university so that the university can effectively provide updated educational knowledge and technologies to its students. I always try my best to find effective solutions by omitting potential risks.

 Commitments: The commitment is a natural human behavior however it is been based upon the choices of the individual that who want to stand upon their commitments and who are those people who do not care about the commitments they have given and do as per their knowledge and choices. I had always made my choice to stand upon my commitments, which helps me to make effective decisions. I am committed towards my job and I always take oath within myself that helps me to work in a true manner without any fraudulent. This is the reason why I stand upon my commitments given to the university administration. This helps me to make effective decisions’ regarding the budgeting and fee structure of the University.

Decision Making Process in Group and Individual

 Individual Differences: This describes the style of learning, ability, backgrounds of the family, personalities and emotional intelligence, which act as a major bias to influence effective decision-making. My father was an accountant and my mother was a schoolteacher they always made me understand to do my duties properly with honesty. This influences my effective decision-making process, as I never look forward or focus upon doing any fraudulent activities that will hamper my job or my workplace. This had helped me to do my job effectively and to manage all the accountants that are working under me in order to make effective monetary related policies of the university (Russell, 2019).

As an accountant, I maintain compliance as well as ethic programs which assist in guiding the decision making in addition to employees’ behaviour. Complying with the regulatory requirements as well as institutional policies are major components when it comes to appropriate risk management in the institution. Maintenance and monitoring of compliance in most instances make the regulators happy and most importantly maintain ethical health of the university, supporting long-term prosperity, preserving and upholding the institutional values. Ethics and compliance programs assist in supporting corporate goals, recognizes legal and ethical boundaries, which assists in establishing systems to alert management when an organization is crossing ethical boundaries. 

Conclusion

Decision-making process refers to the practice of making the choices with the identification of several decisions, gathering the potential data and information, and assessing all the potential alternative result ions in a systematic method. The decision-making tools and techniques have helped me to make deliberate as well as thoughtful decisions for the organization all the defining alternatives and the relevant information. In this paper, various technologies that help in making an effective decision-making process is been discussed. The paper evaluated the individual as well as the group decision-making processes. The usage of data analytics for the decision-making process of university is also been discussed. The various bias used to influence the decision-making process are also been analyzed. 

References

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Bahnsen, A. C., Aouada, D., & Ottersten, B. (2015). Example-dependent cost-sensitive decision trees. Expert Systems with Applications, 42(19), 6609-6619.

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Chris Mishler, C. M. A., & CIA, C. (2016). Better performance through analytics. Strategic Finance, 98(4), 62.

Ebrary. (2019). Individual and group decisions. Retrieved from https://ebrary.net/2832/management/individual_group_decisions

Ferrell, O. C., & Fraedrich, J. (2015). Business ethics: Ethical decision making & cases: Nelson Education.

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Wu, D. J., Feng, T., Naehrig, M., & Lauter, K. E. (2016). Privately Evaluating Decision Trees and Random Forests. Proc. Priv. Enhancing Technol., 2016(4), 335-355.