MGT602 Business Decision Analysis

Introduction

A manager is often faced with situations that demand that he or she makes decisions because of the numerous changes that take place in the manager’s external environment and this affects the ability of the manager to process, analyze situations and even make decisions. It is therefore important for a person to learn the various decision making models that are available for use whenever such an individual wants to make a decision. The various decision making models include the rational model of making decisions as well as well as the logical model of decision making (Levin & Nolan, 2014). The main aim of this paper is to outline the various decision making models, methods as well as the tools that I employ everyday when making decisions.

Analysis of Daily Decision Diary

I made several decisions from week one to week three like deciding whether to attend lectures, take notes or just record the session and whether I should contribute in group discussion.

Analysis of the Major Decision

The major decisions that I made were moving from India. This was a very big decision for me because I was born and raised in India. Almost every member of my family is in India and therefore, the decision to leave India for Australia was very tough for me. I have been able to adapt to the significant changes that are present between Australia and India. For example, there is a language barrier that forced me to quickly study and learns a new language in order for me to be able to communicate effectively with the natives. According to McQueen (2018), both countries have different modes of dressing as well as their foods and general societal cultures. All these differences made my decision to relocate from India to Australia very difficult.

The second major decision that I faced immediately after relocation was to decide which academic institution I was going to join. I made use of the internet and began searching for an appropriate school that I should join. However, being a visitor in a new country can make one not have all the facts and this is why I made the decision to gather important bits of information about every school that interested me. The bits of information that I obtained included recreational amenities within the school, the cost of being admitted into the school, the proximity of the school to social amenities such as hospitals and places of worship and even the rules and regulations that have been stipulated by the school.

Analysis of data for the Major Decision

Before making any major decisions, I made sure to collect all relevant data from various sources which included data mining techniques. I made use of data mining techniques when I was collecting information as well as organizing such data according to its relevance in making the decision. I also made use of complex algorithms that helped me in sorting through the information and identifying patterns and trends and in the long run be able to aid in predicting events that will take place in the foreseeable future (Goodman & Flaxman, 2017).

Major Decision Made Using Different Decision Making Models 

I made the choice to always make use of logical thinking whenever I want to analyze a problem before making any major decision. This strategy always helps me make decisions that are based on facts and verified information instead of making poor decisions made out of fear or emotions (Hunink, 2017). This strategy has also helped me in improving my level of emotional intelligence. I am very flexible when it comes to making decisions and this also included making decisions even under pressure from complex situations. Also, before making any major decisions, I often try to understand the significance of the decision and the consequences that such a decision could have on me as well as on those around me. This way, I can be able to make different choices for different scenarios.

Decision Making Model 1

In order to support the decision making process, I would make use of critical software that would aid in the automation of the entire decision making process (Skitka etal., 2015).. This is going to increase the pace at which decisions are being made by managers everywhere as well as increase efficiency with which such decisions are made.

Decision Making Model 2

Recognition Primed DM models is one of the vital component of decision making models since it helps  in recognizing and evaluating the cause of action before making sound decision..

Decision Making Model 3

 Bounded Rational was the model applicable as it advocate that decision makes have limited rational decision making, ability mainly because time factor, cognitive and imperfect data. For example, when making the decision on leaving India, I had no good information of life In Australia and I had to make the decision very quickly thus my cognitive ability was drastically reduced.

Conclusion 

This is a reflective essay that highlights any significant decisions that I have made as well as how such decisions are going to affect me. Most of the data was acquired through data mining methods and later on evaluated the decisions that I made vis a vis the decision making tools and techniques.

References

Goodman, B., & Flaxman, S. (2017). European Union regulations on algorithmic decision-making and a “right to explanation”. AI magazine, 38(3), 50-57.

Hunink, M. M. (2017). In search of tools to aid logical thinking and communicating about medical decision making. Medical Decision Making, 21(4), 267-277.

Levin, J., & Nolan, J. F. (2014). Principles of classroom management: A professional decision-making model. Pearson. One Lake Street, Upper Saddle River, New Jersey 07458.

McQueen, R. (2018). Of wigs and gowns: a short history of legal and judicial dress in Australia. Law Context: A Socio-Legal J., 16, 31.

Skitka, L. J., Mosier, K. L., & Burdick, M. (2015). Does automation bias decision-making?. International Journal of Human-Computer Studies, 51(5), 991-1006.

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