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Decision Analysis

Main task
Task 1.3

Description: you need to provide a detailed description of a complex business problem for any company from those ( Microsoft, Coca-cola, pepsi, iPhone , Sony ), choose one company of them and provide the framework to deal with this problem using proper decision analysis.

Based on a single decision problem, students should write a report that addresses the following points:

  1. Describe a complex business decision problem. The problem may be real or imaginary (don’t forget to include appropriate references if you’re using a real problem). You must provide relevant context – why is the decision important, why is the decision process taking place at this time, etc.

  2. Define and provide a reasonably detailed description of:

    • the goal and scope of the decision process;

    • at least two feasible alternatives;

    • at least one measure or metric for the quality of the decision process outcome.

  3. Describe relevant sources of uncertainty and how these may affect the decision process – is uncertainty easy to quantify?

  4. Describe possible sources of risk in the context of this decision problem.

 
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There’s no doubt that an investment in consistency—smartconsistency—can pay big dividends. Just ask any champion athlete, or acclaimed artist, or successful business person, or high-achieving student, or anyone else who gets top results. As wise proverb said—”If you are persistent you will get it. If you are consistent you will keep it.” That seems to be true, no matter what your particular “it” happens to be.

Dr. Michael Canac, the president of a consulting firm helps committed leaders transform ambition into strategy and strategy into reality. A specialist in the psychology of human performance, Canac’s leadership insights are well worth digesting. According to Canac, among the most important things senior leaders can do is to avoid sending mixed messages. For example, when leaders set goals but won’t invest in the resources needed to achieve them, they’re sending a mixed message. When they promote change but won’t give managers the authority to enact change, they’re sending a mixed message. And when they trumpet excellence yet tolerate poor performance, they’re sending a mixed message. When leaders send mixed messages they de-motivate their people and undermine commitment.

It’s important to make clear that consistency shouldn’t mean mindless and mechanical activity. After all, in an ever-changing world, businesses need to experiment, innovate and evolve. What leaders need to project is a ruthless consistency of purpose, one that is constantly reflected in their decisions and actions. Everything leaders do—as creative and innovative as that might be—should be consistently aligned with that purpose. Similarly, with workplace culture. Creativity, experimentation and innovation should be encouraged in support of the overarching purpose. It’s the ruthless consistency of purpose that’s critical. Well-managed execution requires creating the right environment to align people with what needs to be accomplished. It requires building the right team, a team with the capabilities to make it happen. And it requires the agility to recalibrate the plan when reality changes.

Questions:

  1. In this article, what does it mean by being ‘consistent’? Can the business change its strategic plan? Explain.
  2. Discuss any two external environmental factors that can impact a firm’s strategic plan.
 
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An executive once commented that his company was having trouble managing projects, not because of a lack of tools and techniques, but because they (employees) did not know how to manage what they had. How does this relate to project management?

Ajax National is the world’s largest machine tool equipment manufacturer. Its success is based on the experience of its personnel. The majority of its department managers are fortyfive to fifty-five-year-old, nondegreed people who have come up from the ranks. Ajax has just hired several engineers with bachelors’ and masters’ degrees to control the project management and project engineering functions. Can this pose a problem? Are advanced-degreed people required because of the rapid rate of change of technology?

 
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Some project managers schedule staff meetings as the primary means for planning and control. Do you agree with this philosophy?

Paul Mali (Management by Objectives, New York: John Wiley, 1972, p. 12) defines MBO as a five-step process: ● Finding the objective ● Setting the objective ● Validating the objective ● Implementing the objective ● Controlling and reporting status of the objective How can the work breakdown structure be used to accomplish each of the above steps? Would you agree or disagree that the more levels the WBS contains, the greater the understanding and clarity of those steps necessary to complete the objectives?

 
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