MGT602 Business Decision Analytics Report Sample

MGT602 Business Decision Analytics Report Sample

Context:

Fast changing workplaces call for greater flexibility in the ways individuals and work teams make and implement decisions. Alongside the increasing rate of change are the demands for better decision making through understanding and mitigating personal preferences and biases.

This Assessment Has Been Designed To:

▪ Appraise your ability to research academic literature on decision making. You are expected to utilise the literature provided in Modules 1 and 2 as a foundation that guides your further academic research.

▪ Select and evaluate the usefulness of a range of decision-making tools and reflect on levels of rationality and intuition utilised during the decision-making process.

▪ Compare, contrast and critically evaluate sources of data as influences in the decision-making context

▪ Identify the relevant sources of influence and limitations in your decision-decision making process.

MGT602 Assessment 1 Writing Guidelines:

This assessment draws on learning activities and resources from Modules 1 and 2. It is designed for you to engage in the decision-making process and then reflectively analyse your decision-making process using only theories and concepts from the Business Decision Analytics course (MGT602).

You should include in your reflective report:

▪ The decision-making problem detailed by your learning facilitator

▪ Analysis of your decision-making preferences (see activity Module 1)

▪ Analysis and influence of your personality traits and the impact on your decision-making

▪ Details of the sources of data collected during the decision-making process and how this data was evaluated/analysed

▪ Analysis of the decision-making process using any of the models discussed in Modules 1 and 2 plus any of your further relevant readings

▪ Analysis of written feedback from at least 2 other people on your decision-making process in the topic nominated by your Learning Facilitator

▪ Visual interpretation of data / trends/ patterns

▪ As a reflective analysis you will present your analysis in the first person.

Solution

1. Introduction

Decision-making is very important in personal and professional life; hence every individual needs to understand personality traits for reducing blind spots and enhancing the decision-making process. The report aims to analyse the self- decision-making process, which will be done through analysing personality traits and incorporating feedback from two other individuals. As per the MBA Assignment Experts Decision-making models like Rational, bounded rationality, and others will evaluate through personality traits results for understanding the decision-making style. Although rational approach will attribute to a broader highest discussion, the report will summarize the use of decision-making models and source of influence on individual decision-making capacity. The report structure would include deep analysis on decision-making preferences, personality traits, data collection process, discussion of models, and incorporation of feedback. 

2. Analysis and Evaluation 

Module 1 provided us with a learning activity to understand our decision-making preferences. After watching videos and reading through textbooks, I think for real-time organization, I have three aspects: information, knowledge, wisdom, and data. The problem given by the facilitator wasanalysing the type of job role after completing postgraduate studies. I want to work and get trained as a customer relationship manager at the zonal or headquarter level. Bounded reality refers to a theory where decision-making has restricted rationality and is hence is driven by only cognitive capabilities, time constraints, and imperfect information. This type of decision-making is further supported through balanced thinking by evaluating the thoughts by understanding both positive and negative impacts(Dhami&Thomson, 2012). Thus, in-store customer issues are resolved through this model, although I aim at solving issues considering real-time information to provide maximum satisfaction. My aim as a manager would be to solve the problems would be understanding the problem and solving it from the grass-roots level. Thus, rational approach could be used as they usually assume that innovation and strategic planning processes help to make a decision, by gathering information, and then undertaking actions.

The decision for choosing my professional job role, I first collected information on which job roles have promising future, alongside comparing with compatibility of my degrees and skills.To learn about my personality traits and understand my decision-making style, I collected information through primary and secondary sources. The primary sources include collecting feedback from two of my batchmates, my team members in many group projects. The other source is participating in tests provided by the blackboards, which helped me identify my decision-making factors. In this view, the secondary sources are the learning materials, articles, and web pages. I have already done my internship in customer relationship management, although I have neveranalyzed my decision-making approach or personality traits. My blind spot can be my inability to give deep thought before taking a decision. I do not get easily influenced by people around which I think can be a bias for making the right choice for my career. As per the decision-making test provided by Blackboard, I scored high in making a decision based on intuitions and balanced. Handling customers require prompt answers based on the query. Hence, the trust in my hunches will help me analyse problems and decision-making. In real-time personal decisions are also based on intuitive factors as we do not have data or numerical value for dealing with varied situations. Since I aspire to be independent, I rely on my logical inferences to make decisions. A score of 3.67 in logical personality traits signifies. Hence, I will prefer using logical thinking while deciding while handling customers. In real-time, while making any decision, I usually examine all the factors, including consequences on others. A score of 4 indicates that I have a balanced personality. In my job role, my decision-making will impact the brand reputation of others; hence, being balanced would guide me through the challenges.

Whenever I shop at malls or supermarkets, I usually see a queue at the customer service desk due to varied issues faced during and after billing. Graduation and post-graduation studies have made us understand the importance of customer satisfaction and retention. I have observed that many stores lack an in-depth understanding of issues, while a few customer grievances require approval from head office. For this reason, I have chosen this job role. In addition, I feel that my personality traits also support this type of job role. 
 

1: Key CRM Trends
(Source: Toah, 2022)

The figure identifies key trends in customer relationship management through enriching customer experience could be provided. 

As Akinici&Sadler-Smith, (2012) defines that using a single information processing dimension has been a robust way of addressing complexities in contemporary organizations of the 21st century. The results of personality decision-making tests depicted that I make decisions based on intuition.Thus, intuitive decision-making refers to processes that occur naturally without using formal tools. Intuitive decision-making is very useful when facts and formal information are limited like taking decisions for routine tasks. Some refer it to as the sixth sense or trusting the gut for making an informed decision.  However, in a professional environment in CRM, I would require skills in rational decision-makingmodels. Since rational models have been used for centuries in private and public institutions, I was also trained to adopt the approach.  

During my internship in the CRM domain, I was trained to use experience for making decisions. Hence, the adopting approach of rationality has helped me to identify the extent of the issue and develop solutions by collating it with data. Since logic and balance factors of personality are also promoted through a rational approach, individuals like us can identify priorities and sources and types of information to be collected. Since decision-makers like me can establish objectives, it helps to understand cause-effect relationships. The rational approach is very appropriate when decision-making on product development, innovation, and improving processes as first-hand information could provide insights (Bhattacharyya&Jha, 2018). Although a store is operational and customers come in with grievances, a rational approach would not apply. Hence, my personality trait of being intuitive while my training in rational decision-making would help handle CRM positions within Australia. Thus, for opting for a CRM job profile, I relied on instincts that are being confident in managing the zonal position of customer care. This was further supported by feedback, personality test, and self-research conducted through online modes. Hence, I consider myself a rational decision-maker as I am to believe in my instincts and clarify the same with the facts and information.

2: Steps for Deciding on Job Role

Hitt et al. (2016) opined that rational decision-making offers various advantages like consistent decision making as it heavily relies on data and information. Hence, it can be effectively used for a variety of solutions. It is a transparent problem solver as the structure is based on a solution. Klug&Bagrow (2016) further opined that rational processing provides varied benefits to the managers, thus, providing rigorous tools for solving problems and making decisions. The potential use of tools like management science, operational research, and extended human processing benefits organizations. Although, when customers approach through phone calls or in the front line, the presence of data or information might not be sufficient. Hence, intuitive personality traits like mine would help make decisions based on haunches, facts, and experience (Bauer et al., 2013). 

I have received feedback from two of my peers, who had a different opinion of my decision-making approach. One feedback identified me as intuitive for making decisions faster, based on haunches. The feedback could be related to personality traits as it identified me as a logical one while considering implications on others. The feedback also confirmed that being intuitive is suitable for managerial jobs, which require quick decision-making like that of customer decision-making. 

I always intervene when the decision might negatively impact my group members. Hence, I would have given such feedback. The other feedback said that I had a balanced personality as intake into consideration into needs and requirements of all members. The feedback also included that my decisions are based on logical inferences as I consider facts, consider situations, and take a longer time to make any decision, whether personal or professional. The other feedback confirmed that managerial roles require logical inferences and being balanced rather than being intuitive. 

I have analysed patterns through primary and secondary sources and found that I require more training on the rational approach as it is widely used and has proven evidence. Also, I would like to enrol in courses that polish decision-making by learning facts and figures. Besides, my decision-making is intuitive, which does not always support decision-making in a professional environment. 

Conclusion 

The report has analysed my decision-making approaches by excerpting information through a personality traits test. I scored high in being intuitive and balanced, while I scored comparatively low in logic. Although, I have analysed that my personality traits are more directed towards a rational decision-making approach. In addition, two feedbacks from my peer indicated two different pieces of information; one said that I have a more intuitive approach while the other said that my decision making is more balanced. I have understood that being intuitive fits for a frontline customer service desk while in headquarter CRM job role requires being more rational. Hence, I would improve my approach to suit my dream professional role. 

References

Akinici, C., & Sadler-Smith, E. (2012). Intuition in Management Research: A Historical Review. International Journal of Management Review, Vol 14, 1-54.
Bhattacharyya, S. S., & Jha, S. (2018). Strategic leadership models and theories: Indian perspectives. Emerald Publishing. https://lesa.on.worldcat.org/oclc/1041108860

Hitt, M. Ireland, D.A &Hoskisson, R.E. (2016). Strategic Management Concepts and Cases: Competitiveness and Globalisation. Cengage Learning. ProQuest eBook central.
Klug, M. &Bagrow, J.P. (2016). Understanding the group dynamics and success of teams. Royal Society of Open Science. Apr; 3(4). Retrieved from http://rsos.royalsocietypublishing.org/content/3/4/160007

Toah, Z. (2022). Top 10 Critical CRM Trends to Keep an Eye on for 2022. https://www.selecthub.com/customer-relationship-management/crm-trends/ (Accessed 07 March 2022). 

Bauer, J. C., Schmitt, P., Morwitz, V. G., & Winer, R. S. (2013). Managerial decision making in customer management: adaptive, fast, and frugal? Journal of the Academy of Marketing Science, 41(4), 436–455. https://lesa.on.worldcat.org/oclc/5228993964

Dhami, M. K., & Thomson, M. E. (2012). On the relevance of Cognitive Continuum Theory and quasirationality for understanding management judgment and decision making. European Management Journal, 30(4), 316-326. doi:10.1016/j.emj.2012.02.002