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MGT602 Business Decision Analytics Decision Style Analysis Reflective report

Subject: MBA Management Assignment

Keywords : MGT602 Business Decision Analytics Decision Style Analysis Reflective report Group Case Study Presentation and Report


Question:

ASSESSMENT 2 BRIEF

Subject Code and Title

MGT602 Business Decision Analytics

Assessment

Decision Style Analysis Reflective report

Individual/Group

Group Case Study Presentation and Report

Length

Part A. Group report of business decision making process up to 3,000 words;

Part B. Group in class presentation maximum 10 minute

Part C. Individual reflective Up to 200-word self-reflection

Learning Outcomes

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 utilized

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

Submission

For regular class (12 Weeks Duration):

By 11:59 pm AEST/AEDT Sunday of Module 4.2 (week 8)

For intensive class (6 Weeks Duration):

By 11:59 pm AEST/AEDT Sunday of Module 4.2 (week 4)

Weighting

40%

Total Marks

40 marks

Context:

In today’s workplaces, collaborative team-work is expected. Diversity in teams is a reality , but can lead to conflict and tensions, due to lack of intercultural intelligence, dominant personalities, or poor decisions due to passivity of members who may succumb to Groupthink (Janis, 1972), or who may be biased and have multiple blind spots. Your understanding and experience of these issues are vitally important to your overall business knowledge.

This assessment has been designed to:

  • Apply decision-making systems and techniques in a group
  • Interrogate and interpret a range of data analytics pertinent to a relevant contemporary organisational challenge, decision or change of strategy.
  • Apply and evaluate those systems and techniques to support effective decision- making in organisations.
  • Engage as a team to present your findings in a visual, oral and written format that critically evaluates the decision making process in a contemporary

§ Form your arguments through the use of contemporary literature associated with decision making theories and concepts as presented in Modules 1 to 4.

  • Work as a team to identify research a business decision and present a business report and ten-minute presentation.
  • Reflect on each team members’ and your personal contribution in researching the case study, from preparing the report and compiling the in-class presentation.

Part A: MGT602 Assessment 2 guidelines 3000-word report.

This assessment draws on learning activities and resources from Modules 1-4. It is designed for you to analyse a corporate case study and the decision-making process using only theories and concepts from Business Decision analytics. You should consider in researching and preparing your case study report the following:

  • The business challenge or issue detailed by your learning facilitator
  • Background to the case
  • Collection of relevant internal and external data sources that the organization may have used in the decision-making process
  • Identification of the key person or persons making the decision
  • Analysis and influence of individuals and group dynamics impact on the decision- making

§ Analysis of the decision-making process considering all theories and concepts discussed in Modules 1, 2, 3 and 4.

  • Relevant visual interpretation and presentation of relevant data / trends/ patterns

Report format

  1. Executive summary: 250 words The executive summary is a summation of the report. Included are the case being analysed; the data and evidence collected; the theories used and associated conclusion; and the overall findings.

2. Table of contents.

  1. Introduction: 300 words maximum. The introduction will present the reader with a clear and concise understanding of the following: What is the submission about; 2. What theories will be used; 3 Your concise conclusion; and 4 The structure of the submission. A short introduction of the team’s members should also be incorporated.
  2. Analysis and evaluation: 2400 words In this section the report will analyse and evaluate the decision-making process using selected theories and concepts from your readings of the various Modules in MGT602 and your wider readings.


  1. Conclusion: 300 words maximum. In this section you will provide a concise summation of your analysis and conclusion(s).
  2. References: A minimum of 10 academic references are required from seminal sources and These references MUST include references discussed and utilized in class plus any other appropriate and relevant references you have encountered in your research. Referencing must be APA style. For referencing information refer to: http://library.laureate.net.au/research_skills/referencing
  3. Appendix: If
  4. NOTE: This submission is to be presented in report Any tables prepared may be included in the body of the report but must be clearly and concisely discussed as part of the analysis. Alternatively, the table should be identified and discussed in the text/body and included in an appendix.

Part B: MGT602 Assessment 2 guidelines ten-minute in-class presentation:

Each group will prepare up to a ten-minute presentation of their proposed report findings to be presented in week 7 or 8 of the semester. This presentation will provide the audience with a succinct understanding of: the case study, the decision, analysis and conclusions. The purpose of the presentation is for your team to gain meaningful feedback from your peers to enhance your future written report submission. Your team may also pick up useful ideas from listening to the other team’s presentations. The presentation should use the following format

  • Introduction – 1 minute: Case, group members, theories and presentation structure
  • Analysis: - 8 minutes: Application of selected theories and concepts and evaluation of the decision making process gained from this course
  • Conclusion – 1 minute: Summation of presentation analysis and evaluation
  • References:

PLEASE NOTE: Every group member must be a part of the presentation.

The specific timing of your oral presentation will be provided by your Learning Facilitator, but should occur in the seventh or eighth teaching period (whether 12 week or 6 week offering)

Part C. MGT602 Assessment 2 guidelines peer evaluation:

Each student will submit a self and peer evaluation matrix rating the contribution of each group member in the research and preparation of the group report and presentation. Refer Appendix A. To successfully complete this Part C of the assessment, each group should prepare and maintain a project plan, records of meetings, actions (who/what/how/when) which is updated weekly. Each student’s peer evaluation will include individual ratings and a 200-word analysis of the collective group’s decision-making processes. Each student’s peer evaluation must be included in the Appendix of the report

MGT602 Assessment 2 Submission Process

  • Submit your MGT602 Assessment 2 via Blackboard and the Assessments Tab by Sunday of teaching period 8 before 23.59hrs.

§ Ensure the name and student number of all team members are included on the first page of the submission.

  • ONLY ONE STUDENT IS TO SUBMIT THE WRITTEN REPORT TO GRADE
  • Please make sure to submit ONE Microsoft WORD Document(.doc OR .docx). PDFSubmissions will NOT be accepted.
  • Please make sure to insert page

§ You must identify each section of the report with the headings which are listed in the table of contents.

  • Any cover sheet and References are not included in the word Nor are the Executive Summary, Table of Contents or Appendix.
  • Only APA style is used for citing and referencing. More information on referencing is at http://library.laureate.net.au/research_skills/referencing
  • Please make sure to review the provided marking rubric at the end of this document for your information.

Solution:

BUSINESS DECISION ANALYTICS

Executive summary

This report provides different methods and models used for making decisions in the group for better utilization and implementing a good level of decision-making practice. It also provides an analysis of different data analyst uses for different organizations and what they face challenges and the ways to mitigate the problems. It also provides proper uses for different decision-making models. The report sheds light on the analysis about the underlying procedures of decision-making. Several effective theories and concepts that are from business decision analytics are been highly evaluated in this report. The study focuses on addressing the key persons along with the responsible person for decision-making procedure. The study is also based on the analysis of groups and individual dynamics effect on decision making. The report also provides a reflective summary that is based on the implementation of theories and key concepts.


Table of Contents

Part A: Report 4

Introduction. 4

Business challenge or issue. 5

Background to the case. 6

Relevant internal and external data sources. 7

Evaluation of key persons for decision-making. 9

Evaluation of individual and group dynamic effects on the decision-making procedure. 10

Concepts and theories based on the decision-making procedure. 11

Visual representation and interpretation. 16

Conclusion. 16

Part C: Reflective Assessment 17

References. 19

Appendices. 20

Appendix 1: Time plan. 20

Appendix 2. 21


Part A: Report

Introduction 

The pandemic has made many losses in the whole world in relation to different aspects of personal as well as commercial purposes. The major effect was observed in health care sectors there was a large scarcity of employees as everyone was scared of a pandemic. It provides an analysis of the decision-making models and the proper use of the models for managing the employees in an organisation. The report is based on the decision-making model that gives a clear perception of decision-making in topical conditions. This report consists of the grounded theory of an organisation that helps to develop an effective model of decision-making that provides good relations with employees and the organisation. The grounded theory gives a detailed analysis of data that provides an analysis of the employees in different sectors and ways to manage them (Al‐Dabbagh, 2020). Postgraduate degrees can be determined as specialist qualification that assists a student to become a specialist or an expert in a specific field of study. This degree plays a significant role in making strong the acquired knowledge at the undergraduate level. Therefore a master's degree can identify as a 1-2 year program that helps to provide an advanced knowledge level in a particular professional practice and discipline. Two types of master's degrees are there such as research-based and taught-based. It can be ascertained that a postgraduate qualification can be the best introduction to an academic career. The report provides mitigation strategies for employee loss in healthcare organisations as well as the various organisation. A brief description of the group included in the decision-making is the higher authorities of the organisation and the experts in the organisation of their particular field. According to the research decision-making in the organisation is the only process for change in the organisation. It is practiced by the students for decision-making in various critical situations.

Business challenge or issue

Different challenges are faced by organisations in past decades but in the recent few years, covid-19 has generated major problems regarding business. It has affected in many ways but one of the major ways the covid19 has affected the organisation is the supply chain management system. It has made internal personal activity diminished by including virtual activity. This has advanced the use of technology and which was a tough part for workers who are not proficient in technology operations. The advancement of technology was implemented in various positions such as workplace, society and workers (Dean, & Spoehr, 2018). Unsatisfactory strategic management of the organisation can lead to bad management of the workflow of the firm. Improper decision-making is also one of the major issues for organisations and their profit-generating workflow. Client dependency is also a major one of major aspect of the organisation's success. Leaving a client can lead to the downfall of the organisation as one client can make a profit of nearly half of the total revenue. It provides a task to the employees and maintains the flow of the organisation. Money or capital management issues are also major problems faced by the organisation. Capital or investment is the most essential part of the organisation it manages the overall expenses of the organisation in terms of resources and marketing. Long hours of work are also a challenging factor in the organisation as it generates a fatigue situation among the workers and result in quantity work rather than producing quality work. Developing business strategies are also affecting the organisation in various aspects it needs perfect designing of systems and processes. Lack of direction will lead to the downfall of the organisation as its vision is needed for achieving the target. The vision and mission should be set to fulfilling the short-term and long-term goals. Market competition is an issue that has a direct effect on the revenue of the organisation as it is the only source of generating revenue. The less use of technology is a negative effect on the organisation as in covid technology played a major role in giving sufficient revenue. Technology can be used for analysing the market some of the major problems are solved by artificial intelligence. It not only analyses the customer by segmentation but also gathers information regarding the choice and desire of the consumers.

Background to the case

However postgraduate degrees can enhance and boost the earnings of a student in their professional life. According to a report of 2020, the Institute of Higher Education Policy has investigated the postgraduate pocket of more than 18% of the holders of bachelor degrees six months after completing their graduation degree. It can be observed that a postgraduate degree might increase the opportunity for lucrative job facilities and opportunities. Apart from that, this degree generally helps to conduct the career earlier and earn more than having a graduation degree. This degree can play a role in conversion courses permitting a student to convert their decision on their career path. Therefore, it can be demonstrated that a student can learn one subject during their education level of undergraduate before specializing in another subject at their postgraduate level. The Decision-making model plays a significant role in this segment. In some circumstances, when a student decides to start higher studies, then decision-making power helps them a lot to decide the correct method. The Decision-making process is a way of selecting the suitable in different typical situations and it must have an effective result in such critical situations. The Decision-making system must have to keep a few points in context as it needs to identify every potential option in relation to the current scenario. The decision-making must have in a contest the need and desires of others must not be affected by the decision-makers. The decision-makers must relate to possible outcomes. The decision-making must be in such a way that it focuses on the benefits of the projects and the organisation as a whole. The decision should be changed according to the preferred situation and use intentionally various changes when under pressure. Multi-attributes of the decision-making process are taken of the development of various aspects.

The types of serendipity in input data of "multi-criteria decision making (MCDM)" and this deals with analysing the problems and techniques employed for tackling situational problems (Pelissari et al. 2021). Uncertainty consists of three different types such as uncertainty caused by ambiguity, uncertainty occurring by randomness, and uncertainty caused by partial information. The new age of fuzzy approaches includes hesitant fuzzy sets and intuitionist approaches. These models are used to resolve the uncertainty few of the theories included in the approach are theory, evidential reasoning theory, probability theory, rough set theory last grey numbers (Pelissari et al. 2021). Various decision-making techniques used for different situations are command decision-making, consensus-based decision-making, collaborative decision-making, vote decision-making, and deliberately decision-making.

Relevant internal and external data sources

Internal and external data are used for analysing the function and the wellness of the organisation and its focus on decision-making. The internal and external data gives detail of the business overview and insights into the business. Various methods of gathering data for the development of the organisation are big data. The ground theory is also a theory that relates to information and findings and develops decision-making accordion to the findings. Big data and business analytics are the two major data analysing processes that are playing an important role in analysing the performance of the organisation. It focuses on various outcomes such as agility, competitive performance and innovation. Past special issues management process has approached big data analytics with respect to a different perspective (Mikalef et al. 2020). The data analysis gives a detailed description of the organisational and it also solves the problems regarding the issues faced by the organisation. Big data analysis helps in improving the industry exponentially.

Image1

Figure 1: Ground theory

(source: https://deakin.libguides.com/qualitative-study-designs/grounded-theory)

The exponential research is displayed in terms of graphs. According to Mikalef et al. (2020), the data collected from the year 2010 to 2018 5.495 articles were received which is the result of big data analytics or it is also named business analytics. Very few amounts of data are used for management and decision-making as it is the only process of analyzing organisational change. The percentage of data used by the organisation for organisational development, less than 1 % of the unstructured data is used for analysing the organisational details and development according to that. The data is majorly known to major of employees nearly 70% of the data is known to the employees. There are two processes of analysis of data in regard to organisational decision-making changing the strategies and challenges faced by the organisation. The data offence and defense and single point source and its multi-vision and the research in data analysing gives innovative ideas and examines organisational effectiveness but not sufficiently. The information gives sufficient research on the stakeholders who include both internal as well as external (Damanpour, Sanchez‐Henriquez & Chiu, 2018). For sufficient development of the organisation, proper decision-making tools and processes must be implemented. 

 Evaluation of key persons for decision-making

The decision-making group size is an important factor. It is required to be sufficiently small for having access to provide a chance for every member to provide their point of view on the ongoing discussion. The member of a small decision-making group of an educational organisation that provides a scope for the member to participate in the procedure of decision-making is beneficial for the effective outcome of the decision-making procedure. The academic organisation with small decision-making groups can easily be a part of the meeting along with meeting all the staff will result in a beneficial and effective exchange of information. The key persons in the decision-making procedure of an academic institution include the Teacher association, the head of the institution, board members, some of the potential stakeholders and the rest. These particulars play a vital role in an educational organisation. Along with the involvement of several stakeholders, there is a high chance of effective outcomes. Traditional systematic operation in academic organisations was based on the decision-making that was done by the high authorities of the institution. The higher authorities were responsible for the executions that were not utilised along with the required seriousness. 

Evaluation of individual and group dynamic effects on the decision-making procedure

As per the study of Pérez et al. (2018), Group discussions of decision-making require deliberation and discussion. Consensus in group meetings is between the members of a group while decision-making aims to conclude a decision that is the reflection of raised opinions of the members of the group. The raised opinions of the members of the group are acceptable to every member of the group. However, in the current situation both the procedure of consensus process specific parameters along with the environment. Additionally, there is a high requirement for enhancement of the dynamic consensus process for the effective and realistic representation of the dynamic nature of the underlying problems of group decision-making. However, as per the study of Gershoni (2021), there is a high potential for the underlying understanding of the systematic differences between individual and group decision-making. There is a shred of large empirical evidence that is based on the derived issues from several experiments. Regardless, it does not reflect career concerns and professional incentives, though both play a major role. As per the outcomes of the study, it can be indicated that the three arbitrary panels render more drastic "all or nothing" compared to solitary arbitrary. 

Decision-making can be determined as a process of selecting and deciding on a particular course or degree of action while there has some uncertainty in their career path (Umassd.edu, 2022). Thus it is a cognitive process to involve the mental states of a particular individual. Effectively practising the model of decision-making in a classroom might act as an anchor chart. Apart from practising, encouragement is another factor of decision-making that motivate a student to proceed in their educational level. It can be criticised as open-minded to another opinion. Students can share their views on relevant topics and current events such as the effects of social media on people's well-being. 

Concepts and theories based on the decision-making procedure

Decision-making is an essential aspect of dynamism. Innumerous determinations are endured by mortal beings in everyday vitality. Moreover, in trade grinds, judgments are mainly accepted at each stage. All administrative procedures viz., “planning, staffing, coaching, conforming, organizing and maintaining” are also harboured via findings. Decision-making is therefore the substance of administrative conditioning in an association. Independent direction is one of the major essential yet huge administration abilities for individuals of postgraduate to have. Also, it might vary from one individual to another. Judgement creation might assist teams in their collaboration and “decision-making process” more perfectly. Apart from that, there are various kinds of decision-making models that always assist post-graduate students or scholars in diverse ways. The models are as follows:

  • Intuitive decision model: The framework demonstrates the arrival of decisions without conscious reasoning. As per the studies, 89% agreed with the statement that admits they utilise intuition for decision-making at least for some time, however, around 59% stated that they are frequently used intuition while decision-making. While the requirement of difficult decision-making under challenging situations along with constraints, a great deal of uncertainty, and time pressures. It also includes high stakes and highly visible outcomes that will be in changing consequences, which makes sense because there will be no time for formal work with the help of all the steps and procedures of the decision-making model. 
  • Rational decision model: The framework demonstrates a set of steps that includes the decision-makers that must be considered if they aim to maximize the potential outcomes. However, for ensuring the best choices while the decision-making procedure it is required to follow a step-by-step procedure. The results of the decision are always related to the next decision that will be made (Xinghua & Zhixin, 2018). The rational decision-making framework is important while the decision-making procedures are required to ensure the decision criteria establishment before proceeding to look for other alternatives.

Image1

Figure 2: Steps of rational decision making model

(Source: Self-developed)

qThe above image demonstrates the steps of rational decision-making, which include the identification of the problem, establishing decision criteria, weighing decision-making, alternatives generation, evaluation of alternatives, choosing among the best alternatives, decision implementation and the last step decision evaluation. 

  • Creative decision model: As per the organisations flattening along with severe competition among the institutions (Hsueh et al. 2022). The organisations and individuals are driven to decision making that must be on creative aspects ranging from reduction of cost for the creation of new ways in business operations (Umn.edu, 2022). However, creativity can be considered as the first phase of an innovative proceeding, innovation and creativity do not hold the same aspects (Hüttermann, Nerb & Memmert, 2018). The initiation of innovation is from the beginning of creative ideas, though it also includes realistic plans.

Image1

Figure 3: Steps of creative decision making model

(Source: Self-developed)

The above image demonstrates the steps of creative decision-making, which include problem identification, immersion, incubation, illumination verification and application.

Image1

Figure 4: Dimension of creativity

(Source: Self-developed)

The above image demonstrates several dimensions of creativity that includes fluency, flexibility and originality that influence creativity. 

  • Recognition-primed decision model: The framework proposes an agenda on the artificial agents that will be helpful for decision-making based on a naturalistic approach. The model represents the major constraints of the framework in the language of "Belief-desire-intension" logic (Danial et al. 2019). It is considered a synthesis of decision-making based on three human mind phenomenal abilities. The major concern of the model is situation awareness due to the requirements of decision-makers to establish that a present situation is similar or the same as past experiences along with the same solution that is conceivable to function in this term too. 

In Postgraduate study, team officials might utilise all these models and structures to mainly succeed in the necessary standing and also build potential outcomes that might assist to think via resolution to determine if it's functional. All these are covered under the rational decision model and it also follows diverse steps that might help the postgraduate study in an effective way.

Visual representation and interpretation

The report is presented with relevant data that has been collected from authentic journals and academic papers, a wide range of brief demonstration is been provided in this report, there an action plan has been provided based on the report timing along with self-developed diagrams based on the theories that are provided in this report. A wide range of details and information is been provided in this report that has been gathered by the team members with relevant sources. The provided action plan is also self-developed in this report. The provided images in this report are collected and self-developed. The report has also provided a potential study on the chosen topic. The diagrams are provided for a better understanding of the literature portion in the project study. 

Conclusion

It can be concluded that Decision-making is a procedure of selecting and deciding on a specific course or degree of action that will lead to uncertainty in their career path. The actual requirement of group decision-making includes deliberation and discussion. It is required to improve the dynamic consensus procedures of effective and realistic representation of the dynamic nature of the underlying problems of group decision-making. Several factors are presented in the decision-making processes. As per the report, decision-making is a set of procedures that includes making effective choices by evaluating and identifying decision criteria followed by gathering information and data on that aspects and finally accessing alternative resolutions. This set of procedures of decision-making is beneficial for making more deliberate along with organised thoughtful decisions on relevant information by defining alternatives. Such approaches enhance the probability of choosing gratifying alternatives. 

Part C: Reflective Assessment

The study of the report started on 21st September 2022, with the first step of introduction that included three steps: topic identification, background study of the topic the identification of the topic and the first phase ends on 23rd November 2022. Moving forward to the next step, analysis and evaluation, this step is based on six steps that include the background study of the report, along with data collection for the report, analysis of the impact of decision making, the introduction of theories and concept for enhancing the effectiveness of the project, representing relevant visual representation and interpretation based on the subject topic decision making. the analysis and evaluation phase started on 27th September 2022 and ended on 3rd of October with the continuing with the last phase of the report is the conclusion part, which includes two stages: evaluation of the entire project and concluding the study. The report processing work ended on 20th November. [Referred to appendix 1]

We are a member of five students in the group and have different expertise in different fields which will help in building a decision that will help in our post-graduate studies while making this project. A brief discussion of our team members is as follows: I am having a piece of sufficient knowledge and experience in decision-making as I have practised in my previous project. One of our team members is having expertise in gathering knowledge internally as well as externally. One of our team members has good knowledge of theories related to analysis and will give a satisfactory analysis for building effective decision making process.

References

Journals

Al‐Dabbagh, Z. S. (2020). The role of decision‐maker in crisis management: A qualitative study using grounded theory (COVID‐19 pandemic crisis as a model). Journal of Public Affairs, 20(4), e2186. Doi: https://doi.org/10.1002/pa.2186

Damanpour, F., Sanchez‐Henriquez, F., & Chiu, H. H. (2018). Internal and external sources and the adoption of innovations in organizations. British Journal of Management, 29(4), 712-730. Doi: https://doi.org/10.1111/1467-8551.12296

Dean, M., & Spoehr, J. (2018). The fourth industrial revolution and the future of manufacturing work in Australia: Challenges and opportunities. Labour & Industry: a journal of the social and economic relations of work, 28(3), 166-181. Doi: https://doi.org/10.1080/10301763.2018.1502644

Mikalef, P., Pappas, I., Krogstie, J., & Pavlou, P. A. (Eds.). (2020). Big data and business analytics: A research agenda for realizing business value. Doi: https://www.researchgate.net/profile/Patrick-Mikalef/publication/337543997_Big_data_and_business_analytics_A_research_agenda_for_realizing_business_value/links/5fd33aaf299bf188d40b431f/Big-data-and-business-analytics-A-research-agenda-for-realizing-business-value.pdf

Pelissari, R., Oliveira, M. C., Abackerli, A. J., Ben‐Amor, S., & Assumpção, M. R. P. (2021). Techniques to model uncertain input data of multi‐criteria decision‐making problems: a literature review. International Transactions in Operational Research, 28(2), 523-559. Doi: https://doi.org/10.1111/itor.12598

Appendices

Appendix 1: Time plan

Image1

Image1

(Source: Self-developed)

Appendix 2

Name

Rating

Comments to team members

Self

4

Having sufficient knowledge related to decision making

Team member 1

3

Having satisfactory knowledge related to data analysis

Team member 2

4

Having sufficient knowledge related to background of decision making

Team member 3

5

Having expertise in gathering detail data for decision making and development of plan.

Team member 4

3

Having satisfactory knowledge related to big data and management plan for decision making.