MGT602 Decision Challenge Online Tutoring

Decision Challenge

EXECUTIVE SUMMARY

This report was purported to provide an analysis of the decision-making challenge and the process which was used to make an appropriate decision. The analysis has been done in the light of themes highlighted in the subject of Business Decisions Analytics. The challenge was related to my decision to switch University from Southern Cross to Torrens University. In order to make decision, data analysis was done by using both qualitative as well as quantitative data. In terms of decision making model, the pathway to choose University was aligned with rational decision making model as step by step approach was followed by supporting it with information processing. Additionally, the two models which could have been used for dealing with the decision challenge were; intuitive decision making model and bounded rationality model of decision making. While exploring the key themes from the course, it was noted that knowledge of personality impact on decision making, bounded rational model of decision making and knowledge about biases and blind spots in decision making were considerably relevant with underlying decision challenge. The information obtained from this course can substantially smoothen the future decision making and it will encourage me to choose most suitable decision making model with respect to specific circumstances.

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Introduction

The selection of University for graduate studies is a significant challenge, as the decision to choose the right and most suitable institute tailored to the future career aspirations of students, is likely to affect the outcomes of their lives. The underlying report considers the decision regarding the selection of University, whereby Torrens University has been chosen among the other alternatives. Torrens University makes reliance on innovative and disruptive approach of higher education, which is matched with globally recognized education standards. As part of Laureate International Universities, Torrens University can be regarded as highly prestigious brand among higher educational institutes of Australia.

Scope/Brief

I initially started my MBA in Southern Cross University and after completion of two semesters I changed my University, due to factors such as; high financial needs, quality of education, quality of staff and lecturers and my lack of adjustment in the university environment. My challenge was to make a decision that whether I should continue my MBA in Southern Cross University or should I switch to any other university for completion of my MBA, such as Torrens University.

Analysis of ancillary decisions

I have chosen to get enroll in Torrens University in June 2019 and this decision was accompanied by many ancillary decisions, which have supported by final selection. One of the significant decision was that should I get enroll in MBA again or are there any other suitable areas of study which can supplement my previous qualifications. For supporting this decision, I have deeply investigated all programs, along with the module information and career prospects. Followed by careful consideration of all aspects I found that Torrens University can offer my industry placement and I can avail increased chances of employability, if I complete my MBA from this university.

The second ancillary decision was related with selection of campus, as Torrens University has campuses in all major cities of Australia. For making this decision, I had to consider information about faculty of MBA in all campuses. Additionally, I had to make decision that whether I am willing to living in hostel or should I choose a campus located in the city where I am currently living.

Analysis of data

The data used for making decision regarding selection of University to complete my MBA degree was based on analysis of both qualitative as well as quantitative data. The qualitative data was mainly obtained from secondary search from the website of Universities. Additionally, databases of higher education of Australia were also considered to obtain information about Universities in Australia, which are offering high quality education. The reviews of my friends and people from social circle have also formed the basis of qualitative research for making decision. The previous and existing students, who are actively providing their input on social networking sites regarding their satisfaction with education standards of University, were also another source to obtain qualitative data for analysis. On the other hand, quantitative data was comprised of figures of University education cost for different semesters. The fee structure was accessed from websites of the Universities and comparison was made by contrasting the total cost of degree in different Universities.

Decision Route

Decisions made using different decision-making models

Decision-Making Model 1

Although, having limited knowledge of formal decision making models and procedures, I was less aware at that time that which model I am using but by making reliance on factual information in systematic manner, it can be considered that rational model of decision making was mainly used for coping with the challenge of making decision regarding switching the University (Jelihovschi, Cardoso & Linhares, 2018, p. 23). The decision making back then can be viewed through the step by step approach of rational decision making. For instance, the first step in this model is the identification of problem and in my case, problem was clearly my lack of satisfaction with the Southern Cross University. The cost of continuing my MBA was high and I was not much satisfied with the staff and education standards. This was evident by the notion that instead of trying hard, I was not able to get good grades in finance related courses, such as financial management. I was not able to generate enough understanding about the course and feeling of helplessness has made me dissatisfied with the university itself.

In the next step of decision criteria establishment (Schwartz, Ben‐Haim & Dacso, 2011, p. 215), I have made up my mind to leave Southern Cross University and to take admission in any other institute in 2019. The criteria regarding selection of University was related to; the cost effectiveness, quality of education, qualifications of staff and education and learning standard of the University.

In the third step of rational model of decision making, weight allocation was needed to decision criteria (Simon, 1979, p. 499). By considering my decision making process back then, I did not approached this step in effective way and did not allocated weight to decision criteria. The next step (fourth) was to enlist the alternatives (Jelihovschi, Cardoso & Linhares, 2018) and hereby I made a list of all Universities of Australia which are recognized to offer post graduate courses. The list was quiet exhaustive, as I considered Universities in almost all cities of Australia. In the fifth step, I have started analyzing the alternatives which helped me to narrow down the list for Universities that were offering MBA program in Adelaide and Melbourne. Further analysis was done by comparing the fee structure, courses offered and faculty of the universities. One significant approach used in this step was to internet research, whereby I considered reviews of existing and former students about different universities. I also considered opinions of my peers, friends and family while analyzing the options.

The next step (Sixth) was related to the selection of alternative and then I have chosen Torrens University from other alternatives, given the fact that I received positive reviews of others. One of my friends’ brother was already studying in Torrens and he has provided me detailed information on faculty, education standards and approaches used in university and hereby I made decision about choosing the Melbourne campus of Torrens University. The seventh step in rational decision making model is about implementation of decision and it actually involved my actions to apply for admission and getting enrolled in Torrens University. The final step of the decision was associated with post admission evaluation of Torrens University and I am satisfied with the education standard of the University, showing the rightfulness of my decision.

The key bias was linked with the notion that I was affected much by the review of my friend’s brother and based on his satisfaction with the University I was willing to believe that there was no more analysis needed. Based on this notion I ignored options of other Universities which were similar to Torrens University on all indicators of education and thus chosen this option over others.

Decision-Making Model 2

The model of intuitive decision making was also another option which might have aided me to approach the stated decision making challenge in different way. The intuitive decision making does not involve sequential exploration and processing of information and it can influence judgment of individual either through emotions of cognition (Dunn et al., 2010, p. 1838). By making reliance on intuitions, I might have ignored importance information which have aided me to choose Torrens University. By reflecting on my previous decision making experiences, my choice to enroll in Southern Cross University was purely intuitive, with which I was greatly dissatisfied. Therefore, if I would had made reliance on intuitive decision making model then the selection of most favorable University alternative was less guaranteed (Jekel et al., 2012, p. 150). However, I still might have chosen Torrens University, based on the notion that I received positive reviews from social circle and it might have affected my intuitions in positive way.

Decision-Making Model 3

Bounded rationality model of decision making could also be linked with my decision making process. It is indicated that rational decision making model was used to make decision regarding selection of University, whereby; I have made an exhaustive list of all available University alternatives in Australia. For instance, the Universities that knowingly have high cost structure were also included in my list of alternatives, instead of knowing that these are not affordable for me. Moreover, I have listed Universities from all cities of Australia, instead of only listing Universities in Melbourne which was my preferred location. If I had chosen to make reliance on bounded rationally model then I would have limited my search to manageable number of options which were most suitable to my decision criteria of University selection (Ellison, 2006, p. 149). It would have saved my lot of time and effort in the process of decision making.

However, in addition to the stated benefits of bounded rationality decision making model, the tendency to “satisfice’’ could have affected my decision making adversely (Klaes & Sent, 2005, p. 30). For instance, in order to satisficing in decision making I would have chosen the first alternative of University which could have met my decision criteria. On contrary, rational decision making has allowed me to choose best University alternative, instead of choosing the first alternative that met my criteria.

Key themes

There are numerous themes from this subject which could have beneficial for me to make an appropriate decision regarding selection of University to continue my MBA. For instance, I had no previous knowledge of how personality type can affect decision making and I did not considered any biases which could be linked with my specific personality traits (Neuert & Hoeckel, 2013, p. 385). For instance, I easily affected by the review provided by my friend’s brother, indicating that I offer too much importance to opinions of others and it might have acted as a bias in my decision.

Additionally, the model of bounded rationality was linked well with my underlying decision. The reliance on this model could have assisted me in saving lot of time and effort in preparation and exploration of exhaustive list of University alternatives (Klaes & Sent, 2005, p. 32). However, it would have limited my ability to choose the best possible University alternative.

The theme of knowledge related to blind spots and biases could have high association with my decision making challenge. For instance, there were many unconscious biases and blind spots, which I was not aware off. My ability to be affected by reviews of others could be considered as an instance of one such bias (Bazerman & Tenbrunsel, 2012, p.75). The better knowledge on the effect of blind spots and biases on my decision making ability could have enhanced the effectiveness of my decision making back then.

Conclusion

The knowledge generated through the business decision analytics is of greater significance to improve my ability of making better decisions in future. The subject has generated knowledge of many decision making models and tools, along with highlighting their relevant biases and blind spots. The understanding of the decision making processes has enabled me to rely on most suitable tool while approaching any decision making challenge. Additionally, I have learned about the group decision making, which seems an important concept to assist in my prospective career in business organization. The contemporary workplaces are moving towards team work and understanding of group decision making and negotiation can assist me well in working with teams. Moreover, I became able to link my previous decision making with the decision making models being taught in the subject and in future I can make conscious and more informed decisions.

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 References

Bazerman, M. H., & Tenbrunsel, A. E. (2012). Blind spots: Why we fail to do what’s right and what to do about it. Princeton, New Jersey: Princeton University Press.

Dunn, B. D., Galton, H. C., Morgan, R., Evans, D., Oliver, C., Meyer, M., … & Dalgleish, T. (2010). Listening to your heart: How interoception shapes emotion experience and intuitive decision making. Psychological Science, 21(12), 1835-1844.

Ellison, G. (2006). Bounded rationality in industrial organization. Econometric Society Monographs, 42(142), 143-165

Jekel, M., Glöckner, A., Fiedler, S., & Bröder, A. (2012). The rationality of different kinds of intuitive decision processes. Synthese, 189(1), 147-160.

Jelihovschi, A. P., Cardoso, R. L., & Linhares, A. (2018). An analysis of the associations among cognitive impulsiveness, reasoning process, and rational decision making. Frontiers in Psychology, 8, 23-24.

Klaes, M., & Sent, E. M. (2005). A conceptual history of the emergence of bounded rationality. History of Political eEconomy, 37(1), 27-59.

Neuert, J., & Hoeckel, C. A. (2013). The impact of personality traits and problem structures on management decision-making outcomes. Journal of Modern Accounting and Auditing, 9(3), 380- 392.

Schwartz, B., Ben‐Haim, Y. A. K. O. V., & Dacso, C. (2011). What makes a good decision? Robust satisficing as a normative standard of rational decision making. Journal for the Theory of Social Behaviour, 41(2), 209-227.

Simon, H. A. (1979). Rational decision making in business organizations. The American Economic Review, 69(4), 493-513.