MGT9703M Managerial Decision Making Assignment Sample
Here’s the best sample of MGT9703M Managerial Decision Making Assignment, written by the expert.
Task 1
Introduction
Decisions are required to be taken up at every level as it makes an individual to work on the decision that have been made. Different decision making will be considered in the study so that it could help in assessing the criteria that is required for taking a decision in the system. In an organisation, different type of decision is required to be taken up so that it could help in managing the work and make the organisation to grow effectively. The essay will portray different decision-making tools that are used and applied for taking up decision in the organisation.
Main body
Decision making is an interaction that includes consecutive exercises for dealing with the stages, for example, perceiving the issue, looking for the right data, characterizing the other options, and choosing the best option with the special rankings. Different dynamic cycles are thought about by individuals according to their comfort and field with the goal that it might have wanted and legitimate result. I accept that choices should be made in life at each level whether at the singular level or group level. Each choice made by one has its advantages and disadvantages which influence the individual in both positive and negative way. Various encounters are achieved by working in a group as choices are to be made that are upheld by colleagues at all levels. Under this, it has been evaluated that I have worked with my colleagues in evaluation where we want to pursue different choices for group advancement so we can achieve our work on time (Drucker, 1967). I have made a functioning commitment to the collaboration so I could grasp the assessment of others and would help in working on my insight. Correspondence has been a significant job player in the dynamic cycle as a component zeroed in on taking care of issues effectively (Gershman, 2021). I guarantee that I might have wanted tuning in and relational abilities so I could contribute to the collaboration and give my criticism on choices that are to be made for finishing the work on time.
Under this, it has been identified that different tools are used in an organisation for evaluating the decisions that are to be adopted for having effective decision making. It is important to use right tools and techniques in the business so that evaluation of decision could take place effectively. The decision taken into the business directly influence the success of the business and working capabilities of employees in it. This leads to usage of decision-making process that is processed with identification of problem, gathering required information, identifying, and choosing the alternative while monitoring the results. Lastly the results attained in it are monitored in the process. This is effectively used by managers in business for having right decisions that help them in evaluating different alternatives that are required for being into competitive environment Junghee Bae et al., 2006). It is efficient for bringing best on the table with the evaluation of the needs of the business and taking right decisions. It is meant for assessing the requirement in the organisation so that effective and desired decisions could be taken up.
It leads to usage SWOT analysis model in the business for making the business to have such decision which are important for its success. The model is used for identifying the inner strengths and weakness of the business so that required steps could be taken up so that solution to the problems could be implemented. It is meant for overcoming with the weakness and taking up those decisions which are required for meeting with the strengths and reducing the problems in the business. This model is also implemented for assessing the situations in the organisation that could be resolved by taking SWOT into consideration (Kozioł-Nadolna & Beyer, 2021). It is meant for managing with the changes that are required in the business with the incorporation of right decision to be followed by other people as well. This assists the managers or leaders to evaluate the external situations and taking up decisions for grabbing opportunities while managing with the threats in it. This ensures that people in the organisation are communicated with the opportunities they can use, and manager makes the decision for dealing with those opportunities (Gershman, 2021). It makes them to have an understanding in respect to the decisions that are taken up in the organisation while carrying the opportunities into right direction.
In addition to it, decision matrix is also used by the people in business for identifying the need of the organisation and considering different variables for taking up decisions. The decision matrix assists in knowing about pros and cons list so that decision could be taken up on the basis of it. This is required for having knowledge about the importance of each factor that is required for taking decision in the organisation (Klug & Bagrow, 2016). A manager needs to have analysis of different alternatives that are to be considered for making a final decision based on multiple factors. It is meant for high scoring into the areas where decisions are meant to be taken into the organisation. Thus, such tools help in assessing and evaluating different factors with alternatives so that desired output could be taken up. The requirement of desired level of scoring makes the employees to understand the need for change or decision that is taken up into it.
Conclusion
From the above essay, it has been concluded that different decision-making tools are used in the organisation for having right decision making. It has been identified that different tools are used on the basis of situations that take place in the organisation. It requires evaluation of situations so that desired decision on the basis of its impact could be taken up. Moreover, tools like SWOT and decision matrix have been taken into consideration in the study for assessing their role in decisions that are taken into system. It required evaluation of the needs of the organisation while carrying it into right direction.
Task 2
Executive Summary
Decision making is a process that has been taken into consideration for selecting a best alternative from number of alternatives available in the decision-making process. It is important for the organisation to have evaluation of different alternatives so that it could help in selecting best alternative so that right decision could be taken up. Management of organisation needs to consider and take up various tools such as SWOT and decision matrix so that it could help in bringing best to the table. These tools are used for assessing the situation in the organisation so that best solution to the problem could be presented in it. The growth and success of the organisation rely upon the decision which are taken into it as it helps in making it to work into right direction. Moreover, the employees are cooperated with each other which is required for doing best for the organisation and supporting the decision based for the success of the firm.
Introduction
The report will have its focus on the significance of decision-making tools and leadership aspects which are important in the organisation like United Airlines. Different problems have been faced by Airlines that will be evaluated in the study due to Covid 19. It will help in providing solution to the problem while taking right decisions so that it could meeting with future expectations and growth. Major tools such as SWOT and decision matrix will be taken into consideration for evaluating the problems and implementing the right strategies for having decisions into it. This is an appropriated framework to be used in the study as it assists in evaluating the internal strengths and weakness so that external threats and opportunities could be assessed easily. The right and effective decision making ensure that the organisation could meet with the problems and having right solutions to it. This will make the United Airlines to grow into respective field while managing the changes and sustaining into competitive environment.
Decision making tools for identification of problems in United Airlines
Decision making is an effective process which is required to be taken up for managing the changes in the business and working into a right direction. Lately in the illumination of the worldwide pandemic of COVID – 19, lives have changed out of nowhere. It has not just impacted the wellbeing of individuals overall however has likewise impacted the world economy in an unfriendly way. A few organizations are going through shut down, chapter 11 and so forth. This worldwide pandemic has previously impacted and altered the method of correspondence and decision making in numerous multinationals (Liebscher, 2020). Very much like each and every other association United Airlines senior administration additionally needs to explore the impacts that the pandemic has had on its tasks and needs to likewise infer the most proper measures which ought to be founded on the most ideal points of view, and ought to be circumstance based risk minimization and moderation systems. This has affected the cost values in the Airlines which are required to managed so that it could have higher profitability in future. Cutting off the workers and reducing the airlines have also not made the airlines to bring best on the table which have affected
Likewise, as of now, decision making ought to include a more genuine methodology that incorporates different significant data expected to evaluate every one of the accessible other options. Besides, United Airlines can likewise depend on the skill of their senior administration and the experience they have, as this is likewise not an exceptionally surprising practice to support on the lookout. With all the ability that the senior administration of the organization has, they can particularly guess what ought to be generally anticipated from the business sectors later and how such requirements ought to be catered by the organization (Aruldoss et al., 2013). It can help in having them strategic critical thinking approach which could impart them information about future and predicting such factors that could affect the airlines. Although, until this point, it has not been investigated how mistakes and every one of the issues connected with the worldwide pandemic of COVID – 19 connected with the data handling disappointment influence the course of direction, it has been broadly perceived that dynamic cycle has caused significant damage. Particularly the showcasing office needs to comprehend what the objective business sectors are anticipating from United Airlines and ought to devise systems to convey something very similar. As the pandemic showed up at a more prominent speed and achieved a ton of vulnerabilities alongside, even the purchasers couldn’t adapt to it and the market went to pieces.
Presently, when the market players will set up a good foundation for themselves, the promoting office and the innovative work division play key parts to play. Effective execution from these divisions will influence the exhibition of the organization in a positive way and will help the functional and monetary presentation of the organization. To guarantee productive execution, both the advertising and innovative work divisions should cooperate, proficient examination will lead the organization to the most suitable market and better showcasing and limited time exercises in such market will prompt improved results and minimization of the impact of the worldwide pandemic on the airlines (Velasquez and Hester, 2013). This will result into managing and coordinating the changes in an effective manner with the recognition of costs and its values. Since the senior administration affects their business, it has not taken care of the market and situational needs, to develop it and lift the deals and income development they need to adjust to the ongoing circumstance and consider every one of the possibilities that could emerge from now on.
United Airlines senior supervisory group felt that every specialty unit needs perfect proportion of versatility and freedom to respond to persistent and quick changing economic situations. It likewise trusted that if its specialty units would be assigned as benefit focuses, they would have the option to remain more mindful and responsible towards their own achievements (Ishizaka and Siraj, 2018). Proper evaluation over different aspects and having responsibilities to be delegated to people make them have a focus over different ideas and values that could help in brining best in the airline. It will help in making best decision in the airlines with the management of cost into it. The procedures adopted in airlines with the delegation of roles and responsibilities will help in achieving desired goals and objectives (Ishizaka and Siraj, 2018). This change implies that they will want to offer their gadgets to outer clients utilizing accessible assembling limit. Effective utilisation of skills and competencies make the people to have right decision making which offers great output to the customers. United Airlines could likewise recuperate the enormous expenses towards future items and conclude their portion of the overall industry. Yet, because of the ongoing circumstance of the worldwide pandemic, it cannot be said that the organization will stay in benefit over time.
- Leadership and structuring decisions
Leaders makes their focus on making right decision in the system that could help in managing the problem while taking costs into consideration. It led to effective decision making while managing the cost into the system for having desired profitability and managing the changes into desired manner. It made the leaders of Uniter Airlines to take decision for making the cost effective technique into the United Airlines for managing the cost and attaining profitability. Full costing technique is a strategy for accurately figuring out an item or administration which charges every one of the pertinent expenses of an association whether immediate or backhanded to the most fitting expense unit. This strategy for costing by and large purposes the methodology of assimilation in the costing of the most significant items and administrations. While utilizing this methodology, every one of the immediate expenses, aberrant expenses, fixed overheads, and variable overheads are appointed to the significant item (Lusena-Ezera & Liduma, 2018). This is used by leader in United Airlines for managing the cost into it with its allocation to specific activities which ensure that the financial sources are utilized effectively. Leaders are the one who makes the different departments to correlate with each other so that it could help in contributing effectively for achieving the target goals. The correspondence among the employees of different departments assist in fixing the cost of the airlines with the mutual decision undertaken in the United Airlines. It is important for the leader to make employees in the airlines to have their engagement for accomplishing the objectives so that best could be offered to the table.
Furthermore, it additionally considers every one of the expenses owing to the creation interaction, these expenses could be fixed expense of functional exercises, cost of utilities of the industrial facility and some more. Moreover, it is important for the leaders to ensure that people have open communication among each other so that understanding could be developed among them. Thus, communication is made to every individual in the airlines for the expenses that took place in it so that it could be managed in future. This makes the employees to feel valued in the organisation and make them to have their contribution in decision making of Airlines. It is required for the airlines to have management of its employees by the leaders so that they could walk on the right direction where objectives could be accomplished easily (Santos & Gonçalves, 2021). Moreover, it is also taken into consideration by leaders that fabricating cost assumes a significant part in the effective planning and assembling of a specific item in United Airlines. This is the explanation that the costing of plan and assembling of an item is a lot of fundamental in laying the way to progress. Fabricating cost portion to the item cost includes the designation of most proper direct costs which relate to work and material and every one of the aberrant overheads brought about during the assembling system in Airlines. The decision made by leaders are based on effective communication which are made with team members based on situation and behaviour of people working in it.
Decision making styles
Rational and logical decision-making model which is likewise alluded to as the reasoning first model. It is the most usually involved model for going with the choices as it continues to go ever changing which helps in assessing the shift, new occasions, or amazing open doors for getting onto the best choice. This model of navigation is direct, easy, legitimate, and iterative which offers sane choices that might be of some value. This model is utilized in a group for settling on choices as they limit dangers and vulnerability in the dynamic cycle. Knowledge driven dynamic hypothesis- under this model, choices are pondered based what is seen as opposed to what is thought simultaneously (Pellerin and Perrier, 2019). This requires four significant stages to be taken up for a gathering with the prerequisite like readiness, brooding, light, and check. The model is viable in different conditions in United Arline as it helps in having following aspects-
- Correspondence is past limits.
- The answer for the responsibility is relentless.
- An enormous number of components have been pooled for determining effective fixes.
Trial and error based dynamic hypothesis this model prompts the utilization of the right mentality first with the commitment of critical thinking qualities so essential experiences could be inferred with experimentation. The essence of the model is taking a stab at different things, finding their working, distinguishing their implications, and utilizing the best while leaving the rest. It includes three phases like sanctioning, choice, and maintenance for the dynamic interaction. Previously mentioned models and hypotheses are utilized by the manager to having the ideal choice in the work environment of United Airlines (Noryani et al., 2018). It includes appropriate assessment of the issue so the expected hypothesis could be conveyed into it for having the right result with a viable choice. The choices are powerful with the application or right hypothesis into it as changes in the result could occur with the utilization of various speculations in it.
In addition to this, SWOT analysis and decision matrix tools are used by administration in Airlines for managing the decision and solving the problem in it. This makes the united airlines to have decisions based on weakness of the airlines so that strategies could be taken up for solving the problems in it. Whereas. Decision matrix helps in identifying the pros and cons of factors based on which the required decision must be made. This makes United Airlines to evaluate the decision which have been taken by monitoring the results. After monitoring the results, the analysis of the problem is carried, and correction action is taken up for meeting with such problem (Shahmoradi et al., 2017). It is important for the managers to assess the needs of the business so that corrective actions could be taken up for meeting with issues identified in decision making process. SWOT analysis tool has been effective in United Airlines for managing the strengths and carrying it into right direction so that it could help in attaining great level of growth. The solution to the problem could take place with the evaluation of strengths as it will make it to have management of cost with the desired workers working into it. This is required for making employees or workers in the workplace to accommodate with the changes and manage the cost so that it could lead into right direction (Mukherjee et al., 2018). Such tools assist in taking up decision easily as core areas are identified and assessed effectively with the incorporation of values into it.
Conclusion
From the above study, it has been concluded that decision making process is an effective approach which affects the success of the company at large. It required organisations to take right decision so that it could lead into right direction with the management of resources and dealing with the needs of people. The focus has been made over the problems that have been faced by United Airlines while managing with the cost and workers due to losses faced by pandemic. Different problems and ineffective decision taken into the airlines have been provided into the study. It has also provided discussion about different decision-making tools such as SWOT and decision matrix which are required for managing the decision and ensuring that right decisions are to be taken up into the organisation. The evaluation of models for making the organisation to resolve its problems with the engagement of its customers have been presented into the study. in addition to this, different theories related to decision making and its implication have been carried into the report. It is meant for making the United Airlines to manage with its risks and problems so that it could have best solutions into it.
References
- Aruldoss, M., Lakshmi, T.M. and Venkatesan, V.P., 2013. A survey on multi criteria decision making methods and its applications. American Journal of Information Systems, 1(1), pp.31-43.
- Drucker, P., 1967. The effective decision. Harvard Business Review on Decision Making. http://alecoledelavie.com/accueil/vie_uploads/Portfolio_Programs_Projects_and%20BAU/PortFolio_stuff/Courses%20resources%20stuff/0_PMP/PMP_resources/1_Integration/Decision_making/Harvard_business_review%20_on_decision_making.pdf
- Gershman, S. J., 2021. Resource-rational decision making Rahul Bhui, Lucy Lai 2 and Samuel J Gershman 3, 4. Current Opinion in Behavioral Sciences, 41, 15-21. http://lucy-lai.com/pubs/BhuiLaiGershman2021.pdf
- Ishizaka, A. and Siraj, S., 2018. Are multi-criteria decision-making tools useful? An experimental comparative study of three methods. European Journal of Operational Research, 264(2), pp.462-471.
- Junghee Bae, William Crimando and T. F. Riggar, 2006. Diversity in Management Team Decision Making. Journal of Rehabilitation Administration. https://web-p-ebscohost-com.torrens.idm.oclc.org/ehost/pdfviewer/pdfviewer?vid=1&sid=b4ecc8da-c522-4d4d-9e6d-155591aa8cdb%40redis
- Klug, M. & Bagrow, J.P., 2016. Understanding the group dynamics and success of teams. Royal Society of Open Science. Apr; 3(4). https://royalsocietypublishing.org/doi/10.1098/rsos.160007
- Kozioł-Nadolna, K. & Beyer, K., 2021. Determinants of the decision-making process in organizations. 25th International Conference on Knowledge-Based and Intelligent Information & Engineering
- Liebscher, C., 2020. Teamwork Approach in Arbitration: A New Perspective. Journal of International Arbitration, 37(3). https://kluwerlawonline.com/journalarticle/Journal+of+International+Arbitration/37.3/JOIA2020014
- Lusena-Ezera, I., & Liduma, D., 2018. Teamwork in manufacturing enterprise performance achievement. In the 10th International Scientific Conference „Business and Management 2018 “.
- Mukherjee, N., Zabala, A., Huge, J., Nyumba, T.O., Adem Esmail, B. and Sutherland, W.J., 2018. Comparison of techniques for eliciting views and judgements in decision‐making. Methods in Ecology and Evolution, 9(1), pp.54-63.
- Noryani, M., Sapuan, S.M. and Mastura, M.T., 2018. Multi-criteria decision-making tools for material selection of natural fibre composites: A review. Journal of Mechanical Engineering and Sciences, 12(1), p.3330.
- Pellerin, R. and Perrier, N., 2019. A review of methods, techniques and tools for project planning and control. International Journal of Production Research, 57(7), pp.2160-2178.
- Santos, S., & Gonçalves, H. M., 2021. The consumer decision journey: A literature review of the foundational models and theories and a future perspective. Technological Forecasting and Social Change, 173, 121117. https://www.sciencedirect.com/science/article/abs/pii/S0040162521005503
- Shahmoradi, L., Safadari, R. and Jimma, W., 2017. Knowledge management implementation and the tools utilized in healthcare for evidence-based decision making: a systematic review. Ethiopian journal of health sciences, 27(5), pp.541-558.
- Velasquez, M. and Hester, P.T., 2013. An analysis of multi-criteria decision making methods. International journal of operations research, 10(2), pp.56-66.
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