M136LON Business Research Methods Assignment Sample 2023
1. Introduction
The decision making models are the foundation for managerial decisions and strategies that steers a company to success and sustainability. Despite of extensive research done in this field the recent pandemic has shown that they are not enough. A contemporary model is necessary that will help in efficiency in both normal and crisis situations.
As the pandemic hit the economy companies like target and amazon has announce managerial decisions based not only on profits but also a purpose signifying emotion while companies like Kruger have shown a lack of empathy and down fall as well.
In light of the recent events this paper aims to develop a contemporary managerial decision making model which any company can adopt in normal as well as crisis situation.
2. Research Questions and Research Objectives
This paper focuses on developing a managerial model based on theoretical research and inclusion of emotion as a new element that will help any management to run the business smoothly even when faced with crisis situation such as the pandemic and usually characterized by declining profits.
However, profit generation is not the goal here, the goal is to keep generating relative profit or sustenance in crisis situation maintaining the brand image and operations.
The research questions for this paper are:
1. What is the scalable relationship between managerial decision making and employee performance.
2. How to measure managerial effectiveness?
3. How does the developed contemporary management decision making model help resolve any uncertainties?
Findings from these research question aims to accomplish a specific set of objectives as follow:
Primary Objectives
1.To analyze the relationship between decision making, employee performance and profit generation.
2.To develop a contemporary management model integrating theory and emotion eligible for addressing any uncertain situation.
Secondary Objectives
a. Establish a measurable relationship between decision making and emotion (emotion of employees and management).
b. Identify factors of the model for assessing direct contributions to sales and profits.
3. Literature Review
Decision making for management and leadership has been heavily researched leading to various models with philosophical differences. Herbert and Simon defined two cognitive styles namely maximizers and satisficers. Maximizers opt for an optimal solution while satisficers seek satisfactory solution by applying rationality.
Gerd Gizenger goes beyond Simon in terms of dismissing the importance of decision making with optimization. According to his arguments heuristic methods aid in searching satisfactory solution faster.
Another approach developed over the last decade is robust decision making that particularly focuses on deeply uncertain conditions and iterative process. The various theoritical models in literature have been briefly described as follows-
The rational model
This decision making model assumes a completely informed and rational decided maker as described in accordance with neo classics micro economic theory surrounding the previous mid century.
It follows various preemptive steps throughout the constructive and structural decision making by management or leadership. The steps are-
Intelligence: Identifying the right occasion for a decision
Design: Analyzing, developing and inventing the feasible courses of action
Review: Assess any past choices made.
Choice: Selecting the best possible optimal solution from a range of alternatives according to the situation.
These steps were identified by Simon in 1977. In classical or otherwise called perfect rationality, the decision making method and analysis are used for attaching quantifiable utilities or numerical values to all alternative options in the “choice” phase.
The alternative that offers the maximum expected subjective utility ultimately gets selected. The salient features defining the usage of this model by a management are-
all possible alternatives are known.
the consequences of the application of each alternative are known.
an organized preferential set of consequences is there.
manager/managers have computational ability for determining the appropriate course of action by comparing the consequences of various approaches.
Model of bounded rationality
This process oriented model is based on bounded rationality which admits that rational managers do not always have the complete set of information and respective optimal choices are not required.
“Human rational behavior is shaped by scissors whose two blades are the structure of task environments and the computational capabilities of the actor”(Chase et al, 1998). These scissors fragments the problem space into smaller segments which are more feasible to search.
Bounded rationality thus conforms to a set of actions preluding searching and satisficing. Alternative options are sequentially searched and evaluated. As soon as an alternative satisfies an explicit or implicit minimum criteria, the search terminated as the option satisfice.
Although this theory is highly acclaimed by some, it still describes rational behavior (albeit constrained). This is why many researchers do not distinguish between bounded and perfect rationality such as Das and Teng (1999) and Huber (1981) , in their decision making models classification.
The incrementalist view
This logical view conforms to a step by step process allotting incremental actions and keeps strategies open to any adjustments. According to Lindblom’s disjointed incrementalism, feasible and marginal changes are made by working from status quo for solving existing problems rather than in direction of the goals. Other researchers in this field describe it as a model of muddling with a purpose (Das & Teng,1999).
The organizational procedures view
This model seeks to understand any decision as an output of the standard operating processes as invoked by various organizational subunits. It has been named by different researchers in various ways such as the program model or the avoidance mode.
In the avoidance mode Das and Teng considers “that a systemic decision making process, such as standard operating procedures, can take away thinking piece of decision making. They fear that in this type of environment, decision making is made at the cost of innovation” (Sipp & Elias, 2012).
The garbage can model
This model views decision making as an organized anarchy and based on research by Cohen et al. It assumes an environment that is pluralist and has multiple goals, views and actors. “
A decision is an interpretation or outcome of numerous independent streams within an organization”(Cohen et al., 1972). The problem streams and solutions meets with participants at a choice opportunity which is the garbage can. The garbage can is removed after a decision is made.
This can happen without solving some or all problems held by the garbage can. As the participants are the garbage generators (problems and solutions), decision making is totally dependent on the participants.
Individual difference perspective
This decision making model emphasizes on individual decision making instead of group or organizational decision making. The decision making is influenced by the manager’s personality traits and style.
“As most decisions are perceived to emanate from a group decision making process that could be standardized for usage within the organization to move it in one direction, this strings if research is not allocated as much attention as other decision making perspective and theories”(Sipp and Elias, 2012).
Naturalistic decision making
Experience is the nexus for this decision making model. Its empirical foundation is what differentiates it from other models. Klein has contributed to this model by coming up with the Recognition primed decision (RPD) model.
The recognition of the similarity of a situation with a previous experience is central to the theory of this model. The recognition provides important cues and respective expectations in regards to a particular situation. Decision makers evaluate the course of action through mental simulation.
Thus experience is the key here because more experience means easier recognition and a faster resolution.
The multiple perspective approach
This decision making model claims that any situation or problem can be perceived from an array of different angles. No matter how structural or theory based the decision making model adopted by a management is, it will be tainted by perspectives of the actors. Thus, for arriving at a decision that comprehensive all relevant stakeholders should be consulted.
In light of the above theoretical models, decision making comprises of defining a problem, timely identification, selection of the course of action and appropriate implementation. Analytics heavily focus on problem definition and identification while experientials focus on implementation of alternative and feedback loop for necessary adjustment.
3. Methodology
This chapter provides a brief outline of the methods that this paper resorts to for answering all the research question for achieving the respective objectives.
4.1 Research approach
The research approach provides an opportunity into considering the benefits and limitations of various decision making models with the view to develop a new one. Two types of approach is converged upon- deductive and inductive. The deductive approach rigorously tests the theories available in published literature while the indicative approach formulates the new contemporary theory.
Besides, this paper also requires data analysis – both qualitative and quantitative. The qualitative analysis will focus on words as in various theories for established the parameters of the new model based on already established literature while the qualitative analysis will numerically prove the hypothesis of the efficacy of the new model.
4.2 Data Collection
This study adopts an interview guide and a questionnaire as instruments for collecting required data in a combined qualitative and quantitative approach. Primary data will be collected from four decision makers and questionnaires filled up by employees. The questionnaire will help to identify and justify the effects of decision making by the management.
The interview report with provide an insight into the usage and application of various decision making models used across various industries. It will also help to Link between personality and decision making in accordance with the strategy to insert emotion within the model to be developed. The secondary data are collected from published sources online and in print such as journals and books mainly.
4.3 Data collection administration
It is to be noted that a pilot study has been undertaken for evaluating the applicability and appropriateness of the various planned parameters. On the successful outcome of the study the research parameters and objectives were decided upon.
4.4 Data analysis techniques
Statistical analysis will be used to establish a correlation of the various research parameters. Correlation and regression will be carried out between employee performance, satisfaction and sales generation for establishing the effect of management decision making.
The decision making will be quantified based on their effects; the employee satisfaction will be measured with employee satisfaction index as well as a satisfaction assessment specifically created for this paper. Both will be compared to the sales generation in the pandemic. Companies excelling as well as who made big mistakes in management will be focused on.
5. Research Ethics
This research will strictly abide by all standard ethical regulations from inception to actualization and implementation of various methods. The ethical key points identified for this paper mostly adheres to the principles laid out by Bryman and Bell (2007). The key points are as follows-
1.Research participants will participate voluntarily and not be subjected to any harm.
2.Their privacy protection and anonymity will be ensured.
3.Any exaggeration or deception regarding the aims and objectives are avoided.
4.There is and will not be any plagiarized content.
5.The highest level of objectivity will be maintained in research and analysis.
6. Timescale
This research will adhere to a time plan after submission and approval. The data collection and analysis as well as extension of literature will consume one month’s time.The research will be conducted without any deviation to the plan. In case of any unforeseen circumstances the appropriate committee will be informed in advance.
7. Resources
This project will require various resources for completion with perfection as listed below:
a.A letter acknowledging the purpose and authenticity of research that will help with accumulation of employee data from different organizations.
b.It will also be necessary to interview four decision makers.
c.Transportation cost for travelling to interview the four decision makers.
d.Questionnaire for primary source of information.
e.However, most of the data will be collected from open and paid sources on the internet.
f.Software and tools for data analysis.
g.Paid software for assessing writing quality such as grammar and plagiarism.
h.Access to lab for using university resources.
i.Books, Journals and Newspapers.
8. Expected Findings
This research has scrutinized a lot of empirical and numerical works for coming up with the proposal. In light of theory and data analysis, this paper expects to develop a contemporary management model integrated with the influence of emotion and decision making.
The model aims to provide a generalized guidance for any management that will help a business thrive in any situation. It will establish a theoretical understanding on management approaches in uncertain situations like the current pandemic that will help companies cope with sustainability. All the findings will adhere to data analysis beside extensive theoretical analysis that will show scalable result for measuring and proving the viability of the outcome model and approach.
9. Conclusion
The contemporary model will keep management and leadership adequately prepared for steering a company through crisis no matter the magnitude of the detrimental affects. In unforeseeable circumstances sustainability matters more than actual projected profit for survival and the decision making model will perfectly guide the necessary decisions to be taken that will bolster a purpose and long term success as economy returns to normal.
References
1.Ahmad, M. (2017). ‘Operations Research – Contemporary Role in Managerial Decision Making’, International Journal of Advanced Engineering Research and Science, 4(1), pp. 126-130,https://dx.doi.org/10.22161/ijaers.4.1.20.
2.Bhattacharyya, R., Verma, P. & Basu, S.D. (2020). ‘In times of Covid-19 crisis, top companies give priority to employees’ wellbeing’, The Economics Time, 3rd April, Available at: https://economictimes.indiatimes.com/news/company/corporate-trends/in-times-of-covid-19-crisis-top-companies-give-priority-to-employees-wellbeing/articleshow/74964709.cms?from=mdr (Accessed: 7th Aug, 2020).
3.Blackdoginstitute (n.d.). ‘Mangers, hers how to support your staff during covid 19’, Blackdoginstitute, viewed 5th Aug, 2020, < https://www.blackdoginstitute.org.au/news/managers-heres-how-to-support-your-staff-during-covid-19/>.
4.Bryman, A. & Bell, E. (2007). Business Research Methods, 2nd edition. Oxford University Press.
5.Garber, J. (2020). ‘Target’s profit sinks 64% as costs soar amid pandemic’, Fox Business, viewed 5th Aug, 2020, < https://www.foxbusiness.com/markets/target-coronavirus-earnings-q1-2020>.
6.Sipp, C.M. & Elias, C. (2012). Real Options and Strategic Technology Venturing: A New Paradigm in Decision Making, 2nd edition. New York: Springer.
7.The Conversation (2020).’4 ways companies can support their workers during the coronavirus crisis’, The Conversation, viewed 7th Aug, < https://theconversation.com/4-ways-companies-can-support-their-workers-during-the-coronavirus-crisis-134732>.
8.Tsai, Y. (2011). ‘Relationship between Organizational Culture, Leadership Behavior and Job Satisfaction’, BMC Health Services Research, 11(98), https://doi.org/10.1186/1472-6963-11-98.
9.Turpin, S.M. & Marais, M.A. (2004). ‘Decision-making: Theory and practice”, ORiON, 20(2), pp. 143–160, doi: 10.5784/20-2-12.
10.Wingard, J. (2020). ‘Do the right thing? 3 companies showing exemplary leadership during pandemic’, Forbes, viewed 7th Aug, 2020, < https://www.forbes.com/sites/jasonwingard/2020/03/27/do-the-right-thing-3-companies-showing-exemplary-leadership-during-the-pandemic/#44589b4753e6>.
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