Sample Business Decision Analytics Assessment

MGT602 Business Decision Analytics Assignment Sample

Question

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 MBA Essay Help 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 Online Custom Essay Help:

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.

Submission Format

Cover Sheet: Every assessment must have a Torrens University Coversheet. (The Assignment Cover Sheet found in: https://www.torrens.edu.au/policies-and-forms)

1. Introduction: 100 words maximum. The introduction will present the reader with a clear and concise understanding of the following:

1. What is the submission about
2. What theories will be used
3 Your concise conclusion
4 The structure of the submission

2. Analysis and evaluation: 1300 words maximum. In this section you will analyse and evaluate your decision-making process using selected theories and concepts from the various Modules offered in Blackboard for this subject. You must include any blind spots or biases that you have identified in making this evaluative decision based on your research and formal feedback from others.

3. Conclusion: 100 words maximum. In this section you will provide a concise summation of your analysis and conclusion(s).

4. References: A minimum of 4 academic references are required from seminal sources and books. Referencing must be APA style. For referencing information refer to: http://library.laureate.net.au/research_skills/referencing

5. Appendix: If required.

6. NOTE: This submission is to be presented as a report. Any tables prepared must be identified and discussed in the text/body and included in an appendix.

Answers

Executive summary

Immense flexibility and team approach are considered as core variants in order to attain success in present competitive scenario. Present report provides my reflective assessment in context with my learning’s and acknowledgement. I assessed that one could make prominent decision through considering available information and insights i.e. making rational decision. Even I got opportunity to assess decision making as one of the comprehensive processes as it does require having the appropriate facts and information for taking the sound decisions. I acknowledged that in order to make decision with respect to selection of company for accounting job, I require collecting significant amount of data and information that will aid me in analysis of the issues thoroughly. I also learned about data management and analysis which would assist in evaluating data of company of which I would be part in future.

Introduction

In the current rapid changing scenario, there is requirement for higher flexibility in the manner in which individual and team works and applies decisions. In addition to this, the enhancing rate of change is the demands for better decision making by recognizing and removing personal preferences as well as prejudice. In this aspect, the primary aim of prevailing study is to evaluate the decision making procedure and then reflectively evaluate my decision making procedure by application of the theories and concepts learned from the Business Decision Analytics course (MGT 602).

Analysis and Evaluation

Discussion of Decision Making Model and Its Application

Bounded rationality model and dual processing model are some of the best model of decision making process. In order to evaluate and analyze my decision making process, I would like to apply Bounded Rationality Model. The reason behind the same is that, dual process model has restrictions in exclusive use of rational form of information process, decision making were illuminated through the acceptance of bounded rationality.Bounded rationality model runs under a supposition that decision taker should carry activities under three inevitable limitations. These being the accessibility of restricted or false information, process of significant amount of information, and the limited time (Zhang et al, 2020).Therefore, in the present case of decision making related to obtained position of accountant in MNCs, Bounded rationality model would be more appropriate. It is because of limitation constraints such as time, information, and other factors.

After the completion of my post-graduation I would like to engage in work of accounting in the multinational company and probably outside from my home nation. The reason behind the same is that, from the beginning I was very interested to experience the environment, work culture, and some other aspects of foreign country and even I think that it would be one of the unique experiences for me. Therefore the probable issue that would be confronted by me in living foreign nationconsists of bank arrangements, acceptance of new surroundings, accommodations, and many more. If such issues are not addressed in proper way then it leads towards adverse impact on my work performance as well as overall career. In this aspect, it is required by me to evaluate different companies and identify in which company I can perform by considering the salary, perks and benefits, working environment model, other employee’s benefits. At such point of time, I had taken some decision in irrational manner and some decisions by conducting significant examination and researches. It should be noted that, I have to take decision under the time constraints as when I completed the post-graduation; I have to find job in in earliest possible manner, and therefore dual process model would not supportive in my decision making. Further, there is also existence of limited information regarding my decision of working of accountant in overseas nation because currently I am not very much aware about who is working in overseas nation so that I can gain some useful information. Moreover, my decision would be limited to the type of the amount of data available to me that may be boundedly rational. However, such model would definitely assist towards satisfactory choices (Evans, Evans, & Cough, 2022).

Analysis of Personality Traits and Impact in Decision Making

By going through from my personality traits as given in appendix, it can be noticed that, my score was high with respect to logic score and balance score, and it comparatively it was less in context of intuition score. Because of such personality traits, I take the decision making process through holistic analysis of data and consideration of the values of others and interests could permit decisions to be taken that consider the impact of such decisions of others. It can be said that, because of my intuitive quality and rationality, I will make the balanced decision during this stage. Data refers to facts which does exist in any form and are not relating to other things but knowledge refers to collection of information which is meaningful and represented as patterns in specific heads. During my learning journey I got opportunity to assess data appropriately in order to transform into information. As I wanted to be at senior position of accounting department, these learning would assist me in data handling and management in better manner. Bounded rationality model relates to cognitive limitation of consumers i.e. the decision making procedure of consumer is dependent on cognitive ability, time constraint and imperfect information (Andrade and CarinhanaJr, 2021).

Details of Data Sources

The main aim of data processing is to develop information which could be applied to making prominent decision through human intervention. The transition from data assessment to knowledge management was one of main learning experience which I gained during this course.. The fact cannot be denied that complex external environment have increased pressure, thus it is necessary to evaluate different dimension while making final decision so that it could be rational rather than being dependent on individual insights (Chitpin, 2020). Thus, in order to make appropriate decision one has to consider internal environment data i.e. information available at workplace as well as external data so that changing scenarios and environment could be dealt in better manner.

Visual Interpretation of Data

I learned from specified approach that with adequate information one could make prominent decision in better manner. I did not realize my blind spot of not providing significance to visual interpretation of data which included assessment of trend and patterns. In order to evaluate performance, visual interpretation of data does play vital role as through same one could present actual position and desired goal easily. Further, as in future I wanted to be part of accounting department in multi-national organization, I would have to interpret data and make visual interpretations and I would not be able to do so as I only focus of reports and data rather than trends and patterns.

During one of academic test I got to know about my strength i.e. making decision and analyzing problems on the basis of logical thinking. Previously, I was habitual of making decision on the basis of emotional sentiments or by being influenced with the person or specific situation which can be specified as one of my blind spots. However, being at an executive position one needs to deal with data of large quantum along with ambiguous information as well as impact of external environmental risk on specified data.But learning’s attained during this journey made me realize that one could manage data and implement rational processing on order to ensure that emotions and feelings are not considered while decision making. I assessed that subjective approach is also considered to make decision which includes understanding other’s interest as well as insights; however rational approach does prevail over same as it is not biased (Sedevich-Fons, 2018).Subjective approach is also considered to make decision which includes understanding other’s interest as well as insights; however rational approach does prevail over same as it is not biased (Sedevich-Fons, 2018).

Analysis of Feedback

During the course, I came to know that, decision making is one of the comprehensive processes and one requires having the appropriate facts and information for taking the sound decisions. In order to make decision with respect to selection of company for accounting job, I require collecting significant amount of data and information that will aid me in analysis of the issues thoroughly. For this purpose, i perform the data analysis by primary and secondary method. In this aspect, primary sources included feedbacks from my friend, who is already doing the job of accountant in the multinational companies. He told me about salary consideration and working environment of the company. Though, in the current scenario of Covid-19, he told me that, company has taken adequate security measures for the safety of employees. This conversation with my friend accelerates my eagerness to work in this company. Further, i also obtained feedback from my cousin who is just obtained the job in MNCs. I make discussion with respect to preparation for interviews, how to respond on questions, how I should become more presentable, and some other aspects. She explained such things me in proper ways. Being an indecisive, I find very difficult to take most of decisions. However, obtaining feedback from friend and cousin, my anxiety was reduced and I become confident that, I can perform accounting work in the MNCs in well manner in my future career.

Conclusion

In nut shell it can be concluded that my whole learning journey was enthusiastic as I got an opportunity to assess various perspective of decision making. Further, the Bounded Rationality model changed my perception of decision making and provided insights through which I could make prominent decision in future. Lastly, as my main goal is to attain executive position in accounting department in a multinational organization, these learning would assist me in making adequate decision and accomplishing obligations relating to my role in best possible way.

References

Andrade, M. and CarinhanaJr, D. (2021) “Decision-Making Approach for Complex Problems Management in a Scarce Human Resources Environment,” Journal of Modelling in Management, 16(4), pp. 1302–1327.doi: 10.1108/JM2-11-2020-0289. https://lesa.on.worldcat.org/search/detail/9365468970?queryString=decision%20making%20in%20accounting%20and%20management&clusterResults=true&stickyFacetsChecked=true&groupVariantRecords=false&year=2018..2022&subformat=Artchap%3A%3Aartchap_artcl&changedFacet=format

Chitpin, S. (2020) “Decision Making, Distributed Leadership and the Objective Knowledge Growth Framework,” The International Journal of Educational Management, 34(2), pp. 217–231. https://lesa.on.worldcat.org/search/detail/8136669861?queryString=decision%20making%20in%20accounting%20and%20management&clusterResults=true&stickyFacetsChecked=true&groupVariantRecords=false&year=2018..2022&subformat=Artchap%3A%3Aartchap_artcl&changedFacet=format

Evans, D., Evans, G. W., &McGough, B. (2022).Bounded rationality and unemployment dynamics.Economics Letters, 210.https://lesa.on.worldcat.org/search/detail/9339464431?queryString=bounded%20rationality%20model&clusterResults=true&stickyFacetsChecked=true&groupVariantRecords=false&year=2018..2022

Sedevich-Fons, L. (2018) “Linking Strategic Management Accounting and Quality Management Systems,” Business Process Management Journal, 24(6), pp. 1302–1320. Sedevich-Fons, L. (2018) “Linking Strategic Management Accounting and Quality Management Systems,” Business Process Management Journal, 24(6), pp. 1302–1320. https://lesa.on.worldcat.org/search/detail/9056218662?queryString=decision%20making%20in%20accounting%20and%20management&clusterResults=true&stickyFacetsChecked=true&groupVariantRecords=false&year=2018..2022&subformat=Artchap%3A%3Aartchap_artcl&changedFacet=format.

Zhang, M., Wang, G., Xu, J., &Qu, C. (2020).Dynamic contest model with bounded rationality.Applied Mathematics and Computation, 370.https://lesa.on.worldcat.org/search/detail/8440159171?queryString=bounded%20rationality%20model&clusterResults=true&stickyFacetsChecked=true&groupVariantRecords=false&year=2018..2022