MGT 602 | Reflective Report
Introduction
Decision making requires knowledge about the problem at hand. The knowledge comes from the information that can be used to solve the problem , while information is processed through the availability of the relevant data. The art of decision making lies in the connectedness and understanding of each of these phenomena. For example whether I should use Uber or commute by driving my own vehicle is a decision that I make on daily basis. The availability of vehicle , my schedule for the day and the difference between vehicle expense and Uber fare is the information at hand which I use to solve my commuting problem , therefore it becomes my knowledge in making a wise decision. This is can be visually described through:
Figure Path to Wise Decision (Bellinger et.al, 2004)
Making major decision in last couple of weeks
During this ongoing course of education , I have been switching jobs, mainly due to nature of jobs and time constraints, which I face differently each semester. This phase is very crucial for me because I have to study and do the job at the same time. Since, mostly I was doing odd jobs so it was easier switching jobs, however with the progressing time it is now important for me to find job which is more proximate to my qualification and my future prospect. In the past few days I have given many interviews and got a call from few organizations. Some of them are lucrative in terms of higher remuneration, though they are not promising in terms of promotion and long term growth. On the other hands few offers are not as financially rewarding but they come with better changes of professional growth and creation of better professional profile. I am still in the process of making my final decision, however I have shortlisted by options and to my understanding my approach so far has been conceptual in nature. I say this because regarding this specific decision my outlook is very broad , I have worked on many alternatives and I am not being myopic about my decision, instead I analysed my alternative for long term success and sustainability. Finally, I am in search of a creative solution which can help be balance my financial needs and my long run success professionally. Overall if I look my style , I would say that I have been rational decision maker , because I used data and facts about organizations to shortlist my set of final few choices (Sadler-Smith & Shefy, 2004). I found whether they have tall or short hierarchy, I analysed, compared and contrasted the ages of their senior management to look at the scope of promotion in each of the alternatives, I looked for their mean increment each year for looking how financially lucrative each option is and I also looked at their financial performances over few years to deduce how secure these organizations are from the financial perspective.
Impact of Personality of Decision Making Preference
Accordingly to MBTI my personality lies under ISTJ (Introvert, Sensing, Thinking and Judging). This makes me The Logistician. I guess making logical and practical decisions, which are fact-filled and reliable is my strength and that further affirm that I am rational decision maker by default (Abd Kadir et al., 2019). Since decision that I usually make are rational , like most Logisticians I take responsibility of my actions, dedicate myself to work and accomplish each goal with patience and accuracy.
Sources of data , types of data analytics and preferred Decision Making Tool
I tried using decision tree to help me out in making sound and sustainable decision. Final objective of working for any organization is being successful and earning promising remuneration. As I mentioned earlier , I can either opt for a job which looks financially pleasing but comes with less chances of growth or by choosing a job with lower initial remuneration but higher chances of growth which will eventually turnout to provide higher remuneration in long run. When I say effective (in case of success) and ineffective (in case of failure) I mean to say that whether remuneration in these two alternatives are effective or ineffective to achieve my ultimate goal of attaining higher overall remuneration.
The source of data, for me, in this case is the discussion about possible salary, bonus , benefits and job security from the current employees of these organizations. Furthermore as mentioned earlier the hierarchy , financial reports and overall ages and accomplishments of senior management have also helped me out to make better and logical decision.
Predictive and Prescriptive Data Analytics
In my case I used predictive and prescriptive data analytics because my first priority was to find out about the future outcome (predictive approach) while my second priority was to find out about how to achieve my goal , or how can I make it happen (prescriptive analytics) (Bertsimas & Kallus, 2020).
