QUESTION

 

 

 

 

ANSWER

 

JUDGMENT IN MANAGERIAL AND DECISION MAKING

Introduction

An organization follows a path that drives the organization towards its goals. The leaders use decision-making techniques to run an organization more efficiently while gaining a competitive advantage. The different decision-making techniques are used to improve the organization and break its own boundaries or limitations to evolve.

Decision-making techniques

An organization considers various things before contemplating a decision. The decisions are taken based on decision-making techniques. The techniques that the leaders take into consideration while making decisions are:

• Grid analysis– This technique helps the leader evaluate multiple criteria based on risk, success, value, and objectives. This technique is best suited for large organizations that deal in different fields or sectors.
• Paired comparison analysis– This technique helps the leader to compare and evaluate between two or more decisions. The decisions are made based on the best alternative among the different options (Moore & Bazerman, 2009).
• Pro/Con– This decision-making technique helps the leader to identify the advantages and disadvantages of any two decisions. This technique is suitable for a small organization that cannot afford to use a lot of resources.
• Multi-voting– This is a technique that considers pooling in the decisions made by the leader and the employees or teams and casting a vote to make a decision.
• Trial-error or simulation– The leader tests out the decisions in a controlled manner before implementing them. The experiments highlight the success and failures in small scale setting.
• Decision tree– This technique is used to find the best possible decision among all the other decisions in a mathematical manner by using graphs and diagrams.

Influence of decision-making techniques to run a company efficiently

The Landmark Group is a conglomerate that deals in the retail industry and healthcare industry. The organization deals with various platforms and has over 2000 outlets in over 20 countries (Landmarkgroup, 2019). The decision making, therefore, must encompass all the fields of the organization. The decision making solidifies the attributes of the organization while ensuring the achievement of its objectives (Moore & Bazerman, 2009).

The decision-making techniques and its influence:

Grid analysis

This is a technique that helps a large organization to concentrate on all the different decisions require to run an organization smoothly and efficiently. An organization like the Landmark Group has its presence over different sectors and the leader needs to make decisions to provide the optimum customer satisfaction while maximizing profit (Blanco-Mesa, Gil-Lafuente & Merigó, 2015).

Paired comparison analysis

The different decisions are paired up and compared to identify the best outcome. The Landmark Group uses this technique to identify and prioritize the decisions best suited to their operations. As opined by Harding (2018), this is a technique to make decisions at an operational level that helps run the organizations more efficiently.

Pro/Con

This technique allows an organization like Landmark Group to determine the faults and benefits or pros and cons of the results of the decisions. The organization identifies the differences and based on that selects the best decision that helps in improving the organization (Merigó, 2015).

Multi-voting

The leaders of the Landmark Group can use this technique as it is an international organization that serves in more than one field. The heads of all the subsidiaries form a team to help generate or formulate a decision. As mentioned by Tamir et al. (2015), such decision making helps the organization to get the insight on all its operation while maintaining individual attention.

Trial-error or simulation

The Landmark Group is a large organization and hence, it uses a lot of resources and a considerable amount of time to implement any decision. This technique is best suited to a large organization to ensure the best results. As stated by Ford & Harding (2018), this is a technique that suggests an experiment of all the decisions to choose the best.

Decision tree

This is a technique that would help enable the Landmark Group to choose from multiple and various decisions. The Landmark will benefit from this technique as it concentrates on multiple variables at the same time.

Figure 1: Decision-making technique used by Landmark group

(Source: Influenced by Ford & Harding, 2018, p.14)

Competitive advantage gained from decision-making techniques

Competitive advantage can be gained by Landmark Group through analyzing and evaluating the current decisions making strategies that have already been implemented by the organization. Decision-making techniques such as the grid analysis, paired comparison, multi-voting, trial-error, and decision tree will assist Landmark Group to determine the steps through which they can gain a competitive advantage as per Saudi Vision 2030 (Vision2030.gov.sa, 2019). Grid analysis and the multi-voting system will enable Landmark Group to become a global investment powerhouse. The decision-making techniques will help the Landmark to a group to have a better position in the market by meeting the customer demands.

The decision-making techniques will guide the Landmark Group to make more investment in its retail and healthcare sectors to generate more revenue. The goal of the Saudi Vision 2030 is to have a better thriving economy and the Landmark Group will be able to contribute more to the economy. The Landmark Group use decision-making techniques to diversify their business and enter new markets and sectors all over the world. The Landmark Group has already been awarded for its excellent leadership as well as for providing exceptional customer service. In recent years, the leadership will be further enhanced to provide even better customer service and to gain new customers through the decision-making skills that has been adopted by this organization. The decision tree and the grid as well the trial and error have served the organization in the past and will also continue to serve in the future to stay on top over everyone as the market leader. The Landmark Group has been competing against the sun and sand sports and has been the market leader for a long time.

Conclusion

The different decision-making techniques help an organization to understand the needs for change and improvement. The techniques also help the organization make decisions that provide them with a competitive edge over others. The decisions not only ensure the achievement of the current goals and objectives but also plan a path towards the future. The Landmark Group’s benefit of using some techniques are evident of the fact that present and future goals can be met with the application of sound decision-making techniques.

Reference

Blanco-Mesa, F. R., Gil-Lafuente, A. M., & Merigó, J. M. (2015). New aggregation methods for decision-making in the selection of business opportunities. In Scientific Methods for the Treatment of Uncertainty in Social Sciences (pp. 3-18). Springer, Cham. Retrieved on 16^th Jan 2019 retrieved from: https://link.springer.com/chapter/10.1007/978-3-319-19704-3_1

Ford, J., & Harding, N. (2018). Followers in leadership theory: Fiction, fantasy, an illusion. Leadership, 14(1), 3-24. Retrieved on 16^th Jan 2019 retrieved from: https://journals.sagepub.com/doi/abs/10.1177/1742715015621372

Landmarkgroup (2019), Landmark Group. Retrieved on 16^th Jan 2019 retrieved from: http://www.landmarkgroup.com/int/en/home

Mardani, A., Jusoh, A., & Zavadskas, E. K. (2015). Fuzzy multiple criteria decision-making techniques and applications–Two decades review from 1994 to 2014. Expert systems with Applications, 42(8), 4126-4148. Retrieved on 16^th Jan 2019 retrieved from: https://www.sciencedirect.com/science/article/pii/S0957417415000081

Metzger, A., Leitner, P., Ivanović, D., Schmieders, E., Franklin, R., Carro, M., … & Pohl, K. (2015). Comparing and combining predictive business process monitoring techniques. IEEE Transactions on Systems, Man, and Cybernetics: Systems, 45(2), 276-290. Retrieved on 16^th Jan 2019 retrieved from: https://ieeexplore.ieee.org/abstract/document/6882809

Moore A. don & Bazerman H. max (2009). Judgment in managerial decision making, Harvard Business School & Carnegie Mellon University

Rahim, M. A. (2017). Managing conflict in organizations. Routledge. Retrieved on 16^th Jan 2019 retrieved from: https://www.taylorfrancis.com/books/9781351507288

Tamir, M., Bigman, Y. E., Rhodes, E., Salerno, J., & Schreier, J. (2015). An expectancy-value model of emotion regulation: Implications for motivation, emotional experience, and decision making. Emotion, 15(1), 90. Retrieved on 16^th Jan 2019 retrieved from: https://psycnet.apa.org/search

Vision2030.gov.sa (2019), Vision 2030. Retrieved on 2^nd February 2019 Retrieved from Retrieved on 16^th Jan 2019 retrieved from: https://vision2030.gov.sa/en/foreword

Xu, Q., Jin, L., & Zhang, Y. (2015). Preference Reversal of Indulgent Rewards As a Dynamic Self-Control Mechanism. ACR North American Advances. Retrieved on 16^th Jan 2019 retrieved from: http://www.acrwebsite.org/volumes/v43/acr_vol43_1019357

 

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