MGT602 Business Decision Analytics Sample

MGT602 Business Decision Analytics

Context:

Workplaces today are changing rapidly in parallel with rapid advances in technology and means of communication with teams separated by distance and time. We need to take into Account not only time and space, but other elements of diversity to collaborate effectively for organisational outcomes. In such complex environments much can be learned by observing and analysing the decision-making process of business managers. This task requires you to select a decision you have observed in the work place and using MGT602 Theory gained from Modules 1-6 on Blackboard, undertake a comprehensive critical analysis and evaluation of the decision maker and the decision-making process.

This assessment has been designed to:

Critically reflect on the application of key concepts and theories of MGT602 in the analysis of a decision from your current or previous workplace. In doing so, you MUST consider a meaningful work challenge that you observed another person or persons make. If you do not have previous workplace management experience, then you must analyse the group decision-making processes undertaken by your team in Assessment task 2.

In successfully completing this assessment task you are to:

• Evaluate the sources of data, and the use of data analytics to identify trends/ patterns that form the evidence for the decision-maker.

• Show visualisation of the decision-making process, and analytics to support the decision making;

• Select between three decision-making theories and concepts from within the subject modules and show their application in analyzing the decision. Evaluate how the decision would be the same/ different by using different theories or concepts.

• Present the findings of your results in a business style report that includes clear headings to guide the reader and visualisation of the data sources/trends/ patterns, and is underpinned with evidence from relevant contemporary literature.

Reference according to the APA reference style guide

PLEASE NOTE: 

It is highly recommended that you discuss the selected decision with your learning facilitator to ensure efficacy of the assessment task.

Solution

Introduction 

In this reflective report the case study of RAT test kit shortage in Australia, is discussed in terms of my personal research and findings. This is a severe problem as it is used in educational and medical purposes over the country. As per the MBA Assignment Experts, This has some particular reasons and circumstances that has also influenced the overall supply chain as well. The report includes a critical decision-making analysis and evaluation that will visualize and explain the overall development structure and circumstantial analysis. 

The decision-making procedure consists different framework or theories to evaluate the situation. In this report, some of the decision-making tools or theories are evaluated in terms of application and effectiveness. The used decision-making theories in this report will be balanced decision-making model, rational decision-making model and bounded rationality decision model.

Appropriate analysis and evaluation can lead to effective recommendation to overcome the current situation. The report will be beneficial to overcome the current challenges with the appropriate management and constructive approach.

Initially it explains different trends and patterns that can influence the overall decision-making process. After that, the critical discussion over the decision-making process with appropriate analysis and results will show the potential results and impact.
Analysis and Evaluation 

Data Evaluation

The shortage of RAT kits in the market results in poor supply chain management, shortage of employees, and transportation system. I have maintained transparency that is essential for business organization. Maintaining transparency in the supply chain network is significantly effective for the pharmaceutical companies in Australia. It provides empowerment to the regional pharmaceutical companies for manufacturing RAT kits. Moreover, helps in eliminating bottlenecks within the international trade. 

Use of Data Analytics 

The data analytics such as shortage of RAT kits, demands in market, as well as manufacturing issues within the organization helps in understanding the current situation of pharmaceutical business organization in Australia. The influence of COVID has impacted poor effects in the business. 

The data collected analyses the consequences faced by the business organization during the period. The influence of COVID had affected the supply chain network effectively, transportation system, and employment. The organization lacks the need of materials required for RAT kit manufacturing. The manufacturing of RAT kit is cost-effective. Moreover, the performance benefits of the organization were falling due to transportation issues and irregular supply of materials.

Patterns and Trends

In this reflection report, I have implemented particular decision making methodology that can lead to appropriate evaluation and solution-based approach. In this case, I took the bounded rational decision-thinking approach. It includes different organizational learning and outcomes that lead to appropriate scenario analysis and effective development. The primary step was analysis of all collected data and identifying appropriate strategy and approaches. This is also essential in evaluating the current scenario and assumption. However, the next step was listing all the possible outcomes and factors that can impact the potential output.

In case of bounded rational decision model, the internal and external influencing project factors must be considered while developing the whole problem-solving plan. Moreover, this will influence the implementation procedure as well. It observed the overall decision making procedure while considering all of those factors and possible project constraints as well. Eventually, this led to appropriate analysis and results.

Decision Making Process 

The overall decision-making process follows appropriate analysis of collected data and evaluation with potential assumptions. In this case of the case study over that RAT test kit shortage in Australia, the decision-making process depends on different circumstantial data and primary data resources like interview and survey. This overall data analysis process will lead to appropriate evaluation strategy and approach. In this report, the effective framework or decision-making model I have discussed to choose the appropriate strategy. This will also lead to effective results and solution-based analysis. The models are rational choice model, balanced decision making model, and bounded rationality decision model.

Analysis

In this part of the report, I have analysed the overall decision-making process in terms of application and effectiveness in the current scenario. I was introduced to different decision-making theories and their implementation. This eventually led to better implementation procedure and effective management as well.
Rational Decision-Making Model

The first decision making the model is rational decision-making model. I have presented the structured phases of overall decision-making procedure that can create better results and effective implementation (Olson, 2018). I was able to understand the steps, such as identification of the problem, general options, analyse options, select best option, implement decision and evaluation and learning of the decision. 

Diagram 1: Rational Decision-Making Model
(Source: Seamons, 2022)

The basic advantage of this model is the consistency of overall decision-making effectiveness and appropriate implementation in different scenarios. It is also more structured and visual that can clearly justify the transparency to the problem solver (Seamons, 2022). 

It requires single processing mode, decision thinking using linear, deductive forms of rational processing, etc. This overall implementation will eventually structure the overall issue and potential process to solve the problem. In some cases, it can be complex and problematic to structure the overall issue. The case study on RAT test kit shortage in Australia, I presume is the actual issue in the supply chain management that is caused by excess omicron supply of products. However, the whole supply chain requires appropriate structure and visualization to implement the evaluation procedure. In that case, this decision-making model can be effective in this case.

Balanced Decision-Making Model

The balanced decision-making model that I have presented visualizes the idea of balancing different components that has serious and may not impact on the overall situation or problem (Charlesworth, 2017). This presents different organizational factors and implementation procedures. Four examples, it requires high level of connectivity and communication ability that can lead to better stakeholder management and team engagement as well. Moreover, it can implement logical and intuitive modes of business and management processing (Seamons, 2022). Overall, this particular decision-making model can be applicable and effective in critical situations that does not consist complex operations and variable key performance indicators.

It also consists different challenges that must be resolved by wise decision-making ability and critical thinking approach. The primary challenge is unbalanced circumstances. In the case of RAT test kit shortage in Australia, the overall procedure depends on supply chain management, transportation system and management structure. In that case, the key components are not variable in nature. In that case, the particular balanced decision-making model can be implemented effectively in the current situation.

The overall application procedure depends on evaluation and analysis. It can cause inconsistency and poor time management into the project development. This requires critical thinking and adaptive project management approach to resolve the situation (Charlesworth, 2013). However, in terms of effective application and utility, balanced decision-making model can also be implemented in the situation or particular issue regarding RAT test kit shortage in Australia.

Bounded Rationality Decision Model (BDM)

The bounded rationality decision model presents the idea of implementing the overall decision-making procedure through different constraints, challenges and secondary project factors. It includes time distribution, cost distribution, data reliability, etc. It also consists different project limitations that can also impact in different ways.

It clearly depends on the overall data mining and analysis. All the managers such as project manager and finance manager need to evaluate the available data or information that I critically analysed the overall situation and requirements. Moreover, they must consider different major and secondary project management factors that can influence the final result. In that case, managers cognitive computational capacities will also be limited into the overall procedure (Seamons, 2022). This can clearly show, the complications to implement the overall structure into the current situation.

In spite of all the complications and challenges, the case study of RAT test kit shortage in Australia, requires a Brooklyn management strategy for the overall supply chain and distribution of the kits. The whole supply chain is distributed over the country that can clearly show the sensitivity of the decision-making procedure. This overall from work I can clearly explain the overall concept along with the limitations and considerable factors. In this case, the decision maker must consider primary requirements in medical fields, time management in different healthcare systems, etc. (Aliev, & Huseynov, 2014) This is also essential to effectively improve the healthcare management in the country that will clearly resolve the current issue as well. Overall, I bounded rationality decision model will be most appropriate and effective in the current scenario as it considers and maintains all the major and secondary components that can impact the whole supply chain and management of RAT test kit supply in Australia. 

Diagram 2: Balanced Decision Making
(Source: Seamons, 2022)

Result in Different Scenarios

In this report, I have critically evaluated three particular decision-making models or theories in terms of their features and effectiveness in the current situation or scenario. Moreover, it includes critical evaluation of different advantages and disadvantages that can lead to better analysis and comparative study. The appropriate implementation will show different project outcome and implementation results. This will also be considered in the overall decision-making methodology of the appropriate approach.

Rational Decision-Making Model

The national decision-making model clearly depends on visual structure and presentation. I have clearly shown the overall procedure and potential impact on the situation. In that case, appropriate application of rational decision-making model will lead to better supply chain management and distribution structure in case of RAT test kit shortage in Australia. I have completely focused on rational analysis of different problem-solving approach us regarding the supply chain and distribution network over the country. Eventually, it will lead to an appropriate plan of implementation that can improve the current situation over time. This can consume time and resources but will be effective in the current scenario and requirements.

Balanced Decision-Making Model 

The overall case study on RAT test kit shortage in Australia, depends on poor supply chain management, Poor distribution network and management. In case of balanced decision-making model, this will initially create the appropriate balance between the supply chain and consumer requirement in the market. This will eventually lead to balance situation where the distribution network and the supply chain will be managed efficiently. 

Bounded Rationality Decision Model (BDM)

Bounded rationality decision model considers different primary and secondary project components that can impact the overall procedure and development results as well. In this case of RAT test kit shortage in Australia, the situation consists huge distribution network and supply chain over the country. In that case, these considerations will be approved in terms of effective application. This will initially impact the consumer experience and product distribution model. This will primarily focus on distributing the overall supply of kits equally over the country to achieve a balanced healthcare management and other uses.

Conclusion 

In this report, the case study of RAT test kit shortage in Australia, I have critically discussed the situation, overcomes, and outcomes in terms of decision-making procedure and effective implementation. Primarily, I have explained different decision-making trends and practices that can create clear understanding of the overall analysis and evaluation process. It also includes the overall data mining or collection procedure that leads to appropriate analysis and implementation methods. This can clearly explain the overall application of data into the decision-making procedure and analysis. This includes different primary and secondary sources that are authentic in nature. Moreover, it consists decision making models or theories that can create appropriate results and efficient implementation. The report concludes, that bounded nationality decision model will be applicable and most effective in this case scenario. This will lead to appropriate solution and effective management as well.

References 

Aliev, R. A., & Huseynov, O. H. (2014). Decision theory with imperfect information. World Scientific. https://lesa.on.worldcat.org/oclc/890146492

Charlesworth, D. (2013). Decision analysis for managers : a guide for making better personal and business decisions (1st ed., Ser. Quantitative approaches to decision making collection). Business Expert Press. https://lesa.on.worldcat.org/oclc/834603633

Charlesworth, D. (2017). Decision analysis for managers, second edition : a guide for making better personal and business decisions. Business Expert Press. https://lesa.on.worldcat.org/oclc/986192471

Olson, D. L. (2018). Data mining models, second edition. Business Expert Press. https://lesa.on.worldcat.org/oclc/1034597722

Seamons, O., (2022). MGT602 Business Decision Analytics.

Seamons, O., (2022). MGT602 Decision Analytics.