Reference no: EM131725344 , Length: word count:3500
Group Report
"Decision making is the essence of management. Managers, as they plan, organize, lead, and control are called decision makers." (Robbins et.al, 2013, p 99)
Managers make many decisions every day and each decision however, small, is important as it may have short to long term implications to the organisation. The issue is not so much what decisions they have to make but how and why they make those decisions. Right or wrong decision is a matter of perspectives/opinions. The important issues involved are the consequences of those decisions and the impact on the firms' overall objectives? This assignment will enable students to explore, identify and learn about the intricacies of decision making.
Objectives of coursework 2 are:
a) Discuss, in a group, management issues in real world situations (SLO2).
b) To develop the student's understanding and learning of the issues and processes on management decision making in the current business environment. (SLO3)
c) To identify the relevant factors affecting management decision making in real world situations.
d) For students to undertake a field observation of the actual decision making task of a manager.
Question:
How do managers make good decisions? You are required to discuss how managers make decisions in real world settings and why your group think they are effective and efficient.
You are required to identify and discuss the decision making criteria and processes that contributed to making effective decisions.
Your report should involve EITHER personal interview of ANY 2 practicing managers AND/OR undertake secondary research, i.e. websites searches. The secondary research can include sources from any recent (Year 2007 onwards) business periodicals, journal articles or appropriate websites (BusinessWeek, Fortune, Wall Street Journal, Emeralds, EBSCOhost, etc).
This assignment consists of FOUR (4) parts:
a) Describe TWO (2) managers and the factors that contributed to their decision making. This may include impact from the external and internal environmental factors.
b) Discuss how their decision making make these managers effective and efficient.
c) Briefly discuss the decisions made in relation to the 4 functional areas of planning, organising, leading and controlling.
d) Briefly explain the various perspectives managers use to make decisions, i.e. decisions theories.
Other criteria - report format, structure, presentation and references.
The main focus areas of the decision making assignment are:
- Effectiveness and efficiency of the manager
- The managerial decision making skills
- Decision making perspectives
- Strengths, problems or weaknesses of each manager decision making
Guidelines
- The aim of this assignment is for you to show your understanding of the various issues affecting management decision making. This includes the internal and external environmental factors that affect managers; the changing business environment; and what makes a successful manager.
- This assignment requires you to undertake a personal interview of a manager and/or secondary research using the internet websites, textbooks, journals, articles and relevant sources to support your answers.
- Specifically, your assignment will have a combination of the following elements: decision making processes, management issues - functions, roles and skills; brief description about the manager - level and responsibilities; and their effectiveness and efficiency.
- Peer evaluation will be conducted on submission of your assignment. This is to ensure contributions from all group members.
- ALL members of the group MUST contribute towards the assignment. Any member who is deemed to have NOT contributed towards this group assignment will not be awarded any marks or may obtain a lower mark.
- Marks will be allocated for academic references, i.e. journals articles, textbooks, etc. and the use of supporting theories to support your discussion.
- Ensure that your assignment is properly and correctly referenced/cited using the Harvard reference system. References must be shown in-text and in the list of references. For the group assignment, a minimum of 8 references (textbooks, internet sources and journal articles) is required.
- You may NOT use Wikipedia, Woopidoo, Investopedia, About.com, Answers.com and other such Internet-based resources. All references should be acceptable research-based work.
- Beware of plagiarism, where you use other people's work as your own, is the most common instance of academic dishonesty. In this respect, all assignments must be screened through Turnitin.com. Students will submit a hardcopy together with the Coursework. If your assignment gives the impression and proven to be plagiarised or colluded, stern action will be taken by the department.
- Feedback on the quality of the assignment will NOT be specifically provided. However, you are welcomed to discuss related issues via email and class discussions. If you want, you may email your lecturer your list of contents as a guide to your assignment answer and the use of relevant theories and concepts.
Title of the report (Create your own title for the report)
Executive Summary (200 words)
1. Introduction. (400 words)
a. State your aims and objectives for the assignment.
b. Background information about management and changing trends.
c. Issues on managerial decision making.
d. How did you conduct the assignment? Using periodicals, magazines.
e. Include the theory/references on decision making model.
2. Manager 1. (1,100 words)
a. Background description of the organisation
b. Brief description of the manager's level and responsibilities
c. Discuss the factors (i.e. internal and external environment) that affect the manager's work
d. Key decision making criteria and perspectives.
e. Other relevant issues
3. Manager 2. (1,100 words)
a. Background description of the organisation
b. Brief description of the manager's level and responsibilities
c. Discuss the factors that affect the manager's work
d. Key decision making criteria and perspectives.
e. Other relevant issues
4. Brief comparison of the two managers. (400 words)
Identify and explain how the three managers are different from each other. Your comparison should focus on the following key areas such as:
- Decision making criteria
- Effectiveness and efficiency of their decisions
- Key success factors (KSF)
You are required to identify and evaluate the various elements in each of these key areas.
5. Conclusions and Recommendations. (300 words)
- Summarise your findings stating the factors, criteria and processes involved in decision making of the managers.
- How these decision making affect the performance of their organisation in today's fast changing business environment?
- Your recommendation(s) on the most appropriate criteria and advice in making good decisions.