MGT---602(7)

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MGT602 Business Decision Analytics Decision Style Analysis Reflective report Student Name & Surname: Full Name Student ID Number: 1

Table of Content Introduction ................................................................................................................................................. 1 Analysis and evaluation ............................................................................................................................... 1 1. Decision-Making Style .......................................................................................................................... 1 2. Decision-Making Process and Analysis ................................................................................................. 1 Conclusion ............................................................................................................................................... 1 Reference ..................................................................................................................................................... 1 Appendices .................................................................................................................................................. 1 2

Introduction Over the past eight decades, management researchers have focused on understanding how human rationality can efficiently handle ambiguous and time-pressured decisions in managerial work (Akinci & Sadler-Smith, 2011, p. 63). Decision-making in group negotiations can be challenging due to considering multiple alternatives and conflicting issues. Various formal methods and techniques support decision-makers in setting goals, eliciting preferences, and constructing quantitative scoring framework (de Almeida & Wachowicz, 2017, p. 650). This reflective report aims the analysis of the decision-making process in selecting undergraduate programs. It involves judgments, facts, and alternatives, enhancing information and potential solutions. The report further explores the analysis and evaluation of decision-making preferences, personality traits, sources of data, and examines the impacts of intuition VS logic in the decision-making process, which will use theories and concepts derived from the Business Decision Analytics course (MGT602). Analysis and evaluation 1. Decision-Making Style Decision models in the 21st century cater to fast, high-quality decisions. These models range from traditional objective processing models to bounded rationality and Dual Processing approaches. This dual processing paradigm focuses on conceptualizing humans as having two minds within one brain, each with two distinct information processing systems: System One, which processes information automatically and intuitively, and System Two, which processes information in an analytical, rule-based, and sluggishly. This contrasts with the role of emotion- based intuition, which is linked to biases and the possibility of making mistakes (Dhami & Thomson, 2012, p 319). While completing the decision-style instrument on Blackboard, my intuitive approach was more prominent, followed by a balanced perspective and a logistic approach. After conducting the Logic vs. Intuition Assessment, my decision-making approach 3

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has been categorized as "Balance". I gave my intuition a score of medium (3.33), my logic a score of high (4), and my Balance a score of high (4.33). It demonstrates that I put faith in my instincts when it comes to assessing problems and making judgments; nevertheless, most of the time, I prefer to utilize my logical thinking when I'm studying situations, and I take a keen interest in how the decisions I make affect other people (see Appendix A). I used a complete strategy that included intuitive reasoning and logical analysis when looking for a place to stay in Australia while still living in India. My decision-making experience has taught me to use logic and intuition. The word "intuition," which originates from the Latin word intueor or intueri, refers to judgments that are made on an intuitive level without the use of analytical procedures or deliberate computations (Sadler-Smith & Shefy, 2004, 81). when deciding my day-to-day life, such as when I chose to begin the Master of Business Administration program. 2. Decision-Making Process and Analysis Decisions are based on evaluated information, and reliable sources are essential for making correct choices. A systematic approach can collect, distinguish, and store useful data from colleagues, business libraries, researchers, departments, and communication tools. Combining internal and external sources is more reliable (Jifa, 2013, p.714). So before being admitted to the MBA, I collected Data that involved raw, unprocessed facts like program costs and admission requirements. Then, I used the data to make the information to develop the knowledge formed by including career aspirations, skills, and long-term implications see (Appendix C). Wisdom goes beyond knowledge, involving the application of knowledge and experience to make sound, future-oriented decisions. In choosing an MBA, my understanding involves:  Considering the broader life plan.  Assessing long-term benefits and challenges.  Creating a strategic choice based on accumulated knowledge and experience. There is a need to balance a person using logic and intuition in decision-making to interpret data and make high-quality decisions. Balanced decision-making involves discussing risks, dilemmas, and alternatives, considering various perspectives, and substantiating decisions objectively. This is achieved through thorough analysis, surveys, and research, distinguishing between facts and assumptions. Wise processing involves bringing opposing points of view to mind and balancing 4

them, resulting in intelligent choices. This holistic evaluation of data and consideration of others' values and interests allows for decisions that consider the implications for others. As connectivity increases, a more reflective approach to information processing and decision-making is necessary, considering moral dimensions and overcoming potentially narrow visions (AFM1.4, n.d., p. 6). When I knew I wanted an MBA Advanced degree, I discussed with my family about choosing the right place to study, and we concluded that Australia would be the most favorable and beneficial place for me to live and learn. Online research indicates that South Australia is a popular study destination for international students. Despite initial concerns about skin color, online research shows that this isn't a concern. Because of the rapid change taking place in the global economy, leaders are required to make decisions that are informed and based on Data. To arrive at sound conclusions, perceptive leaders make use of research best practices and have an awareness of behavioral economics and psychological theories. The individual should center their attention on finding the appropriate action to take when choosing an option. This is significant since it influences the individual's emotional state and will have a negative influence if we do not enjoy what we are doing. There are far too many options offered to make selecting the appropriate activity simple. I conducted an in-depth analysis to determine the additional time and effort I would need to devote to my studies. Using a wise and balanced style involved doing an all-encompassing analysis of the data and considering the priorities and concerns of other people I decided to go for MBA. After deciding to get an MBA, my main concern is figuring out what I can do with this additional level of education. According to dual-process models, moral judgments are impacted by two brain systems: System 1 and System 2. When confronted with ethical conundrums, two answers, which are in direct competition with one another, are generated: an efficient solution from System 1 and a deliberate cost-benefit analysis from System 2. Nonutilitarian reactions form when an unpleasant System 1 response overwhelms the cognitive mechanisms for utilitarian-consistent reasoning. In contrast, utilitarian judgements are prompted by low emotional salience dilemmas. (Kvaran et al., 2012, p. 88). The number of students enrolling in international business classes is growing, which opens the door for graduates to get positions with greater responsibility. Those interested in a business career will find that earning a master's in business administration (MBA) is a wise investment. Students who complete the program can function effectively in multiethnic settings and work for international corporations. According to 5

the Graduate Management Admission Council (GMAC), 76% of graduates believe that their program prepared them for leadership positions, and 68% believe that they have gained prospects for rapid professional progression due to their participation in the program (Choudaha, 2021). Companies are eager to employ MBA graduates due to their enhanced knowledge, making them more marketable with the degree on their resume when looking for work. It strengthens business abilities such as communication, adaptability, strategic thinking, innovative leadership, and leadership in general. MBA schools frequently bring together people with contrasting worldviews yet similar interests. This helps students develop the skills necessary to make high- impact business decisions that span departments, organizations, and countries (Kirkpatrick, 2020). My graduation will cost a total of $ 50,000. After completion of MBA to enhance skills and career opportunities. The Indian economy is experiencing growth due to globalization, with a nominal GDP of US$2.623 trillion. A career in international business management can help individuals navigate complex inter-cultural barriers and contribute to professional growth. An Australian degree and work experience will increase my chances of higher positions, such as Head of Department or Executive Level, with an average salary of INR 15,38,000 or 20,00,000 per annum. to use financial abilities to plan strategic goals, analyze market environments, differentiate their product, and sell it effectively. I aim to improve efficiency and productivity, handle conflicts effectively, and utilize interpersonal skills. Conclusion Consequently, to make better decisions, the first step required is the collection of data, information and knowledge. The left-brain right brain (RPD) approach, which uses expertise- based intuition, has been overturned as a myth. The RPD style offers fast, high-quality decision making, overcoming the non-practical use of the rational approach. This approach is more effective than the traditional, analytical, rational approach. In conclusion, my decision-making method is the product of a multi-step process that includes analysis and logic and intuition. After conducting the Logic vs. Intuition Assessment, my decision-making approach has been categorized as "Balance". My preferences and prejudices are now much more apparent due to examining my personality, which included an analysis of how I make decisions. Assessing how I 6

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arrive at choices has also provided me with a tool for appreciating the significance of the decision-making process. Reference AFM1.4. (n.d.). Balanced decision-making: dealing with blind spots. A study within management boards of small and medium sized banks. https://www.afm.nl/~/profmedia/files/onderwerpen/consume Akinci, C., & Sadler-Smith, E. (2011). Intuition in Management Research: A Historical Review. International Journal of Management Reviews , 14 (1), 104–122. https://doi.org/10.1111/j.1468-2370.2011.00313.x de Almeida, A. T., & Wachowicz, T. (2017). Preference Analysis and Decision Support in Negotiations and Group Decisions. Group Decision and Negotiation , 26 (4), 649–652. https://doi.org/10.1007/s10726-017-9538-6 Dhami, M. K., & Thomson, M. E. (2012). On the relevance of Cognitive Continuum Theory and quasirationality for understanding management judgment and decision making. European Management Journal , 30 (4), 316–326. https://doi.org/10.1016/j.emj.2012.02.002 Jifa, G. (2013). Data, Information, Knowledge, Wisdom and Meta-Synthesis of Wisdom- Comment on Wisdom Global and Wisdom Cities. Procedia Computer Science , 17 , 713– 719. https://doi.org/10.1016/j.procs.2013.05.092 Kirkpatrick, L. (2020, December 7). Is an MBA Degree Really Worth It? Harvard Business Review. https://hbr.org/2020/12/is-an-mba-degree-really-worth-it 7

Kvaran, T., Nichols, S., & Sanfey, A. (2012). The effect of analytic and experiential modes of thought on moral judgment. Progress in Brain Research , 202 , 187-196. https://doi.org/10.1016/B978-0-444-62604-2.00011-3 nair, madhu. (2019, March 15). The 10 Best Jobs for MBA Graduates . University of the People. https://www.uopeople.edu/blog/the-10-best-jobs-for-mba-graduates/ Sadler-Smith, E., & Shefy, E. (2004). The intuitive executive: Understanding and applying “gut feel” in decision-making. Academy of Management Perspectives , 18 (4), 76–91. https://doi.org/10.5465/ame.2004.15268692 8

Appendices A) B) 9

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C) \ D 10 Future opportunities in Master of Business Administration (MBA) Management Consulting Banking & Finance Investment Banking Business Analyst : Private Equity

(Nair, 2019) 11

MGT---602(7)

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