Individual reflection on learning

Individual reflection on learning
Topic A
Topic one provided me with in-depth knowledge on how quintessential decision making is for success of any business at the start and even when it continues to run and expand. It heavily dawned on me on how quick decision making is of great value. I was able to relate decision making for business with changes in personal life that requires everybody to critically think and ponder between a numbers of available options. For instance, in choosing a college, having a child and purchasing a home, people expect to comprehend and fathom the financial and extended impact of the change prior to making the final decision. This gives us no options other than employ information both qualitatively and quantitatively in creating a business case. It came to my attention that business owners encounter tough decisions for example, in Nightingale Groceries, the owner had to decide whether to diversify his business interests despite having excellent ideas and developing strong desire to expand Nightingale Groceries. He also had to point out the most suitable options for business expansion such as building a new store and expanding one of the existing three stores. At the end, employ null decision where he chooses to do nothing. One of the important aspects of decision I learnt from decision theory and analysis that applies even in all other spheres of life not related to business is the basic component of a good decision. A good decision is one that identifies an alternative considered by the decision maker as good enough even if it does not sound as good compared to other alternative decision found through deliberation. As a rational decision maker, I have to be an individual who maximizes the expected utility.
At one point in life I would own a business and the topics we discussed gave me knowledge on two general approaches applied to solve problems at the verge of making concrete decisions. The qualitative approach is one that would require me to gain experiential knowledge of different factors decisions entail (Wickham & Wickham 2008). For example, to employ the use of qualitative approach in solving disputes over resources between two groups in an organization, as a business manager, I have to fully know complex interplay of variables driving the organization such as how supervisors are interpersonally connected in every department as well as the overall resource availability that causes competition between two groups. Similarly, I have to come to be fully aware of the intuitive feeling for how decision would impact the nature of the organization which only originates from direct, hands-on experience. Also, before I have enough experience, I can opt for a quantitative approach. This requires translation of problems into a mathematical language (Stewart 1998). For instance, deliberating on the distribution of resources among various departments might start with finding out which department is the most profitable for the business and is likely to generate more profits for the business per unit of fresh resources. This type of reasoning requires the manager to employ the use of data in developing a mathematical formula and model for apportioning resources (Rasie & Friga 2002).
It also came to light that these approaches can fail to achieve their purpose in some cases hence in business, we have to watch out. Quantitative models can fail if it one over-or underestimate important variable or even fail to account for it. For instance, depending on the relative profitability in order for different departments to apportion resources is not enough to account on the scalability. Occasionally, certain departments whose production is high might be operating at highest level of efficiency and thereby, more resources would hardly earn proportionally more profits since the employees cannot manage to work any faster.
Topic B
Idea generation and valuation becomes the climax of my learning experience. Indisputably, irrespective of how a good decision make one is, he/she requires an idea. Idea gives birth to precepts. Furthermore, every business in the world no matter their size and worth started with an idea the basic component. Ideas are the foundation for accomplishing the set objectives. Evaluation streamlines the ideas into formidable solutions that can be implemented overtime. In conjunction, getting to know a number of techniques to enhance generation and evaluation of ideas in business is one of my greatest achievements in the course. Good ideas originate from inspiration, perspiration as well as techniques of creativity (Stewart 1998).
The most influential idea generation technique is learnt is brainstorming. Brainstorming can be applied in all fields thus making the sessions more impacted in increasing my capacity to think critically and creatively. Brainstorming can be seen as the root for new creations and inventions. It enables one to expand on a topic rather than being confined to a single area. Since it allows judgments and criticism, it is easy to employ the technique in a group activity where each and every person gets time to think and contribute new ideas. In other words, it gives room for team work. Team work reveals prevailing fallacies and erroneous ideas as well as assumptions. In business, having the right figures is quintessential rather than assumptions brainstorming can develop one as a flexible thinker especially in this dynamic mind requiring fast thinking. Additionally, brainstorming come with clear rules of engagement and guidelines such as freewheeling, combination and improvement of ideas and quantity hence it is easy to learn various ways of working together (Sadler 2001).
Under evaluation, choice model was more helpful than any other technique. It presents six mechanisms under which a solution is checked. These are practical steps that are applicable in real life and not just confined to business related decisions. Choice model is a useful tool in decision making hence easily applicable in business world. Coming up with solution is one thing but implementing it is another process. Control as stipulated in the model allows a person to be able to plan set of actions to actualize the plans without being intimidated and influenced by external factors (Whetten, David, Cameron & Mike 2000). Every person desire to be successful in everything they have their hands on. Hunger gives a decision maker the drive to continue pushing until he/she can achieve the set objectives (Edward 2001). Choosing between varieties of options is tedious and challenging activity. The model gives clear guidelines on effective ways of selecting the most appropriate course of action when a number of options present themselves. Internalization gives the decision maker the burden for a particular problem (Kubr, 2002). Burden brings restlessness which can be the greatest driving force towards finding amicable solution to a problem. With a single person having the burden, it becomes possible for other also to catch the vision and mission of the bearer. Internalization becomes one of the most practical ways of making employees share the burden for work in an organization and be responsible for every action (Block 2011). Planning for consequences is another breathtaking element in the model. Starting a business and being well prepared for any possible consequence of everyday action would prevent any kind of fall or time wastage (Cope 2003). Therefore, the sessions filled my brains with ways of scrutinizing and brainstorming ideas before implementing any of them no matter how good they seem to be.
Reflection on the group working process
The group sessions was one of the most impactful moments as it gave me the chance to learn from others, bond and challenge other ideas. As sociologists would say, there hardly exists a perfectly ideal world. This means that as a group, we also faced a number of setbacks out of different individual personalities (Hanke & Wichern 2009). In either way, I leant a number of group dynamics: what happens when you put individuals of similar interests together. The group was made up of six people. Every member of the group was tasked to carry out thorough research on the topics as well as questions and matters arising and then present to other members of the group. Denmark, Maldives, France & I were co-operative and consistent with the work and communicate well within the group. Four of us were willing to finish the work as early as possible rather than waiting until the last minute to rush. Diligence is a quality that enabled us to excellently perform in the group work and avoided time wastage. On the other hand England continually drifted in and out of the discussion and waiting to make last minute contributions. As a result, he missed most important parts of group discussion. Finally, America whom did not show any work done, very limited reply through mobile phone and email, and suddenly become active 2 days before deadline submission to give moral supporting words rather than getting his allocated work done. The rest of the team had to do his part on all occasions especially the 2 main: proposal & investment case. Investment case proved a bit challenging because some of the members were not prepared enough to hand the case after America had failed. It also required in-depth analysis and we often disagreed and had conflicting ideas but use of external references and consultation with other members of class enabled us to harmonize all ideas.

References
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