• Internal Code :
  • Subject Code : MBA503
  • University : Kaplan business school
  • Subject Name : Operation Management and Decision Making Models

1) The Risk Associated with Delaying Decisions

Most of the formulated decisions in the world are taken under uncertainties and therefore it is very important to understand how to take the correct decision in that state. As the decision-makers are not aware of the alternatives and probabilities associated with them. They even have to make certain assumptions to create a reasonable framework for decision making from the information available (Sproten et al. 2018). Three important techniques will help you in making the right decision in situations of uncertainty which is the main reason for delaying a decision.

  • Risk analysis

  • Decision tree

  • Preference theory.

The negative consequence of delaying decisions is high. Here are some risks associated with the delaying decision in case of uncertainties. Some of these are missing opportunities, losing confidence, facing financial crises, making a decision-based in the influence of others and so on.

I believe when we delay taking certain decisions we increase the risk of missing opportunities, the one which we can grab and utilize for our benefits. It also questions the person's decision making quality and may lower down the person's confidence over the things. Delay in the decision can result in a potential economic loss of the person which he or she might not understand at the beginning of the decision-making process but will later understand the cause they have to put. It may also happen that the delay in the decision can affect the final decision of the person because as a person comes in contact with others he or she may get in the influence of the advice provide them. It will ultimately affect the decision that was about to be taken (Marchau et al. 2019).

A decision must only be delayed when there is very less information available and it is very difficult to analyze the information and come to a certain point because while decision making it is important to consider all the consequences of making a right or wrong decision. It is observed in a different context that a small delay in decision making particular in business may tarnish the reputation of the company in the minds of the clients.

It can also be observed that delay in decision forces the decision-maker to take a final step when the person is overwhelmed and is not in the correct state to take a decision. It is often seen that decisions taken emotionally prove to be the wrong choice in the long term. Sometimes the delay can be fruitful, a decision in haze can prove to be wrong and may have a negative consequence of it later. It is important to take the right decision by following the 8 steps of the decision making that is understanding the problem, establish a decision criterion, weigh the decision, look for alternatives, evaluate from them, choose the best decision, implement it and at last do the evaluation (Sproten et al. 2018). According to me taking decisions in uncertainty, with fewer data must be avoided cause the probability of failure in such cases is high. The best part in such a situation is to put off the decision until and unless you find relevant data which can be relied on.

2) Employment Opportunities for Everyone

I truly agree with the statement which claims to provide equal employment opportunity in terms of the law. There are very few industries in the market that make a special effort to recruit those people who find it hard to get a job because of sex, race or due to similar characteristics. The companies need to understand that everyone must get an equal opportunity to fight for the positions available in the company. It is generally observed that the recruitment team does not fairly judge and always appoint a person based on the preferences of culture, gender and community.

In the race of biasness, it becomes very difficult for all those who have the potential to get selected with their talent and skills. The company must fairly judge a person's ability and knowledge to work. Based on their qualification and skills the HR team must select the person if he or she clears all the test conducted in the interviews with a good pointer in comparison to the other ones. Apart from this, companies need to understand that even underrated people brings a lot of good opportunities for the company (Bernard et al. 2019).

They bring a competitive advantage in the business market and help the company to achieve the goals defined by them. The biggest advantage of hiring a diverse workforce is that it will help you brainstorm ideas with different perspectives of different people. This will help you create an interactive discussion to solve the real-world problem of the organization. It is observed that companies that hire a diverse workforce have better productivity in comparison to the ones which does not. It also helps companies to serve a diverse population of the country with their ability in changing demographic situations (Hudson and Mayo, 2020). It does not help the company to increase the sales and revenue percentage but also help the marginalized groups to help them survive in the market.

Diversity at the workplace generally means that employees will have different characteristics, backgrounds and skills and experiences. It will more likely lead the company towards creativity by generating new ideas and melting the pot for fresh ones. It will help the company to open doors of innovation. According to John Bersin's research, it was identified that the company accepting a diverse group of people are 1.7 times more likely to become innovative leaders in the business environment. They also help to improve the rate of problem-solving and help in bringing diverse solution on the table. Employees with different culture and perspectives when coming together they improve the decision making the process of the organization (Cho et al. 2017). In addition to these, workforce diversity also helps the organization to reduce the turnover rate and it also improves the hiring results for the company.

In my opinion workforce diversity can help the organization reach a new level of mixed culture that works for getting better business results. According to me, every organization must hire employees based on talent instead of avoiding them due to racism, gender biases and community-driven approaches.

References

Bernard, N.J., Anandan, C.C. and RaviKumar, A., 2019. CHALLENGES OF HUMAN RESOURCE MANAGERS DUE TO WORKFORCE DIVERSITY.

Cho, S., Kim, A. and Mor Barak, M.E., 2017. Does diversity matter? Exploring workforce diversity, diversity management, and organizational performance in social enterprises. Asian Social Work and Policy Review, 11(3), pp.193-204.

Hudson, L. and Mayo, D., 2020. Workforce Diversity Begins With Program Diversity. The Journal of Physician Assistant Education, 31(1), p.1.

Marchau, V.A., Walker, W.E., Bloemen, P.J. and Popper, S.W., 2019. Decision making under deep uncertainty. Springer. Retrieved from http://link. springer. com/10.1007/978-3-030-05252-2 doi, 10, pp.978-3.

Sproten, A.N., Diener, C., Fiebach, C.J. and Schwieren, C., 2018. Decision making and age: Factors influencing decision making under uncertainty. Journal of Behavioral and Experimental Economics, 76, pp.43-54.

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