Essay on Challenges in Decision Making- based on community communication capabilities, goals, and problems

Home, - Challenges in Decision Making

Challenges in Decision Making

Discussion: Challenges in Decision Making

Decision making is very much critical for organizational progression and it is very much required for making organizational success and sustenance. There are several occasions where personally I felt difficulties and challenges in decision making. The following is one such example which yielded me valuable experience and lesions to learn too.

(i)            The decision is a strategic decision (Shepherd et al., 2014) taken by me while doing the entrepreneurial business in fast food sector. At the time of decision making the fast food centre is doing well and got good recognition for the quality and there is good customer loyalty too. However there came an occasion to move to implement digital technology based promotion and ordering system for the organization to expand its business operations as per the changing times and tastes of the public. I had a dilemma whether to take up the digital technology for promotion of the advertisements online as well taking up web orders as well. The key obligation is the capital and resource intensity of the idea. There is need for me to keep in monetary resources for the development of the web-site as well there is also need to employ technical staff for the internal management. Though it was risky and challenging, I moved forward and invested about $100K for innovation in this direction and implemented the complete strategic changes in operations.


(ii)           There is uncertainty over the returns involved as the idea is not very much popular in the region. There is no evidence to the success of the strategy in the region, as it is first of its type. Further there is also risk involved as the investment involved is too high for the profile of this business. However still I moved forward with positive expectations and with strong belief on the customer attitude changes and behavioural changes.


(iii)          Though there is consultation with other stakeholders in the organization at senior levels, the decision is purely individual. As there are no financial partners for this organization, it is total proprietary firm, my own decision is critical. The complete financial risk is on my part. As I will be directly liable for the profits or the losses that the organization will face as a consequence to this investment.


(iv)         Decision is challenging due to few reasons like uncertainty involved on the possible consequences, as there is limited prediction possible on the revenues. Also the investment is higher and hence the decision making has become more and more challenging too. The experience made me more cautious of preplanning and strategic evaluation of scenarios before taking decisions.


(v)          The discussion can be connected to the article to “Levy, H. (2015). Stochastic dominance: Investment decision making under uncertainty. Springer. The article emphasizes similar decision making processes and evaluates different decision making procedures with emphasis on alternatives and evaluation of the possible consequences (Levy, 2015). The article discusses about the procedures to take investment decisions in an uncertain environment. Focussing on different alternatives and taking up decisions based on critical evaluation of the alternatives and consequences makes up the article content.

Leave a comment


Related :-