Optimal Decision Environment for a Management Problem or Opportunity

MGMT 8009M Project:
Create an Optimal Decision Environment for a Management Problem or Opportunity

Organizational leaders are challenged daily to make decisions steeped in risk and uncertainty. Some of these decisions affect the organization and stakeholders in fundamental ways, such as the decision to go public, acquire large assets, or merge with another company. Such decisions require a number of associated critical decisions to be made. The effectiveness of these decisions is predicated upon framing an optimal decision environment to fully integrate all stakeholders.

For this project you will identify an industry-related problem or opportunity facing an organization leader and identify how to structure an optimal decision environment.

This project consists of the following parts:

1. Formulate the Management Problem or Opportunity

A.   Explain how management problems and opportunities are defined in the academic and practitioner literature. Focus on classifications that distinguish different levels of complexity and impact.

For example, you might focus on the differences among hiring a team member, a manager, or a member of the executive team or on the difference between offering a new product in an existing line and branching out into an entirely new line of products.

The purpose of this investigation is to build a theoretical foundation for framing the management problem or opportunity.

B.   Identify a management problem or opportunity in one of the following areas:

         Growth strategies

         New executive team policies

         Mergers and acquisitions

         Strategy or operating model changes

         Quality focus and regulatory changes

         Increased speed to market

         Enterprise transformation program

         Complex, matrixed organization design

C.   Analyze the impact of the problem or opportunity you selected in terms of one or more of the following areas:

         Establishing trust and integrity

         Resource management

         Maintaining competitive advantage

         Marketing and customer loyalty

         Managing uncertainty

         Financial reform and regulation

         Risk management

         Talent acquisition and development

         Supply chain management strategies

D.   Construct specific measurable outcomes aligned with an effective decision framework.

2. Establish an Ethical Management Decision Framework

Draw on the academic literature to establish an ethical management decision framework for issues related to your management problem or opportunity that requires formal decision making. As you do so, focus on the following:

A.   From the literature, what optimal practices are associated with ethical management decision making?

B.   Compare and contrast the rights and interests of different key stakeholders related to potential decision outcomes associated with the problem or opportunity.

C.   From established conceptual frameworks for ethical decision making, identify the elements and potential value of recognizing stakeholder rights in the decision-making process.

D.   Select the hierarchy of decision makers who own the defined decisions.

E.   Analyze the decision-making accountability for addressing the management problem or opportunity.

F.    Drawing upon the optimal practices found in the literature, evaluate your proposed ethical decision framework.

3. Identify Data for Actionable Management Decision Making

Formulate and critically evaluate the requirements for data needed to enable actionable decision making for addressing the management problem or opportunity. As you do so, focus on the following:

A.   From the literature, explain the concepts and implications of the following processes for establishing the scope of data requirements for decision making related to your selected management problem or opportunity:

         Business intelligence

         Data mining

         Knowledge management

         Knowledge acquisition and reasoning use of artificial intelligence or expert systems

B.   Select the types of data and information needed for the key decisions to be made related to the management problem or opportunity (see I-B-2,3).

C.   Appraise potential secondary or archival data to be acquired for the decision environment.

D.   Distinguish potential primary data to be collected for the decision environment.

E.   Evaluate the strengths and limitations of the data collection plan related to actionable decision-making processes.

4. Methodology and Tools for Actionable Management Decision Making

For the decision framework, create a conceptual model to address a key decision related to the management problem or opportunity. The model will be based on the data identified for actionable decision making (see Part 3) and include a set of tools or other alternative protocols for providing a foundation for decision making. In this section, focus on the following:

A.   Restate the problem or opportunity to be addressed (see Parts 1A and 1B). Identify a key decision to be made related to the problem (see Part 1B).

B.   What risks are associated with the decision outcomes? What are different stakeholder attitudes toward risk?

C.   Evaluate academic support for how the creation of a decision model can be useful for making the decision.

D.   Based on your decision framework (see Parts 2B2E), what are the rules of thought that will go into the decision model? How will you break the decision down into manageable parts? What are the ethical implications?

E.   What attributes influence the desirability of outcomes, both successful and unsuccessful, for the decision?

F.    What advanced decision support methods will be included in the model to analyze and structure the decision-making process?

G.   How will the model assess risk? How will the model be validated?

H.   How might usage of the model circumvent common pitfalls in daily decision making and avoid their negative consequences (see Part 2A)?

5. Communication and Dissemination of the Decision

A.   Workshop

As the organization leader spearheading your project, you will bring together your key decision makers (see Part 2D) for a workshop to facilitate the dissemination, implementation, and adoption of the decision.

To plan for the workshop, do the following:

1.    Select the key topics related to facilitating the dissemination, implementation, and adoption of the decision.

2.    Identify established scholars or practitioners who can serve as consultants or subject matter experts for the key business areas the decision affects.

3.    Identify the topics and format of workshop sessions, including the intended outcomes for participants.

4.    Submit a plan for the workshop that includes the following:

a.    The workshop structure

b.    Proposed name(s) of consultants (at least three)

c.    Tentative schedule

d.    List of attendees (functions, not names)

6. Conference Poster Presentation

Create a poster to present at an academic or professional conference. The poster should summarize your Course Project in a concise and visually appealing manner. For guidance on how to create effective posters, refer to Tomita (2017).

Optimal Decision Environment for a Management Problem or Opportunity

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