Research Analysis Report

Business Decision Analytics (MGT602)

Name of the Student: Dipkumar D. Patel

Student ID: 00308693T

Name of the University: Torrens University

Assessment 3: Research Analysis Report

Word count: 2039

Reference: APA

Table of Contents

Introduction 3 Scope and brief 3 Analysis of decision to address the issue 4 Analysis of data 5 Applying of different decision-making model to reach the final decision 8 The rational model 8 The dual process model 9 The bounded rationality 10 Key themes 10 Module 1 10 Module 2 11 Model 3 11 Model 4 11 Module 5 11 Module 6 11 Conclusion 12 References 13

For the conduction of the successful and completion of the project at the desired timeline, decision-making is one of the crucial tools. It is a general notion that each step of the business required to make decision, failure in seeking decision can resulted into failure in the business. In a business, each project consists of many phases, from the development of the strategy to final delivery of the project. Each step required critical decisional making. In business organisations, employees with the decision-making skills are preferred over other employees. This assignment focusses on applying the decision-making tool to analyse the ongoing issue faced by the Torrens University after conducting data collection and data analysis related to entire issue. Apart from this, it also includes discussion on the three decision making tools and critical reflection in the themes discussed in the module.

The scope of this report is related to the challenges faced by the organisation in the past few years. All the organisations work with the aim of growth and expansion which is their core objective while conduction of the business. It must be noted that revenue generation of any organisation is completely dependent on the selling of their products. In context of the Torrens University, revenue is generated by the number of admissions taken by the students in the University. In the past few years, Torren University witnessed the reduction in number of the customers which are student in this context. As mentioned by Strandvik, Heinonen, and Vollmer (2019), all the business is customer centric, customers are given prime importance as the generation of revenue solely dependent on them buying the product. Currently, Torrens University is suffering from financial constrain as number of customers are decreasing each year. This issue has been emerged due to the poor customer relationship between university and customers. Customers failed to get good services during the time of admission which resulted into customers dissatisfaction. Apart from this, limited staff in all the department limits the quality of services provided to the customers. As stated by Dorantes, and Peterson (2020), failure of the organization in addressing the needs of the customers due to limited staff members can have poor impact on the business, as customers tend to disperse when their satisfaction level decreased.

After analysing the current situation which is responsible for causing potential financial strain on the university is poor customer service given by the organisation. It has been seen that customer service and responsibilities taken by the staff members are related to each other. It has been seen that staff members of the University failed to provide the desire services to the customers due to two reasons, one is number of staff is limited and most of the staff members are untrained to handle the customer issues during the time of admission efficiently which resulted in long waiting hours of customers and unsolved queries. As an outcome, the quality of the service has been critically reduced. There is need to take two decisions immediately so that these issues can be solved for the long term. One is hiring of the required number of trained and skilled staff and another is given training to the existing staff. Apart from this, given special training to the staff to prepare them during the time of admission when they must deal with large number of customers and solved their queries. As noted by Kanten, and Darma (2017), training of the employees of the organization helps in increasing their productivity and quality service they provide to the customers. The good services given to the customers can help in building effective relationship with them, as an outcome, customer loyalty would be increased, and revenue can be generated.

Before analysis of the data, it is necessary to collect the data related to the issue. The research variables based on which data needs to be conducted is the factors responsible for reduction of number of customers in the Torrens University. Although, secondary research has been conducted to identify the potential factors which can affect the customer satisfaction. Apart from this, quantitative data has been collected by conducting the questionnaire-based survey. The questions developed in the survey are based on the secondary research conducted on the issue. The participants of the survey are staff members and customers seeking admission in the organisation. The data collected in the form of numerical mode which can be predicted using the statistical method.

1. Are the services provided to the customers meet the quality criteria?

2. what are the factors responsible for poor services provided to the customers?

3. what solutions can be taken to improve the situation currently existing?

4. Can improving of IT infrastructure help in solving the admission time challenge?

5. Is training of staff and hiring of new staff improve the services delivered to the customers?

Thus, on conduction of analysis of the data, it has been proved that improvement of the IT technology in the organisation and increase in the number of the trained staff can be helpful in increasing the quality of services delivered to the customers. It must be noted that each employee of the organisation must be provided with training to improve their IT skills and communication skill for better conduction of the business (Haque, 2018).

It has been seen that there are different decision-making models which play the crucial role in understanding the issues and help in applying the correct decision based on the situation occur. There large number of decision-making model available which play the role in providing the knowledge related to the issue and determine the potential solution based on the analysis conducted. People involved in business must acquire the knowledge gained from the decision model. To analyse the current situation of the Torren University, the three models have been studied and analysis to make the decision is done based on the knowledge provided by them. The three models selected for the study are rational model, dual process model, and the bounded rationality.

This model is considered as the classical model of the decision making. It is a multi-step process which helps in making choices between the alternatives. It is a sequential process in which specific path has been followed. In rational method path includes, formulation of the goal, identifying the criteria for making the decision, then identification of alternatives for the issue, conduction of the analysis, and making of final decision (Gough, & Boaz, 2017). This model assumes that people make the decision which provides maximum benefits at the minimum investment. It also assumes that individual have complete information based on which they take the decision. It measures the existing criteria for which data can be collected and analysed. It also assumes that an individual has cognitive ability, resources, and time to analyse the alternatives of the issue. This model considered only those factors which can be quantified. It failed to consider the ethical values and personal emotions of the individual. This model is often considered as unrealistic and over-simplified assumption (Djulbegovic, Elqayam & Dale, 2018). Using the rational model, organisation can conduct the thorough analysis of the existing issue and identify the core reason which resulted in increase in the issue in the business process. The benefit of this model is that it can be obtained scientifically and encouraged to gain the information which is scientifically correct. This model can help in identifying the core reason of low satisfaction of the customers towards the organisation.

In the dual process model, the communication between different situation and circumstances is done utilising the architectural manner. As mentioned by Diederich, and Trueblood (2018), this model provides the quick processing of the decision making and strategic thinking practices. It gives preference to the existing values to the situations and challenges, then provide the alternatives to solved the issues. Dual process model provides a better perspective to any complex situation. It works towards analyzing the situation from two different angles. This helps the project manager toto make the better and informed decision based on the perspectives. It helps development of the design thinking processes. One of the disadvantages of this model is that it can cause the confusion due to the different perspective delivered as there is lack of scientific approach which can assist in identifying the better perspectives between the alternatives. As noted by Hagger (2016), this model can limit the individual to explore the new ideas and limits the thinking related to the issues. Based on the discussions above, this theory can be helpful in providing critical approach to the issue.

Bounded rationality is the decision-making process in which the good possible decision is selected over the best decision. In this kind of model, limited time frame as limited resources are utilised in extracting the solution for any challenge. As noted by De Clippel, and Rozen (2018), this model can be effective in taking the decision for any project as it focusses on the project issues and challenges. It also implements the decision making based on the assumptions. One of the biggest advantages of this model is that it allows project manager to work in restricted time frame and limited resources. It also helps in development of the assumption-based decision-making process using the real-life data which has been extracted from various sources.

As suggested by Jia, and Tsui (2020), this model can make the project vulnerable towards wrong assumption. This can result in taking the wrong decision making or formation of the ideas. There can be issue with the lack of the proper data related to the issue. based on the assumptions derived from this model, solution can be generated.

This section of the report works towards analysing the key themes discusses in the module and the impact of these themes in solving the existing issues in a relevant manner.

This module provides the information related to the use of data which can help the project manager in differentiating between the relevant or irrelevant data. It must be noted that vast data get collected from various sources related to the issue. It is a duty of the project manager to extract data which either address the issue or help in extracting the relevant solution for the issue.

The theme of this module is application of the rational decision-making model which can be helpful in identifying the core reason behind any potential issue. It helps in analysis of the problem using National model and provide the different perspectives on the implication of the solution.

The theme of this module is identifying the advantage of the decision-making model. It suggests that decision-making models are effective in highlighting the correct process of making decisions.

This theme is related to generation of the strategic idea related to the decision-making situations and handling of these situations using ethics and morals. Ethics and morals refer to the standard principles to explain the importance of decision-making.

This theme is related to knowledge management system. This system is known to store and deliver knowledge which can clarify of the project management.

This theme is related to the application of the business intelligence system. This includes the use of technology in transforming of raw data into meaning information which can be utilised for the business.

This research proposal provides the perspective related to the application of the decision-making tools in identifying the solution for the project. It uses the example of Torrens University to apply the decision-making tool in addressing the issue of the organisation. This report followed the structure of decision-making model to analyse the data and discuss the challenged faced by the organisation in generation of the revenue. It highlights that reduce in the number of customers for the organisation reduced generation of revenue. The core reason for reduced number is due to customer dissatisfaction. To address the issue, the three decision making models are rationality model, bounded rationality model and the dual process model. It also discusses the key themes of each module.

Strandvik, T., Heinonen, K., & Vollmer, S. (2019). Revealing business customers’ hidden value formation in service. Journal of Business & Industrial Marketing.

Dorantes, A. R., & Peterson, J. L. (2020). Business and Finance Staff: Impact and Success at Private Colleges and Universities. New Directions for Higher Education, 2020(189), 57-70.

Kanten, I. K., & Darma, G. S. (2017). Consumer Behaviour, Marketing Strategy, Customer Satisfaction, and Business Performance. Jurnal Manajemen Bisnis, 14(2), 143-165.

Haque, M. (2018). Customer Satisfaction Survey of Business Customers of Epsilon Systems and Solutions Ltd.

Gough, D., & Boaz, A. (2017). Applying the rational model of evidence-informed policy and practice in the real world. Evidence & Policy, 13(1), 3.

Djulbegovic, B., Elqayam, S., & Dale, W. (2018). Rational decision making in medicine: implications for overuse and underuse. Journal of evaluation in clinical practice, 24(3), 655-665.

Diederich, A., & Trueblood, J. S. (2018). A dynamic dual process model of risky decision making. Psychological review, 125(2), 270.

Hagger, M. S. (2016). Non-conscious processes and dual-process theories in health psychology.

De Clippel, G., & Rozen, K. (2018). Bounded rationality and limited datasets. Available at SSRN 3527064.

Jia, Y., & Tsui, A. S. (2020). Beyond Bounded Rationality: CEO Reflective Capacity and Firm’s Sustainable Performance. In Academy of Management Proceedings (Vol. 2020, No. 1, p. 18479). Briarcliff Manor, NY 10510: Academy of Management.

IT intrastructure impact yes no 8.1999999999999993 3.2

improvement of services yes no 8.1999999999999993 3.2

Satisfaction no yes 65 35

factors low number of staff untrained staff members poor infrastructure 8.1999999999999993 3.2 2.6

Solutions increased number of skilled staff trained the current staff improved the infrastructure 8.1999999999999993 3.2 2.6