The paper "PMI Method as a Decision Making Technique" is a great example of business coursework. When considering the matter of good decision making, it is an essential skill for career success generally, and effective leadership particularly. As a business manager, if I can learn to make timely and well-considered decisions, then I can often lead my team to spectacular and well-deserved success. However, if I make poor decisions, my team risks failure and my time as a leader will, most likely, be brutally short. (http//www. businessballs. com/problemssolving. html) The techniques in my organization help me to make the best decisions possible with the information I have available.
They help me to map out the likely consequences of decisions, work out the importance of individual factors and choose the best course of action to take. Here I start with a simple technique that helps me to make decisions where many factors are claiming my attention. It then moves on to a number of more powerful techniques such as the use of Decision Trees, 6 Thinking Hats and Cost/Benefit Analysis, SWOT ANALYSIS and others routinely used in commercial Decision Making in every organization. ( http: //www. citehr. com/decision-making-techniques-vt3783.html) Here I look at Decision-Making tools that help me to select between different options.
These are very useful when I have to make a go/no-go decision. PMI method as a decision-making technique Weighing the Pros and CONS of a decision, the PMI method can be used very effectively. By this stage, it may already be obvious whether or not I should implement the decision. If it is not, consider each of the points I have written down and assign a positive or negative score to it appropriately.
The scores assign may be quite subjective. (https: //www. mindtools. com/cgi-bin/sgx2/shop. cgi? page=orderform_sections_ted. htm) I draw up the PMI table below: PLUS MINUS INTERESTING Languages – Numerous indigenous, as well as English(+6) Tribes and aboriginal(-3) Company has an effective workforce(+3) The economy: Petroleum, coffee, cocoa, spices, bananas, sugar, tourism, fishing, and natural gas(+6) Terrorism(-4) Governmental Support(-2) Quality labor(+5) Diverse people of African, French, Spanish, (-3) Difficult to establish initially(-2) Helping organizations: Governmental service – local, state, and national levels— including the military Community(+4) Disasters threats: Tidal waves/tsunami Typhoons/Hurricanes, tornadoes/Floods/Fires/Volcanic eruptions/Earthquakes/HIV/AIDS/Petroleum spill/High risk for avian flu(-5) Support from various sides (+1) A lot of opportunities(+7) HIV/AIDS, Terrorism(-4) Support of Govt. and NGOs(+3) Government’ s strong support to bring business(+3) Organizational and Environmental Obstacles(-2) Ethical commitment (+1) the founder had the ethical commitment to helping in addressing the social needs of Kava as a derivative(+3) Over 50% under 15 years of age(-6) Lack of HR(-3) Kava's products and services are strategically useful for our company since these are mainly part of our business operations.
(+6) Demographic problems(-4) Emerging Opportunities in the 21st century(+2) I score the table as 40(Plus) - 31 (Minus) - 1 (Interesting) = +3 DECISION-MAKING PROCESS: Since our company is considering establishing a greater presence here in Kava, it is the primary thing to list out all plus points her in the PMI method to analyze.
Since the plus points-English speaking people, Economy, Quality labor, helping organizations, a lot of opportunities, Governmental Support, Ethical commitment of the founder and the possibility to market Kava’ s goods is so vital in the PMI method. All these points are very strong causes for the right organization to excel in a particular field of business. But, if we consider the minus points-Terrorism, Presence of uncivilized aboriginal people, Diverse people of culture, disaster and HIV/AIDS threats, organizational and environmental problems, demographic complexities and the lack of matured workforce are the key factors that make the decision making in the back foot.
But, while considering all these vital aspects, the interest parts significantly turned to be a positive skewed one. Even though there are problematic areas to worry for a new launching firm is concerned, the governmental request and their strong back support, Help of NGOs, Founder’ s ethical commitments take the decision-making process and the very positive approach to developing the economic backwardness made the decision making process as a matter of socially attached one rather than profit-making. While considering all these plus points it is suggested that the business activities can be done by incorporating Governmental sources.
As a result of it, the back support can be better ensured and the supply of human resource will not be a constraint for the company in the future. The company can focus on all other areas as per the ethical commitment of the founder. It is also noted that there is a big market for the island products where the company can utilize in its maximum. Hence considering the aspects of cost and profit, there is no chance of decline even in the initial stage.
Hence, it is advisable to the company step in the island of Kava market as per the existing policy of the founder.