risk and biases in management
1.Respond to the following in a minimum of 175 words:
Within an environment where change is needed, you must recognize the obstacles that can make changes difficult to implement. Two of these obstacles are risk, which can observed by others, and biases, which tend to be personal and internalized.
Discuss risks and biases for a chosen organization. How can they taint analysis? How could you minimize resistance to the use of analytics-based decision making?
2. Reply to the following classmates.
Risk and bias are both important and require attention. Risks can manifest in many different ways, but one way I like to look at it is “opportunity cost”. In other words, what am I NOT choosing to allow myself to choose this. For instance, in my current organization, there is currently a project underway to change to a new updated ERP system. To address my my statement, there were many software systems that we did NOT choose in order to choose the one that we did. In doing so, we missed some of the functionality that we actually liked from the other systems in order to choose the one that we saw as the best compromise. That opportunity cost is a risk. There is also the risk that we may fail in implementation leaving us with no system at all resulting in catastrophic failure. There is the risk that they system will not be compatible with the current WMS system resulting in a failure to process orders through from sales to operations. There are many pitfalls along this road that can be considered risk. But anything that jeopardizes the achievement of a goal are risks. Biases definitely come into play in this scenario as well. The current ERP system has been in use for 25 years. Changing this will require retraining on the use of the new software but will also require retraining to a completely new order process. Stakeholders will resist simply because of the comfort level they have with current processes. This is a bias that threatens the end goal.
3. Reply to the following classmates.
Anytime change is required, it immediately comes with risk. The first risk, is NOT changing, and eventually not producing enough revenue to keep being profitable for the foreseeable future.
The other risk, is implementing change, and all of the barriers or obstacles that could prevent it from successfully happening. It could come in a form of money, scheduling, resources, personnel, expertise, or accuracy, just to list a few. All of these could be reasons that would prevent this change from successfully occurring, or even happening at all. Risks are closely related to fear. Which, when looking at analysis, could make you read analytical data with a bias. In most cases, when accomplishing tasks, people look back on their experiences and falsely associate previous experiences to the current time or task. Unfortunately, each task is a brand new one and comes with its own set of obstacles and barriers. It is absolutely critical that people view new changes and obstacles with a fresh set of eyes and to think through decisions and data critically, and too challenge one another thoroughly in order to accumulatively make the best decision moving forward, based off of logic and not emotions.
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