Wow this is the final learning journal. I'm definitely not ready for the summative journal but that is ok. I honestly have enjoyed the course and can say it was a very unique course unlike any other.
I honestly can't think of many problems we have had this week. We have gotten to a point where most of the decisions are pretty straight forward and we can just rock up and go through the motions one by one until we have completed all our decisions. One thing I have seen play out throughout this year was this statement found in Leigh Buchanan and Andrew O’Connell’s piece (2006, page 3), “risk is an inescapable part of every decision. For most of the everyday choices people make, the risks are small. But on a corporate scale, the implications (both upside and downside) can be enormous. Even the tritely expressed (and rarely encountered) win-win situation entails opportunity costs in the form of paths not taken”. This has been very relevant for our team. There have been some risky choices that we have made and that have paid off and we have made some risky choices that did not pay off. The one risk I can think of that we didn’t take that worked out poorly for us was in one of our earlier years. The year before we got bought out we didn’t put enough risk into one of our decisions. We went on the far to conservative on our predicted sales which lead us to have a lot of lost sales. We ended up having over 5,000 lost sales on a racer. This then lead us to have a lot of potential but not a high shareholder value and made us cheap enough to buy and appealing to buy too.
One thing I would suggest we do and what I will look to do in the future is take more risks. If I don’t take risks I and my team will most likely pay for it. That said we should not go to far and take dumb risks but they should be calculated and well prep
Leigh Buchanan and Andrew O’Connell. (2006). A Brief History of Decision Making. Retrieved from: http://web.a.ebscohost.com.ezproxy.auckland.ac.nz/ehost/pdfviewer/pdfviewer?vid=1&sid=56a99092-2469-4529-8d60-9fe850ea57ed%40sdc-v-sessmgr02