Articulation of the problem:
Week 4 and our first official rollover has not gone as well as what we had hoped. The problem may be that the team relied on gut instinct too much rather than mapping out an overall strategy for the weeks ahead. The team's decisions generally followed the decisions of the second practice rollover, while also thinking about what should have been done differently in the first practice rollover; but simply following instinct of what was done before is probably not enough to improve SHV in this simulation.
Analysis of the problem:
When discussing the prospect of committing to a strategy we thought it may be too early as we wanted to see what markets the other firms went into, and knew that we should remain flexible in the beginning so that we can react quickly to competitors decisions. Although this logic seemed clear at the time, upon reflection now using Daudelin's (1996) structure, it may have been flawed as decisions are often characterised by emotionality than rationality (Yukl, 2013).
Instead of following what has been done before, or relying on intuition as much, it could be useful to develop detailed short term objectives and plans, with a more vague/general overall long-term strategy underpinning these (Yukl, 2013). Initially this may be incomplete, but over time as the team gathers more information about competitors decisions, and insights in the market it will be possible to produce a solid approach for each week.
The action that needs to be taken if this problem has been articulated effectively and is correct, would be to perhaps have a meeting with a detailed analysis on how the market is likely to change; which products to focus on; financing opportunities etc. Following this analysis there could be weekly objectives set, like yearly KPI's, to ensure the team is working towards it's overall strategy efficiently.
Daudelin, M. (1996). Learning from experience through reflection. Organizational Dynamics., 24(3), 36-48
Yukl, G. A. (2013). Nature of managerial work. In Leadership in organisations (8th ed., pp. 23-47).