As we pass the mid-way point and head towards the end of the simulation, each decision we make as a team and even the little one I make myself in regards to the sim start to weigh a bit more heavily. Every decision I make I tend to second guess even though I have a solid grasp on what each decision means and what each change does at this point. With this lies the problem I've found myself falling into relating to the sim decisions I'm making for my role and the bigger overall decisions we're making as a team and it's indecision stemming from these larger, riskier moves.
In hoping to retain the top position in the class for the sim, we were tossing up making a high risk, high reward decision in buying E.N.T.E.R.T.A.I.N or lower risk, potentially lower reward decision to reinvest our surplus money in each segment and keep the boom of the company going. Usually I am a fairly decisive person as I have most of the information beforehand and can rationalise a decision either way but with a decision like this where we had no insight in to what E.N.T.E.R.T.A.I.N were doing or how they were going to do, I was fairly flustered. Our trend upwards over the sim has been off of our own decisions which we have full control over and pulling the trigger on buying a company where we were basically in the dark presented red flags to me as I was sure we could've continued succeeding without them. Through discussion within our team I was able to see both sides of coin but I still had a gut feeling that buying another company may tank our own company. Buchanan and O'Connell (2006) talk about how making decisions off of your gut and instinct usually come about when time and information is more limited than usual but in our instance we had plenty of time to discuss the situation. Because of this making an instinctual decision didn't seem like the right choice and is why my indecisiveness hindered me in making a decision which had inescapable risks anyway (Buchanan and O'Connell, 2006).
Buchanan and O'Connell (2006) mention that "few decision makers ignore good information when they get it." We asked Peter the question whether he thought we could win without buying another company and he said it's unlikely. With the years of experience running the course, it'd be foolish not to take on the non-direct advice Peter gave us. This along with other points made by my team swayed my decision slightly towards a vote for buying E.N.T.E.R.T.A.I.N. I think as we have more and more information we can use in making decisions because of technology and it's accessibility, using it to make high risk, high reward decisions illustrates that some aren't as risky as first perceived.
In future to remedy my indecisiveness when making bigger, riskier decisions, my aim is to try to inform myself to the best of my ability while taking on the advice or opinions of others around me. Because my team had all our best interests in mind for the company's sake, my willingness to listen to others should've been better as they would've had insights that I might not have picked up on.
Daudelin, M. W. (1996). Learning from experience through reflection. Organizational Dynamics, 24(3), 36-48
Buchanan, Leigh, & O’Connell, A. (2006). A brief history of decision making. Harvard Business Review, 84(1), 32–41. Retrieved from http://ezproxy.auckland.ac.nz/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=19256537&site=ehost-live&scope=site