Managing Under Uncertainty Research Technology

Question: Discuss about the Managing Under Uncertainty Research Technology. Answer: Introduction: James Dack is considered as one of the most successful real estate agent in Sydney. He is the cofounder of the one of the most prestigious real estate agency of Sydney along with the industry giant John McGrath. Over the years, both of them have worked immensely for the success of the organization. In the real estate company, McGrath managed the marketing and auctioning whereas Dack managed sales and sales closure. In several interviews, both the men have stated that it was great and complementary working with each other. James Dack has strong sales capability and dealt with celebrities and famous sportsperson during his real estate business. Furthermore, it was discussed that the Dacks childhood had a great contribution to his selling skills. He came from a rough neighbourhood and his father was alcoholic. Living in such a situation made him understand the importance of family and home (Sharp, 2014; Wendt, 2016). It can be critically analysed that there are certain factors that lead to sudden departure of James Dack from the business. Firstly, the prime motivation for Dack to quit was that he wanted to do something meaningful for the society. Dack was unhappy that he was working as a sales person and his occupation was not as respectful as others. Therefore, he initiated an investment company with the nickname of his brother Sunshine. In addition to it, the sudden death of his younger brother, Stephen also made his to opt for an option wherein he could help the weak members of the society and prevents young men from alcoholism and other destructive activities. The article also highlights that in the recent years, there occurred rift between the cofounders and McGrath and Dack. Both the cofounders were not working with each other from six years, due to certain differences in expansion strategy for the business. Dack was uncomfortable regarding the sudden expansion and changes in the business s tructure of the company. It can be discussed that at this position, the company had an uncertain future due to umber of changes. Spencer (2014) has discussed that in the times of uncertainty there are three general strategies, namely, buffer, plan and adapt. It can be evaluated that in the present scenario, Dack adopted the strategy of planning to secure his own future. In this decision-making process, other factors such as his desire to contribute to the society from where he had come and the sudden demise of his brother also worked. Along with it, in the views of Courtley, Kikland and Viguerie (2000) the residual uncertainty has four levels, namely, clear future, alternatives future, range of future and true uncertainty. The above situation falls in the second category wherein no amount of discussion will result in the prediction of the future and the correct course of action depends upon which situation unfolds. In this situation, the future of the company was dependent on the market dynamics. Therefore, observing the future of the company, the Dack made a decision to switch his course of career. Contribution of Personality in Decision-Making Process Personality has a major contribution in the decision-making process of an individual. The personality of an individual determines what choice the person will make in spite of the fact how much a person is aware about the influence of his personality or the amount of logic placed in the decision-making process. The decision making process of an individual is dependent upon the maturity, experience and personality of the individual. A person can also control to an extent the influence of his personality on his decision making process, but it cannot be entirely washed out. In business environment, decision-making process is an integral part of the managerial functions. A manager has to regularly determine the strategic direction of the company and it involves multiple decisions. In simple terms, the decision-making process involves choosing one alternative over others. A person has multiple paths and choices to accomplish a goal; however, choosing a certain alternative is dependent upon the values, desire and the lifestyle of the person (Neuert and Hoeckel, 2013). In the case of James Dack, his personality was smart, ambitious, extrovert and exceptional communication skills. These skills also allowed him to become a very successful real estate person in Australia. Along with it, the personality of Dack was also characterised by empathy for struggling people or young man with poor background and compassion. It can be analysed by the several initiatives operated by Dack along with his brother. Another aspect of Dacks personality was intelligence and patience. These are the key skills in the negotiation process in the sales closure and selling of houses. Dack also had a strong will and supported his brother when he became an alcoholic. The personality of Dack reflects in his decision making process. It can be critically examined that the decision regarding leaving the real estate business was contradicted by the family of Dack. Entering into new business also brings financial uncertainties; however, Dack did not succumb to the pressure and was determined to enter into financial investment business. The suicide death of his close brother also impacted Dack hugely and it motivated him to enter into some meaningful business. He also named the business on the nickname of his younger brother Sunshine. Dack also possessed empathy with people which motivated him to enter into the financial investment business. The company will invest money in initiatives and social ventures that support young man in securing their future and providing a legitimate direction to them. In addition to it, it can be examined from the salesmanship qualities of Dack that he was patient and clever person. In spite of the fact that Dack was having several issues with the CEO of the company, he did not quit and supported it till the end of his tenure. He developed plan regarding his switching to other business and determined his new business venture upon what he wanted to do with his life. After the close examination of all the alternatives present and complete development of the business plan, he decided to leave his previous company. It shows his determinism and patience. Jacks Decision Making Process Decision-making process is an innate characteristic of entrepreneurs. Every business person has to regularly take different decisions to run their business. Entrepreneurs are naturally born problem solvers. In order to solve certain difficult problems, the managers need to take difficult decisions. These decisions have very long effect on the business organisation or the person. Dack made a hasty decision of quitting the company. It can be determined from the hasty mail sent to the company on the day of his leaving. It was best-practice to suggest the company beforehand so that the business organisation has minimal negative impact regarding the departure of the key employees. Furthermore, quitting the company on such a quick notice also proved unfavourable for already bad relations with the CEO of the company. Although Dack was keen to run an organization devoted to social cause, the financial viability of the company should also be determined beforehand. Since, the children of Dack were young and he has responsibility of their future, it is important to consider the financial viability of the new venture (McClafferty, 2015). To a certain extent, the decision of Dack was influenced by the death of his younger brother. Dack was devastated after the suicide of his younger brother Stephen and whole dynamics regarding the publishing of a book on the achievements of both the brothers. It is important for good decision making that the decision is independent of the emotions (Lerner, Li, et al., 2015). Recommendation to Improve Decision-Making Decision-making is an art and it requires practice to make strategic decision for the business (Robbins, 2014). In the following section, certain methods are suggested to improve the decision making process. Impulsiveness: The decision making should involve careful consideration of the cognitive cues and understanding the impact and consequences of decisions on the business organisation. A person can control his impulsiveness for better-decision making and can focus on weighing different alternatives and their reward (Robbins, 2014). Emotional Control: The emotions of a person can influence or bias his decision-making process and bias it. The emotional process guides the behaviour of a person and especially decision-making process. Therefore, it is important for rational and prudent decision making to control the emotions. Moreover, the rationality of the emotions should also be based on the validity of these emotions for the decision rather than their coherence. Overconfidence: Overconfidence is particularly harmful in the decision making process. Most of the managers have trust on their judgement as it has previously served them rightly and benefitted them. However, the amount of success to make a person overconfident regarding his judgement is quite few. A wrong decision can have disastrous effect on the business for a long duration. Therefore, it is important to evaluate all the alternatives carefully before taking a decision. A person should the evaluate all the external factors that can make the decision go badly before taking the decision (Robbins, 2014). References Courtney, H.G., Kirkland, J. and Viguerie, S.P. 2000. Strategy under uncertainty. Mckinsley. Retrieved 4 December 2016 from https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/strategy-under-uncertainty Lerner, J.S., Li, Y., Valdesolo, P. and Kassam, K.S., 2015. Emotion and decision making. Psychology, 66. Management Decision-Making Outcomes. Journal of Modern Accounting and Auditing 9(3), pp. 380-391. McClafferty, A. 2015. 5 Simple Steps to Improve Your Decision Making. Retrieved 4 December 2016 from https://www.forbes.com/sites/alexmcclafferty/2015/02/05/decision-making/#cb199b31409e Neuert, J. and Hoeckel, C.A. 2013. The Impact of Personality Traits and Problem Structures on Robbins, S.P. 2014. Decide and Conquer: The Ultimate Guide for Improving Your Decision Making. London: Pearson Education. Sharp, A. 2014. McGrath Real Estate giant James Dack makes shock exit from multi-million dollar empire he started with John McGrath. Retrieved 4 December 2016 from https://www.dailytelegraph.com.au/news/nsw/mcgrath-real-estate-giant-james-dack-makes-shock-exit-from-multimillion-dollar-empire-he-started-with-john-mcgrath/news-story/0ff8b9d9f2dc06ee8c1491ccfe36b2f2 Spencer, R.W. 2014. Managing under Uncertainty. Research Technology Management, 57(5). Wendt, J. 2016. Revealed: why real estate superstar James Daack quit. The Sydney Morning Herald. Retrieved 4 December 2016 from https://www.smh.com.au/good-weekend/why-real-estate-success-story-james-dack-quit-20160909-grcuvq.html