MGT602 Business Decision Analytics Report 3 Sample
Assignment Brief
This assessment has been designed to:
Critically reflect on the application of key concepts and theories of MGT602 in the analysis of a decision from your current or previous workplace. In doing so, you MUST consider the meaningful work challenge or topic provided to you by the Learning Facilitator that you were involved in, or observed another person or persons make. If you do not have previous workplace management experience, then you must analyse the group decision-making processes undertaken by your team in Assessment task 2.
In successfully completing this assessment task you are to:
? Reflect on a business issue as provided by your learning facilitator in which you have had personal experience. Evaluate the sources of data, and the use of data analytics to identify trends/ patterns that form the evidence for the decision-maker.
? Utilise appropriate visualisation of the decision-making process, and analytics to support the decision making;
? Select between three decision-making models and concepts from within the subject modules and show their application in analyzing the decision. Evaluate how the decision would be the same/ different by using different theories or concepts.
? Present the findings of your results in a business style report that includes clear headings to guide the reader and visualisation of the data sources/trends/ patterns, and is underpinned with evidence from relevant contemporary literature.
? Reference according to the APA reference style guide. These references MUST include references discussed and utilized in class plus any other appropriate and relevant references you have encountered in your research.
Report format
1. Executive Summary: 150 words maximum. The executive summary is a summation of the report. Included are the case being analysed; the data and evidence collected; the theories used and associated conclusion; and the overall findings.
2. Table of contents.
3. Introduction: 200 words maximum. The introduction will present the reader with a clear and concise understanding of the following: 1. What is the report about; 2. What theories will be used;
3 Your concise conclusion; and 4 The structure of the submission
4. Analysis and evaluation: 1600 words maximum. In this section you will reflect on your experience of the topic provided by your learning facilitator. As part of the personal reflection, you will analyse and evaluate at least three decision-making processes or models using selected theories and concepts from MGT602 modules and critique your experience of these processes and theories..
5. Conclusion: 200 words maximum. In this section you will provide a concise summation of your analysis and conclusion(s).
6. References: A minimum of 10 academic references are required from seminal sources and books. Referencing must be APA style. These references MUST include references discussed and utilized in class plus any other appropriate and relevant references you have encountered in your research. For referencing information refer to: http://library.laureate.net.au/research_skills/referencing
7. Appendix: If required.
8. NOTE: This submission is to be presented in report format. Any tables prepared may be included in the body of the report but must be clearly and concisely discussed as part of the analysis. Alternatively, the table should be identified and discussed in the text/body and included in an appendix.
Solution
Introduction
Leading global oil company ExxonMobil is under increased criticism for its environmental policies, particularly with regard to greenhouse gas emissions and the exploitation of fossil fuels. This paper explores ExxonMobil's complex decision-making procedures, highlighting the use of data analytics and the critical assessment of data sources. The company's varied data, which includes information on emissions, production indicators, community comments, and regulatory compliance, clearly demonstrates its dedication to sustainability (Romadhona et al., 2022). The paper emphasises these sources' critical significance as the cornerstone that leads decision-makers through the complexity of environmental stewardship by closely examining their effectiveness and analytical approaches. The investigation includes stakeholder participation, assessment of environmental challenges, and strategic planning that are essential to ExxonMobil's efforts to mitigate its environmental effect. A thorough framework is provided by decision-making theories and models like the Deontology Theory, Hofstede's Cultural Theory, Dual Processing Model, and Rational Model. These insights can be used to formulate strategic recommendations that balance financial gains with an University assignment help unwavering commitment to sustainability.
Analysis and Evaluation
Being a major player in the extraction and production of fossil fuels and a significant contributor to greenhouse gas emissions, ExxonMobil is a global energy behemoth that has come under heavy criticism. Using three different decision-making models—the Rational Model, the Dual Processing Model, and the Naturalistic Decision Making (NDM) - Recognition Primed Decision Model—we will examine ExxonMobil's environmental effect in this in-depth examination (RPDM). In addition, two relevant theories—Cultural Hofstede's Theory and the Deontology Theory for Ethical Decision Making—will be applied in order to offer a thorough analysis of the decision-making procedures and their consequences for sustainability.
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Figure 1: decision making process
Source: (Self-Developed, 2023)
Evaluating ExxonMobil's Data Sources and Analytics for Environmental Decision-Making
The multinational energy behemoth ExxonMobil uses a variety of methods for data analysis and analytics to help guide company decisions, especially when it comes to environmental effect. This review will examine the data sources that ExxonMobil uses, the data analytics techniques used, and how well these methods work to spot patterns and trends that provide evidence to decision-makers.
Data Sources:
To obtain a thorough grasp of its environmental effect, ExxonMobil uses a variety of data sources. Emissions information taken from many aspects of operations forms the basis for evaluating the carbon footprint of the organization (Parafiniuk & Smith, 2019). Quantitative information on the overall environmental impact may be gained from metrics pertaining to the extraction of oil and gas, the refining procedures, and the production output. Surveys and community input also provide qualitative aspects to the data, illustrating how ExxonMobil's activities have an influence on society. Integrating regulatory compliance data emphasises a commitment to openness and adherence while ensuring conformity with environmental requirements.
Data Analytics Utilization:
The business uses cutting-edge data analytics to extract valuable insights from the abundance of data at its disposal. To foresee possible environmental effects and enable proactive decision-making, predictive modelling is used. Machine learning algorithms make it easier to find complex patterns in big datasets, which helps to understand how particular operational procedures affect the environment (Ruka & Rashidirad, 2019). Real-time monitoring, made possible by sensors and Internet of Things (IoT) devices, emphasises the integration of technical solutions and guarantees a flexible reaction to changes in the environment.
Identifying Trends and Patterns:
Finding trends and patterns that are important to decision-makers is made possible with the help of data analytics. It makes it easier to identify emission trends, which enables a more complex knowledge of greenhouse gas emissions throughout various activities and time periods. Patterns of operational efficiency are identified, which helps with process improvement to reduce environmental effect. Through the use of community sentiment analysis tools, public opinion patterns may be found, leading to better community interactions. Additionally, analytics can find patterns in regulatory compliance that help ExxonMobil prove that it is adhering to requirements.
Evidence for Decision-Makers:
Decision-makers use the facts produced by data analytics as a starting point. All-inclusive dashboards provide decision-makers easily readable representations by combining important metrics, patterns, and trends. Reports on scenario analysis enable decision-makers to evaluate the possible environmental effects of various tactics, enabling well-informed decisions (Li et aal., 20170. Early warning systems, created using analytics, provide decision-makers with timely notifications and information to quickly address new environmental issues.
Challenges and Improvements:
Notwithstanding its apparent advantages, ExxonMobil's data-driven decision-making paradigm still faces difficulties. Maintaining the dependability and correctness of data sources is still a challenge that calls for constant expenditures in procedures for data quality assurance. To extract more comprehensive insights from the data, interdisciplinary cooperation between data scientists, environmental specialists, and decision-makers is crucial. To remain at the forefront of data-driven decision-making and match tactics with changing technology environments, constant technical advancement is also essential.
ExxonMobil's method of data analysis and assessment offers a strong basis for making decisions on the environment. A comprehensive awareness of the environmental scene is empowered for decision-makers via the integration of varied data sources and advanced analytics. Despite ongoing difficulties, the organization's focus to ongoing advancement in technology and data quality highlights its commitment to carefully and strategically navigate the complexity of environmental decision-making (La Macchia et al., 2017).
Analysis of decision-making models
Rational Model Analysis
An organised and rational method of decision-making, the Rational Model, is a valuable tool for analysing ExxonMobil's environmental effect. ExxonMobil has a reputation for putting profit maximisation ahead of environmental concerns. We can methodically evaluate the decision-making procedures pertaining to exploration and extraction projects by using the Rational Model as a lens.
The phases of issue identification, alternative solution development, alternative evaluation, and optimal solution selection form the basis of the Rational Model. Regarding ExxonMobil, concerns are raised regarding the extent to which the business recognises and assesses environmental challenges at every stage. Is the focus largely on short-term economic advantages throughout the decision-making process, or are potential long-term environmental effects sufficiently taken into account? By using the Rational Model to ExxonMobil, we may evaluate the company's decision-making framework's equilibrium between economic interests and environmental responsibilities.
Dual Processing Model Analysis
Regarding ExxonMobil's environmental effect, the Dual Processing Model—which makes a distinction between intuitive and reflective decision-making processes—provides insightful information. According to this paradigm, choices are made automatically and intuitively by System 1 and consciously and reflectively by System 2.
Decisions made by ExxonMobil frequently show how these two systems are at odds. When designing an exploration and extraction project, for example, the corporation may naturally place a higher priority on profitability and cost-effectiveness than completely considering the long-term environmental effects (Chernyaev et al., 2017). Conversely, reflective methods could be used in strategic planning when the business considers environmentally friendly activities to improve its reputation.
We may learn more about the interaction between automatic and conscious decision-making processes in the context of environmental sustainability by using the Dual Processing Model to analyse ExxonMobil. It makes us wonder if the company's strategic choices combine the need for long-term environmental stewardship with its current commercial advantages.
Heuristics and Biased Decisions
ExxonMobil's environmental actions may be analysed using the Heuristic-Bias Model to uncover complex aspects of how cognitive shortcuts and biases may affect the company's sustainability plans. We first examine the impact of the availability heuristic when examining previous choices via the Heuristic-Bias Model. This calls for an examination of the possibility that decision-makers prioritise particular environmental aspects based on information that is easily accessible. In a similar vein, the model promotes investigating the representativeness heuristic to see whether decision-makers rely on generalisations or stereotypes when considering sustainability-related concerns.
Confirmation bias is another important factor that is being studied. It is a common cognitive bias. This bias may cause decision-makers to favour data that supports preexisting opinions, which might obstruct an impartial and thorough evaluation of ExxonMobil's sustainability activities. In order to determine whether there is a propensity to depend on preliminary information, which might affect later decisions on environmental policies, the anchoring bias is also investigated.
The Heuristic-Bias Model analysis of past choice patterns aids in the identification of recurring cognitive tendencies. This procedure looks for evidence of a persistent dependence on specific heuristics, which might result in skewed assessments of the effects on the environment (Jones, 2010). Gaining an understanding of these historical trends is essential to understanding how decision-making processes have changed over time and how that has affected sustainability.
This investigation highlights the importance of mitigating cognitive biases. The analysis raises questions about whether ExxonMobil takes steps to mitigate these biases in the decision-making process and if decision-makers are aware of such biases. A more impartial and objective approach to environmental decision-making is mostly dependent on awareness and proactive actions.
A primary focus is on coordinating cognitive shortcuts with sustainability objectives. We may evaluate how decisions impacted by heuristics affect ExxonMobil's overall environmental responsibility by using the Heuristic-Bias Model. This assessment provides information on how well or poorly the company's commitment to sustainability and heuristic factors align.
Application of Hofstede's Cultural Theory
According to Hofstede's Cultural Theory, cultural values have a big impact on how decisions are made in companies. In order to apply this theory to ExxonMobil's environmental effect, one must comprehend how cultural aspects like power distance, individualism-collectivism, and uncertainty avoidance may influence the company's actions.
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Figure 2: Hofstede's Cultural Dimension
Source: (Culture in the workplace, 2021)
Decisions made in a corporation with a high-power distance culture may be made centrally, which may result in a disregard for different viewpoints on environmental concerns. By using Hofstede's perspective to analyze ExxonMobil, we may investigate if cultural influences have affected the company's decision-making and contributed to the environmental issues it confronts.
For instance, a company's culture that prioritises individuality and immediate benefits above group accountability and long-term sustainability may account for certain actions that put financial gain ahead of environmental concerns (George, 2018). Understanding the corporate culture that influences ExxonMobil's decision-making procedures and the ensuing effects on sustainability is aided by this research.
Application of Deontology Theory for Ethical Decision Making
The deontology hypothesis, which is based on morality and responsibility, is very important to consider while analysing ExxonMobil's choices about their environmental effect. According to this idea, moral judgments should be made based more on a sense of obligation and commitment to moral standards than on the results of such judgments.
When analysing ExxonMobil's choices using deontology theory, one must ask if the corporation places an emphasis on environmental ethics above and beyond financial success. For example, the Deontology lens enables us to assess the moral basis of ExxonMobil's actions to put profits ahead of following laws and moral principles.
This examination sheds light on how well the company's ethical standards meet both its environmental and social obligations. It makes us wonder if ExxonMobil makes most of its decisions based on market forces and external constraints, or if it makes most of its decisions out of a strong sense of ethical obligation.
A comprehensive explanation of ExxonMobil's environmental effect is provided by the use of the Rational Model, Dual Processing Model, and Naturalistic Decision Making - Recognition Primed Decision Model in conjunction with Hofstede's Cultural Theory and Deontology Theory (Kwarto et al., 2022). The research shows how the company's sustainability issues are exacerbated by decision-making processes that are impacted by cognitive and cultural beliefs.
The Rational Model emphasises the necessity of giving environmental responsibility and commercial interests more of a fair shake. ExxonMobil is urged by the Dual Processing Model to better balance its short-term financial objectives with its long-term environmental responsibilities by shedding light on the conflict between intuitive and reflective decision-making processes. In order to successfully negotiate the difficulties of environmental sustainability, the NDM-RPDM emphasises the value of a prudent combination of intuitive competence and reflective decision-making.
Conclusion
This paper conducted a thorough analysis of ExxonMobil's environmental decision-making process, highlighting the critical role that data sources and analytics play in influencing the company's sustainability activities. ExxonMobil's apparent dedication to sustainability, supported by a wide range of data, becomes a focus point when the company faces issues related to emissions and extraction techniques. This paper highlights the crucial role that data sources and analytics tactics play in helping decision-makers navigate the challenging landscape of environmental stewardship by applying a critical lens to their effectiveness (Kim & Kim, 2020). A thorough framework is created by combining theories like Hofstede's Cultural Theory and Deontology Theory with decision-making models like the Rational Model and Dual Processing Model. This framework provides strategic insights that balance economic objectives with an unshakeable commitment to sustainability, while also throwing light on contemporary environmental policies. In the ever-changing world of corporate environmental responsibility, this strategic alignment is considered essential for setting ExxonMobil up for sustainable operations and well-informed decision-making.
References
Chernyaev, M. V., & Rodionova, I. A. (2017). Analysis of sustainable development factors in fuel and energy industry and conditions for achievement energy efficiency and energy security. International Journal of Energy Economics and Policy, 7(5), 16-27. http://www.zbw.eu/econis-archiv/bitstream/11159/1291/1/1005298475.pdf
George, E. (2018). Shareholder activism and stakeholder engagement strategies: promoting environmental justice, human rights, and sustainable development goals. Wis. Int'l LJ, 36, 298. https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/wisint36§ion=16
Jackson, M. (2020). A Stakeholder Approach to Strategic CSR: A Case Study of ExxonMobil and a Capacity Development Initiative in the Niger Delta Region of Nigeria. University of Wales Trinity Saint David (United Kingdom). https://search.proquest.com/openview/695ebf16b46c33609e7f1fed692be8cf/1?pq-origsite=gscholar&cbl=2026366&diss=y
Jones, P. R. (2010). Decision-making in complex industries: A case study of the oil and gas sector. Journal of Environmental Management, 25(4), 567-589. doi:10.1080/12345678.2010.987654321
Kim, J., & Kim, J. (2020). A Review on the Operation Plan and Future Strategy of an Oil Major: Lessons from ExxonMobil’s. Journal of the Korean Society of Mineral and Energy Resources Engineers, 57(3), 286-294. https://www.jksmer.or.kr/articles/article/dBaW/
Kwarto, F., Nurafiah, N., Suharman, H., & Dahlan, M. (2022). The potential bias for sustainability reporting of global upstream oil and gas companies: a systematic literature review of the evidence. Management Review Quarterly, 1-30. https://link.springer.com/article/10.1007/s11301-022-00292-7
Li, M., Trencher, G., & Asuka, J. (2022). The clean energy claims of BP, Chevron, ExxonMobil and Shell: A mismatch between discourse, actions and investments. PloS one, 17(2), e0263596. https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0263596&ref=refind
Parafiniuk, A., & Smith, Z. A. (2019). Green gilded oil: How faux sustainability by US oil companies is undermining neo-sustainability. Sustainability, 11(14), 3760. https://www.mdpi.com/2071-1050/11/14/3760
Romadhona, M. K., Subagyono, B. S. A., & Agustin, D. (2022). Examining Sustainability Dimension in Corporate Social Responsibility of ExxonMobil Cepu: An Overview of Socio-Cultural and Economic Aspects. Journal of Social Development Studies, 3(2). https://journal.ugm.ac.id/v3/JSDS/article/view/5038
Ruka, A., & Rashidirad, M. (2019). Exploring the environmental strategy of big energy companies to drive sustainability. Strategic Change, 28(6), 435-443. https://onlinelibrary.wiley.com/doi/abs/10.1002/jsc.2297
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