Last November 1st, in the Decision Management subject, students of class 18BBAV03 NTT Institute of International Education (NIIE) had the opportunity to exchange and share from MA. Dang Thanh Son, Deputy General Director of Win-Win Technology Investment Co., Ltd on “Governance in practice and sharing experiences.”
Over 15 years of experience in management at all levels, MA. Dang Thanh Son exchanged and shared with NIIE students about the steps of a Decision-Making Process, including:
1) Identifying and defining problems/opportunities;
2) Define restrictive requirements;
3) Developing potential alternatives;
4) Analysis of potential alternatives;
5) Select the optimal solution;
6) Implementation of decision making;
7) Building a control and evaluation system (learn from experience).
In investment and business management activities, when making decisions, each individual, whether an employee or a leader, must consider depending on specific situations, and handle them objectively, scientifically, and flexibly, on that basis, to make the right strategic decisions, to orient the operation and development of each organization/enterprise in the future. Because management decision is also a creative act of the administrator to determine a specific action plan to solve a mature problem, based on understanding and applying objective laws, influencing environmental factors.
Management decisions need to clearly show its “Value” & “Use value.” Value is the ‘right’ of the administrator; use value is used to ‘solve’ a problem that is needed to make it better and more effective.
The quality of management decisions depends on two essential factors: the quality of ‘information and ‘capacity of decision-making of managers. Therefore, to make a correct and practical decision, it is necessary to 1 Gather all the valuable information essential for decision making; and 2Excellent leadership ability of managers, it is both a science and an art.
The above are the essential prerequisites that an administrator should have before making the right decision, bringing practical business investment activities for an organization/enterprise.
Besides theory, MA. Dang Thanh Son brought 3 practical case studies to the workshop, spanning topics including 1Decision to receive orders from Import-Export Company; Decision to improve the efficiency of banking operations; Decision to comprehensively reform the operation process of the Company. In each case study, MA. Dang Thanh Son will give students practice making decisions, then he will analyze and evaluate based on the above steps and point out mistakes and draw experiences for the students of class 18BBAV03 .
At the end of the workshop, the students frankly shared that they had gradually become familiar with practical situations, and also realized that making management decisions is not an easy problem, especially In the role of a modern manager, when every decision is made, it is necessary to be very careful, because it only takes “one glass wrong and one mile to go”.
However, in all situations, not all decisive steps are taken; also, there is not a common “template” for all management decisions, but depending on the specific characteristics of the situation with specific space-time conditions; development trends; and even the manager’s point of view.