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The main purpose of this assignment is to evaluate the quantitative and qualitative data. That is present in the selected case study in light of the various decision-making theories. The groups will identify the main quantitative and qualitative data from the selected case study. Then evaluate deeply how it is influenced, by the relevant decision-making theories/processes. The case study selected for evaluation is “ News Media Still Driving Australian Business Decision-making; Quantitative data means any information that could be counted and measured (Mehrad and Zangeneh 2019). While qualitative data means data that could be readable and not numerical. Quantitative and Qualitative data is collected by the researcher by doing deep research and make the case study decision-making easier and more efficient. There are various decision-making theories, these theories help an individual in knowing how to behave under risk and uncertainty.
In the article published in Ad News, it has been found that 41.5% of Australian business leaders rely on TV and news programming. The business leaders in Australia rely on any information related to the business on the news media. The quantitative data present in this article that shows various alternatives for taking information is an approach underlined in prospect theory. Prospect theory helps individuals in selecting the best alternatives among all (Huang et al 2021). By using the concept of this theory, an individual can select an alternative that provides unbiased information. In the article, the business leaders actually justify why they are relying on the news media information more rather than mouth-to-mouth words. According to the Australian financial review, various business leaders in Australia relied on the news media during Covid-19 (Ward 2021). News media has been selected as the best alternative during Covid-19 because business leaders think that it would not mislead them or give fake news.
(Source: https://www.adnews.com.au/news/news-media-still-driving-australian-business-decision-making)
The image above taken from the case study article shows that social media percentage is quite high among all alternatives. Business leaders are selecting it as one of the most preferable sources.
Decision-making between the two most prominent alternatives is quite tough for business leaders. Getting information from reliable sources is actually a most desired need for a successful business. News media is a source from where multiple reliable news could be gained but there is a chance of getting fake news as well. Business leaders trust news media but they distrust it as well, due to the increasing fake news rate. According to the case study article, 24% of business leaders have shown distrust of social channels. And only 2% have shown distrust of the industry associates or professional networks. This reflects that the business leaders are highly adhering to the attribution theory of decision-making. Attribution theory explains the reason behind selecting any alternative that is fruitful for the business. As per the percentage of distrust provided in the case study article, it has been found that business leaders are relying more on professional networks, due to the fake news involvement in news media. Business leaders think that gaining information from their own professional network can make a person liable in the case of any business. Business leaders could not sue the news organizations if they derive any information from them. Therefore, it has been proved that the attribution theory of decision-making has been used in the case study data.
After analyzing the quantitative data in the selected case study, it has been found that business leaders rely more on industry events for information. It has been observed that 63% of the business leaders are relying on industry events rather than news media. This shows that the selection has been made by using the subjected expected utility theory. Subjected expected utility theory refers to selecting an alternative having high risk but better outcomes. Industry events could be organized and sponsored by any individual. There is a high chance of getting biased information too. However, data provided in the case study shows that business leaders trust industry events information because it can give better outcomes. According to a Treasury government website article, business events helped in growing the Australian economy and contributed $35 billion in the year 2019 (Treasury.gov 2021). This supporting data shows that the business leaders trust the industry events for information and growth as they are contributing much to the economy. In industry events, the information is reliable because a lot of other industry experts sponsored that group program. The data derived from the industry events have less chance of bias as it is prepared by the experts by doing proper research.
Radio is an obsolete source for getting information these days, as new sources have come. Business leaders are not using this traditional source for getting information due to the high chances of getting biased information. As per the data provided in the case study article only 18% of the business leaders are engaged to the radio for getting business information compared to others. Business leaders are adhering to the Satisficing theory of decision making. Satisficing theory means that an individual is selecting the alternative when they have limited resources. Radio is least selected for deriving business information because a lot of other media’s have been launched. When business leaders think that they do not rely much on the other modes for information then they are selecting radio. Image attached below-
(Source: https://www.adnews.com.au/news/news-media-still-driving-australian-business-decision-making)
LinkedIn is a professional network that connects various professionals and industries across the world. Any business professional could join LinkedIn and they can post any information that they want too. LinkedIn posts could be accessed by any individual to get reliable information that is posted by a professional expert. According to the case study data, 23% of the business leaders are trusting LinkedIn for business information. Only 17 % trust Facebook, 8% trust Instagram, and 7% twitter. This approach of decision-making used in the case study shows the influence of the game theory of decision-making. Decision-making by using game theory means selecting the best alternatives among the most competing ones. LinkedIn, Facebook, Instagram, and Twitter, all the are most competing social media platforms. People use them frequently to gain information. And LinkedIn is selected as one of the most prominent ones by Australian business leaders for deriving business information.
After analyzing the above information, it has been recommended that Australian business leaders use the news media as the primary source of information. But they should look upon other sources as well. Because depending on one source primarily could not be satisfactory. There is a high chance of getting false information that can affect the business decisions adversely. As these days, fake news involvement is much, so there are chances of getting biased information. Social media platforms like LinkedIn could be selected as an alternative to the news media. LinkedIn actually includes the information that is posted by the experts and could be more reliable than the news media. LinkedIn information could be checked and authenticated by consulting with experts. While other source information could not be authenticated to such an extent.
Further, it has been recommended that Australian business leaders should choose a more open approach to decision-making. From the case study article, it has been found that business leaders are trusting more on industry events for business information derivation. But this is not right complete trust in industry events like 63% average, is not fruitful for business. Business leaders should trust industry events for taking information but take a risk cover, in case of abeyance. Industry events information is posted by the individuals and there is no guarantee that it is reliable. Some other sources should also be trusted more for gaining information like internal industry events of own company should be trusted more than external events.
In addition to the above it has been concluded that business leaders are using different theories of decision-making for selecting the right sources of deriving information. Quantitative and qualitative data given in the case study supports and validates the justification. Perspex theory, game theory, and other theories influence has been tracked in the case study after deep analysis. The data provided in the case study provides direct information and comparison as well time to time. It shows how much percentage of business leaders rely on which social network and news network more. Data provided in the case study will help numerous audiences indulged in Australian business in selecting the most reliable source for taking information.
Huang, Y., Lin, R. and Chen, X., 2021. An enhancement EDAS method based on prospect theory. Technological and Economic Development of Economy, 27(5), pp.1019-1038.
Mehrad, A. and Zangeneh, M.H.T., 2019. Comparison between qualitative and quantitative research approaches Social sciences. International Journal For Research In Educational Studies, Iran, 5(7), pp.1-7.
Treasury gov, 2021. Covid-19 recovery and rebound framework. Retrieved from https://treasury.gov.au/sites/default/files/202203/258735_business_events_council_of_australia_supporting_document.pdf.
Ward, M, 2021. https://www.afr.com/companies/media-and-marketing/business-leaders-look-to-international-news-sources-20210910-p58qhq.
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