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Author(s): Peeyush Tewari | Boby George Jacob

Journal: Australian Journal of Business and Management Research
ISSN 1839-0846

Volume: 1;
Issue: 8;
Start page: 77;
Date: 2011;
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Keywords: Decision making | ROVIS | Critical Factor

Decision making in many situation is a critical factor in growth and sustainment for any national or international business situations. In this paper we conceptualize a new theory names as ROVIS which can be applied as a new business concept for decision making, which can be universally applied to all management related spheres. The concept focuses on thought - rationalization before even considering the thought as a decision. It interprets the Critical X Factor or the Critical Success Factor and then employs optimization models to maximize the chances of success. The Critical X Factor is converted as the Optimal Decision Model to maximize success conditions. Then using the surrounding environment and the risk factors involved one can identify the critical success factor(s) and develop it to the maximum level to achieve surety of success which is predetermined which is optimization stage. Then the developed success factor is re-employed in the process and tested in simulated conditions replicating the actual environment and risk factors and then verified to see if the critical success factor(s) produces the desired results otherwise we incase of a deviation from the desired level of success due the unsatisfactory performance of the identified critical success factor(s). Then the factor(s) is subjected to further improvement and development and retested until desired results are achieved. Once the desired results are achieved in simulated environment the critical success factors are now subjected to actual environment with actual risks. Based on their performance in real conditions, the results of the satisfaction are evaluated and compared against the computed results of the simulated environment (replicating the actual environment & risks) keeping in mind that the difference of the results cannot exceed the accepted tolerance level which attributes to the instability of the economy or uncontrollable factors bringing results within the tolerance levels. The ROVIS theory also emphasizes making the right decision at the right time in the right situation which would minimize over-spending occurring out of short-sighted business decisions or irregularities in decision making. Though industries vary in operational level, we find that, the ROVIS Theory is definitely a evolving management concept which focuses on strategic thinking through rationalized approach and can be a universally acceptable role model in all industries globally. A brief example explains the usability of this theory in the Gulf Business environment.
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