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Decision making and team theory is a study that advises how to make the best choices with the distribution of expertise among the team members. Identifying the decision is the first step in decision-making that defines precisely the nature of choice that one must take. Relevant information is then gathered from the best sources in both internal and external work. The possible paths of alternatives or actions should be identified using additional information and imagination. The evidence should then be weighed to obtain a particular action or a combination of an option that has a higher potential for attaining the organization objective is selected. The action should be taken followed by the review of the decision and its consequences. As team members it is crucial to fill the right roles, get input separately and then share perspectives, as well as enhance communication on why, what, and how they added specific information.
Teams and decision making are made ranging from simple to complex situations for the identification of best way forward and problem-solving. For example, different members join together with new information in practice, a shortcut for software, previous experience on a particular task, or in-depth knowledge. Working in teams has a higher chance of solving a problem than individual work. Sharing knowledge within the group also benefits every member to add on what they already know and what they obtain is likely to stick better, immediate, and free. Decision making is not fully optimized in the Venezuela oil industry regarding cost, effort, and time (Vazquez, 2014). However, standard methodologies, efficient tools, and an integrated approach may be used in decision making to help the industry and people meet their goals. Making informed and right decisions are some of the crucial choices in improving the organization's operations and performances. The industry can use decision tools and systems to improve reliability, agility, and responsiveness. In the oil and gas industry, a decision-making framework for project evaluations and conceptual design are presented. An assessment of proposed structure and outcomes of the conceptual process are conducted. An individual interested in working in the oil industry should know how to make designs and framework that give realistic results to aid in strategic decision making. In formulating such models, one should include all the uncertainties so that to improve the outcomes of the design.
Theories of knowledge management focus on of various organization factors such as technology and ecology. For instance, ecology theory focuses on internal and external factors which include relationships and interactions among individuals in an organization (Hjrland, 2013). Technology has a role to play in knowledge management to implement firm strategies. Through the advancement in technology, organizations have replaced conventional and hierarchical administration with management decision-making and operational activity. Knowledge management challenges involve managing community participation, engagement, and quality of time and also ethical sharing of information of value and knowledge. For example, when members share ideas they build their relationships and keep each other engaged and updated. For an organization to compete in the global market efficiently and effectively, management of knowledge is essential in handling and creating a sustainable competitive advantage for the business (Hjrland, 2013). For example, in the recent years, the oil and gas industry has experienced various changes influencing sectors such as refining, drilling, production, and searching (Lang, 2013). The areas have a significant effect on research and development, production, and marketing strategies. The oil industry in Venezuela has been able to accomplish such changes through effective knowledge management making it a significant oil and gas generator and distributor. Human expertise in the field of earth science, engineering, and facilities maintenance are valuable in providing the required knowledge in the oil industry.
Cultural value differences and communications norms are important considerations since the workforce is diverse. Cultural competence is crucial among employees since it helps them to interact effectively with colleagues from different cultures. The management should be tolerant towards cultural diversity within a working environment. Cross-cultural skills help the organization to achieve set goals. Organizations should recognize that employees have profoundly different ways of seeing the world and their role in it. For example, in the in Venezuela, the workforce has a special way of expressing etiquette, manners, and greetings (Vazquez, 2014).
Common communication norms are essential for the employees since some people say what they mean while others more indirect which can be misleading or even confusing. Mutual communication makes an organization unique and gives it the opportunity to fit within the global environments. Thus, individuals should have the ability to work in highly dynamic and challenging environments. The oil industry is faced by other challenges such as inadequate facilities due to the extreme cost, scarce skilled labor, and insufficient specialized infrastructure. The set up required is lengthy since most oil fields are far from the coast and thus to get the crude to the market more resources are needed (Hjrland, 2013). The shortage of facilities, equipment, and chemicals to properly treat and store oil has reduced Venezuela's crude oil quality. Politics impact the industry since the sector contributes more than fifty percent of the national gross domestic product and a total of ninety-five percent of exports. The industry has also brought rapid development and increased government revenues.
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