Analytical thinking and decisions making : Assignment
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Added on 2021-02-19
Analytical thinking and decisions making : Assignment
Added on 2021-02-19
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Analytical Thinking andDecision Making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK ..............................................................................................................................................11. Importance of decision making and apply the decision analysis.......................................12. Simple multi-attribute rating technique (SMART) ..........................................................3Strength and limitation of analysis.........................................................................................53. Identification as well as outlining a decision problem related to Magic web solution ....6CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONThis report is based on analytical thinking and decision making it is that approach whereleader and manager make the important decision at the same they also have the solid data orinformation in hand. This style is more suited with intuitive leadership styles and in thesemanagers have to make decisions by using the intuitive or option. Decision making is an optionwhere we have to choose one among different alternatives. Magic web solution is the companythat helps the start-ups and organisation to successfully develop and launch the digital productsand web based software application. Now the company is launching the software vocus thathelps in acquire the customer. This report elaborates how decision making is important for theand also apply the decision making tools.TASK 1. Importance of decision making and apply the decision analysis.Decision making is very important for the business weather it is small or big, decisionmaking process is being considered as the backbone for the business as it is very important forthe business to take the right decision at the right time so that they can perform well. As per theview of (Hammond, Keeney and Raiffa, 2015) decision making is an organisation is based onthe information that is being presented as these are the information and the beliefs of decisionmaker that are combined and it forms the information. All the managerial functions are related tothe planning, staffing, controlling, organising, Directing and they all are carried through theprocess of decisions.As per the opinion of (Frederiks, Stenner and Hobman, 2015) they further categorised thedecision making in two categories that is Programmed decision and Non-Programmed decision.In programmed decision they are the routine and repetitive in nature that are under theframework of organisation policies and rules. These policies are being formed in advance tosolve the problems that are of recurring nature in the organisation. Non programme decisions arethose decisions that are non routine in nature and deployed to sort out the non routine problemsas they have the feature that are relevant in solving the unique and at the same unusual problemsthat arise in company but for these alternatives can not be decided in advance. Significance isgenerally high for the non programme decision and such decision are being taken and decided bythe top level management.
As per the view of (Brown-Liburd, Issa and Lombardi, 2015) the importance of decision makingin management the organisation can utilise the resources in an efficient manner also face theproblem and challenges if there is proper floe of decision making. Quick and correct decisionmaking leads to use the resources in better way and that leads to the growth of the company.Rational decisions always help the company to achieve all the objectives of they companyquickly even the decision making leads to facilitate the innovation and this helps in to developthe new ideas, new products, new process and many more things. In short decision making is aninseparable part for functions of management.Decision analysis is a systematic, quantitative, and it is the visual approach to address andevaluate the important choices that is being taken by the business. It can be used by theindividuals or it is an attempt to make the decisions related to the risk management, capitalinvestment and strategic business decisions.Decision analysis toolsDecision matrixThis tool is used by the Magic Web Solutions for the evaluation of all the options amongall the decisions by using the decision matrix to create the table and include all the options infirst column and insert the factors that affects the decision is to be in first row. By this they willgive the score to each option and weigh which factors are of more importance. And after thisthey will decide that which option is best among all. This will help the company to make theright decision and also helps in analysis the decision that is best suitable for the company(Erzurumlu and Erzurumlu, 2015).Decision treeIt is the graph and model that involves in contemplating the option and the same alsoevaluate the outcome of each option. As the statistical analysis is also conducted from thesetechnique. This helps the organisation in evaluation of decision at the same also find out theoutcome of decision with the help of this company can earn maximum profit and also theirsoftware will become successful in market.Pareto Analysisthis techniques is being used by the Magic Web Solutions when they have to take thelarge number of decisions. This helps the company in giving the priorly that which decision2
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