Analytical Thinking and Decision Making Doc
Added on 2020-05-16
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Running head:ANALYTICAL THINKING AND DECISION MAKINGAnalytical Thinking and Decision MakingName of the student:Name of the university:Author Note
1ANALYTICAL THINKING AND DECISION MAKINGExecutive summaryDecision Making is a component of current day management playing a crucial role. This is becausethey determine both managerial and organizational activities. The following report involves anapplication of an analytical tool to a practical decision making scenario. Moreover, it intends toexamine strengths and weaknesses of this analysis. The significance of decision making andapplication of decision analysis are demonstrated here. Decision problem related to an externalorganization are outlined. A SMART or “Simple Multi-attribute Rating Technique” towards thedecision problem is applied to strengthen the claims. Lastly, benefits and drawbacks of that analysisare analyzed under the present context of a decision problem.
2ANALYTICAL THINKING AND DECISION MAKINGTable of ContentsIntroduction:..........................................................................................................................................31. Discussion on the importance of decision making and the application of decision analysis:...........31.1. Importance of decision making:.................................................................................................41.2. Application of decision analysis:................................................................................................42. Decision problem relating to an external organization:.....................................................................62.1. Decision problem at Equal Experts:...........................................................................................62.2. Typical examples:.......................................................................................................................73. Application of Simple Multi-Attribute Rating Technique or SMART to decision problem:..........124. Discussing and detailing strengths and limitations of analysis in the context of above decisionproblem:...............................................................................................................................................154.1. Strengths:..................................................................................................................................164.2. Weaknesses:..............................................................................................................................16Conclusion:..........................................................................................................................................17References:..........................................................................................................................................18
3ANALYTICAL THINKING AND DECISION MAKINGIntroduction:Decision making is always an essential part of current day management. It plays a vital rolesince they determine both managerial and organizational activities. It involves selection of course ofactions from various alternatives for solving given a problem. The assignment is prepared to involve an application of an analytical tool to a practicaldecision making scenario. It intends to assess strengths and weaknesses of that analysis. The report discusses the significance of decision making and application of decision analysis.It has identified and outlined decision problem related to an external organization. Then it applies aSMART or “Simple Multi-attribute Rating Technique” to the decision problem outlined. Then a fullstrength and limitation of that analysis are discussed in the current decision problem context. 1. Discussion on the importance of decision making and the application of decision analysis: As evidenced by the above-foregone definitions, a process of decision making can be said tobe a conductive affair. This is done by a community of professionals driving better functioning oforganizations. It is a dynamic and continuous activity pervading every activity about anyorganization. Thereby, decision making is a dynamic and continuous activity pervading every otheractivity that has been about the organization (Power, Sharda and Burstein 2015). As it is acontinuous activity, it plays a crucial role regarding the functioning of companies. Intellectual mindshave been included in the process of decision making of the company. It needed solid scientificknowledge assimilated with experience and skills along with mental maturity. This process to makedecisions is seen as a check and balance system keeping firms growing both in straight and verticaldecisions.
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