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Analytical thinking and decision making : assignment

   

Added on  2021-01-02

17 Pages5108 Words335 Views
ANALYTICAL THINKINGAND DECISION MAKING

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11. Importance of decision making and the application of decision analysis tools.................12. Defining decision problem involving multiple objectives.................................................43. Outlining and discussing various stages and outputs of the analysis.................................54. Strengths and limitations of the analysis .........................................................................10CONCLUSION..............................................................................................................................12REFERENCES................................................................................................................................1

INTRODUCTION analytical thinking and decision making of an individual plays a crucial role that helpsto provide effective solution for the problems. Where in the report it has been discussed aboutthe decision making and its importance in an organisation which could lead to manyconsequences that can be positive as well as negative and can create serious impact on thesurrounding of the economy. The following report discuses about various important values ofdecision analysis which covers every factor that can influence the project in any way. It alsofocuses on simple multi-attribute rating technique which is used to choose among the availablealternatives and helps to provide an effectiveness of project which depends on many criteria orattributes. These attributes have to be judged with the five aspects which are specific,measurable, achievable and realistic as well as time bounded (Cascetta and et. al., 2015). Thestrengths and the limitation of a project have been discussed as well which are important for theanalysis of decision which has been made for satisfying needs, demands and expectations ofevery customer.1. Importance of decision making and the application of decision analysis toolsDecision analysis is very important for every business as it helps to provide the directionfor taking correct decision which can be beneficial for them in every aspect. It is the disciplinewhich can comprise of various theories, methodologies, philosophies and several professionalpractices which can ultimately help the individual for addressing important decision regardingany subject. In the case , UWS technical Services has provided option of three software havingdifferent development costs and related effectiveness to the Audience Response System thatprovides the equipment for higher education sector. And looking for this software which canprovide easy access of the software to the user through various web based application and appsin the portable devices which are mostly opted the individuals. Therefore, UWS technologyservices have provided several packages of software along with various costs which areassociated with it (Purohit,Tikariha and Kalia, 2018). Various methodologies and use of many theories and principles would help company toadopt the best possible software which could provide them accomplishment of goals andobjectives which they are aiming for. Decision analysis is a valuable process as it facilitates inproviding the knowledge or adopting the best project which would provide many benefits thatcould lead to generate revenues in return and require less investment and maintenance cost which1

are the most essential aspects of choosing the plan along with keeping up a backup for associatedfailure of chosen proposal by Audience Response System (Dahl, 2017). Now, the decision has tobe made in between the adoption of web based functionality or the app based system where bothrequire different requirements and varied costs associated. Main criteria for choosing anyproposal for this company is the package that has moderate cost associated with development ofproject.The importance of decision analysis includes the aspect of providing help for the idealrepresentation of information which is given in a complex format can be simplified so that onecan analyse every related aspect deeply as it is very crucial to maintain because it results ineffective implementation of any chosen project in the practical format. Most of the decisions aremade by adopting methodology that helps to prioritise any kind of information according totheir importance which can provide the idea what should be a crucial factor that should be keptin concern while other factors can be neglected as their impact might be not so strong. Withproper decision analysis, one can estimate and brainstorm several outcomes that can be generatedwith the adoption of any proposal which are provided in a choice. It leads to achieve desirableresults which is the positive aspect of decision analysis. With respect to the particular decision,one can also estimate the future consequences that would lead to prepare strategies for futureproblems or crisis that can be generated with proposal in worst scenario. Various technologicalcompanies have hired decision analytical specialist which focuses providing necessaryinformation from big data and facilitate process of making various business decisions which arevery important that lead to make an organisation more successful. Therefore, the process ofdecision analysis is considered to be essential in present scenario as there are various dynamicchanges to which every company has to cope up in order to achieve stability in a market and alsoresultant benefits.As the decision making is an important aspect in a company which helps to decide theadoption of particular path in order to accomplish the goals and objectives of an organisation.This process provides access to certain exposure which could lead to production of a resultwhich is efficient and effective and can provide benefit to the organisation. With the effectivedecision making, one can lead to make all the activities to be successful. It creates a sense ofcoordination among the individuals as they provided a vision which could lead to formation ofsuccessful processing of output which can satisfy the needs and requirements of various clients2

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