In a firm, it is essential to gather all members in process of decision making as all the members of an entity should treated equally (FentonO'Creevy and et.al., 2011). Importance of decision making The process of decision making can prove beneficial for the Tesco in various ways. Some very common and well known examples are discussed as under : Timely process The decision making process is very beneficial for Tesco in numerous ways. If the Tesco will focus on making the
Analytical Thinking and Decision Making
Added on 2020-06-06
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Analytical Thinking and decision making
Table of Contents INTRODUCTION...........................................................................................................................1 1. Importance of decision making...............................................................................................1 2. Identifying and Highlighting decision making problems related to work or external organisation.................................................................................................................................2 3. Application of SMART model for finding efficient suppliers................................................4 4. Strength and Limitations of the analysis.................................................................................6 CONCLUSION................................................................................................................................8 REFERENCES................................................................................................................................9
INTRODUCTION Decision making is very important in processes to plan functions as well as operations of a procedure before the implementation and involvement of every member. In a firm, it is essential to gather all members in process of decision making as all the members of an entity should treated equally(Fenton‐O'Creevy and et.al., 2011). Analytical thinking is known to be an essential component that may help people to resolve the issues more fast and easily. Apart from this, it can also add strengths and complexities of the analysis.The report is about applying the decision making process in the TESCO because of which the company has to face various issues . 1. Importance of decision making The process of decision making can prove beneficial for the Tesco in various ways. Some very common and well known examples are discussed as under : Timely process The decision making process is very beneficial for Tesco in numerous ways. This way right decisions can be taken at correct time. Therefore, it can make process more effective and reliable. If a decision is wrongly taken then it would make troubles for operation system. Also, it will be more time consuming in correcting bad decisions. Hence, it is better to take time previously for right decision making so that time can save for future issues. Therefore, so much oftimewillbemanagedproperlyanditwillmakeemployeestoarrangetheirwork systematically in a given period. Furthermore, it will lead to lessen the complications as all the problems can be discussed in prior. Which will be very helpful to increase confidence in solving various issues simultaneously. The remaining time can be invested in conducting several research and training programs to enhance skills of workers. So, if the Tesco follow the time effective policies, then it can effect in the overall decision making of the supplier firm. Clarity in process When decision are taken effectively then it can provide workers of entities a clear idea on how to manage operations. This way, staff members will be clear and more focused about performing well. It further helps the company for performing operations and other tasks in a better way. Also, there will be no confusion among employees regarding operations. 1
If the Tesco will focus on making the process more clear, then it will automatically improve the procedure of decision making which can help the supplier firm in various manners. Enhancement of professional development When a person hears and understand the ideas and views of others, he or she is able to learn something new from them. It is essential for firms like Tesco to have such team or group discussions. Because, one employee has one or limited stock of innovative ideas in his mind but when a people tries to discuss in group, they find new ways to solve any problem. It provides help to assess some new solutions and therefore all of them can arrive to a conclusion from the best ideas given from all members. It gives boost to professional development which is required in Tesco.Discussing all those and finding the suitable and the relevant one from the all can help the Tesco in a better decision making. Completing Tasks Quickly When goals and targets will be clear, achieving the goals for the Tescocan seem more faster.It happens because path to accomplish task has already been set. Also, To set and to walk on a path are different from each other.Once the path is set, it is easy for companies like Tesco to walk on it and achieve goals easily.(Schmoldt and et.al, 2013).After setting the path one time, it is easier to follow it and such that the Tesco can easily move forward toward achieving the goals in a faster time. 2. Identify and highlight problem of decision making related to work or external organisations It is not so easy to identify potential supplier. This is because while choosing them, Tesco need to be careful in terms of products quality. If it is not done properly quality of goods will affect to a great extent and it will also harmful for company image. The process to select a supplierincludesidentification,measurementofperformanceetc.Further,Entitiesmake contracts with genuine suppliers. However, this procedure is time consuming and demands huge investments (Kaufmann, Wagner and Carter, 2017.). Different manufacturing units make large investments to purchase raw materials and also services. Organisations get success on the basis of how they have chosen their suppliers. Furthermore, making good relationships with suppliers is also an important factor in order to get prominent business growth. The purchase manager of firms has to make decisions on the basis of changes in exchange rates, inflation etc. in addition, the customer needs also changed by the time. So it is necessary to fulfil those requirements. In order to do so enterprises rely upon 2
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