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Analytical Thinking and Decision Making

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Added on  2020-06-06

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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
Analytical Thinking and Decision Making_1
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
Analytical Thinking and Decision Making_2
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
of time will be managed properly and it will make employees to arrange their work
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
Analytical Thinking and Decision Making_3
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 Tesco can 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
supplier includes identification, measurement of performance etc. Further, Entities make
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
Analytical Thinking and Decision Making_4

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