Analytical Thinking and Decision Making - Assignment
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Added on 2020-09-17
Analytical Thinking and Decision Making - Assignment
Added on 2020-09-17
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Analytical Thinking and DecisionMaking
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................11.1Importance of decision making process and applications of decision analysis.....................11.2 decision problem related to work .........................................................................................41.3 Apply the simple multi-attribute rating technique (SMART) for outlining decisionproblem. .....................................................................................................................................61.4 Strength and limitation of the analysis .................................................................................9CONCLUSION..............................................................................................................................10REFERENCES .............................................................................................................................11
INTRODUCTIONAnalytical thinking is a critical and major components of visual thinking which providescapability to resolve the problems effectively and quickly. It includes certain methodology instep by step approach in order to thinking that permits a person to break down hard and complexissues into manageable and single elements. Generally, analytical thinking includes process ofcollecting data and information and determine key issues relation to the gathered information.This kind of thinking also needs individual to make comparison of data and outline suitablejudgement form certain dataset in order to reach at proper solutions. In order to haveeffectiveness of analytical thinking and decision making an individual should have practical toolsso that he can be able to evaluates different elements of the firms. For examines of any issues anindividual needs to frames objective that involves suitable diagnose the issues, innovative tricksand methods, effectively using of team, natural thinking and behaviours of persons (Fish, 2011).The assignment aims to reduce the number of supplier base of glass manufacturing company,Glasstops UK that actively produces glass-molding machines, spare parts, accessories and glassmodels. This report guides the feature and importance of decision making other side how they can beable to resolve issues with the help of SMART that is known as multi-attribute rating teaching.Self assessment of the issues is also important so as to determine the potential and efficiency ofthe process of decision making (Wierenga, 2012). TASK 1 1.1Importance of decision making process and applications of decision analysisThe procedure of decision making is to chosen foremost prominent selection amongpresent alternatives. Decisions are refers as one of the best factors of management in order totaking any worth decisions. Importance of decision making processDecision making is an act of selecting desirable choices among various alternatives. As ahuman, we choose best outcome from multiple possibilities that comes to our way. In samemanner, business's day to day activities perform decision making, where manager have to takesome crucial decisions for problem or difficulty in workplace. Whatever a manager does he does1
through making decisions that accomplishes short-term and long-term goals of the company.From business's point of view, importance of decision making is stated below:Executing Managerial functions:Various managerial functions such as planning,organizing, directing, controlling and staffing requires effective decision making. It not onlyprovide best alternative for executing tasks but also give an evaluating criteria for performances.For examples, employees are assigned their task through managerial functions (Gregory,2012).Therefore, it act as a critical component in decision making process. Ubiquitous decision making:Sometime, managerial activities require pervasivedecisions, hence it must be followed by every staff member.Evaluating managerial performance:Making decisions help in evaluating variousperformances of a manager. Positive result concludes, that a manager is efficient, able andqualified in his/her field. In the same way, negative result concludes, that manager is notqualified enough for job. This is how decision making process helps in evaluation.Planning policies:Constructing policies and plans are a part of decision making. Whilecreating them, employee rights are to be consider, which again require critical thinking that canbe achieved via decision making. Taking best alternatives: Always a best alternative is consider when it comes to decisionmaking. Experts look out for advantages and disadvantages of alternatives and select best fromthe choices present. Successful operation of business:Decision is made by every individual, department andorganization. It is important to study all internal and external factors that exist in business beforemaking a decision. Effective decision helps to sustain in the market and provide growth tocompany (Gregory, 2012). Facilitate innovation:Through decision making new ideas get generated and are sharedamong experts that result in innovation of new strategy, technology or process.Motivates employee:Employee always go for fair decision and expects the same inreturn. Therefore, sensible and logical decisions are obtained through this process, as a result itmotivates employee to stick to their beliefs and values in the work culture and act as amotivating factor.Pervasive Function: the procedure of decision making is important and crucial in ancommercial business organisation and each and every group as well as every level or stage of2
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