Analytical Thinking & Decision Making : Report
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Added on 2020-07-22
Analytical Thinking & Decision Making : Report
Added on 2020-07-22
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Analytical Thinking andDecision Making
ContentsINTRODUCTION...........................................................................................................................3TASK...............................................................................................................................................31. Importance of decision making and the application of decision analysis..........................32. Judgement issues associated with work.............................................................................63 Apply the simple multi-attribute rating technique (SMART) for outlining decision problem. ................................................................................................................................................74 Strength and weakness of the analysis..............................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONFor an organisation to achieve success it is important to have an effective decision makingand analytical thinking. Management while carrying out its daily operations has to go throughvarious challenges for which judgement needs to be done so that no opportunities of the marketare missed out. Difficulty is faced in taking the decision for the best option as there are variety offactors that has their influence on the operations. In an organisation different issues takes placeand some of them are of nature that require special attention for which analytical thinking needsto be done (Parnell, Driscoll and Henderson, 2011). Anite is a software company that deals in themeasurement solutions to the international wireless market. In the following report theimportance of decision making and the application of same will be discussed in detail. SMARTtechnique will be used in order to solve the issues faced be the administration of Anite.TASK1. Importance of decision making and the application of decision analysisDecision making is a logical processing of ideas. It is an integral part of an organisation.Effective decision making results in better productivity. Decision are made at every level of thefirm to achieve business goals and objectives. It is a continuous process which help in managingactivities of company in a right manner. Decision making is basically selection of best idea fromvarious alternatives in order to achieve best solution for any problem. A lot of time is consumedwhile making an effective decision. It involves some steps which should be followed. They are:Problem is defined.Information is gathered and data is collected.Developing alternatives.Choose best option for that problem.Plan according to that and execute the best decisions.Decision making is very important for an organisation. Some of are listed below:Implementation of managerial functions: Without decision making other managerialfunctions such as planning, organising, directing, controlling, staffing cannot be carriedout. If decisions are not made for an activity then other functions cannot be implementedSo, it is an important element for the organisation.
Pervasiveness of decision making: Decisions are made in all functions and all activitiesof organisation. Without the help of decision any kind of functions cannot be carried out. Helpful in planning and policies: Any Plan or policy is established only throughdecision making. Without that no plan and policies can be formulated (Starcke andBrand, 2012). There are various plans which is made by managers from that appropriatedecision is taken and implemented. Evaluation of managerial performance: Decisions help in evaluating the managerialperformance. If decisions which is made is effective and productive then manager isqualified, able and efficient. If decisions are not producing any result or inefficient, thenmanager is disqualified from making further decisions.Selecting best alternatives: Decision making is a process which helps in selecting bestalternative form numbers of alternatives. It is necessary to select best decisions for anorganisation because there are various available options. Managers first evaluateadvantages and disadvantages of every plan and then implement the best plan.Successful operation of business: Managers of different departments make differentalternatives for betterment of organisation then perform best decision. To maintainposition of company, managers has to make effective plans in proper manner. Therefore,correct decisions help in successful operation of business. Proper utilization of resources: Organisation have different resources such as rawmaterial, finance, man power, method of operation, materials, machines and equipment’sand information which help them in producing their finished goods. All these resourcescan be properly utilised without any wastage with the help of right decision and at righttime (Starcke and Brand, 2012).Employees motivation: Decisions help in providing a proper framework of operationsand guidelines to every employee and staff. Right decisions will motivate employees ahelp them to perform work in right directions and will increase their productivity. It alsoprovides different types of facilities and benefits on time. This results in effective workdone by employees at their job as per requirement of organisation. Achievement of goals and objectives: Decision making approach is necessary forachieving organisational goals and objectives within time limit and within budget. It findsout the best alternative, utilizing the best resources and satisfying their employees at
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