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Analytical Thinking & Decision Making - Assignment

   

Added on  2020-09-08

17 Pages4444 Words254 Views
Analytical Thinking andDecision Making

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11. Significance of decision making and the application of decision analysis.............................12. Outline decision problem case of specific business................................................................43. Presenting SMART to the outlined business decision problem..............................................84. Presenting strengths and limitations of business decision problem......................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONBusiness decision problems are required to be solved in effective way so that it may beable to achieve desired objectives in the best possible way. The enclosed report deals withanalytical thinking and decision-making in business so that multiple attributes problems may besolved by decision analysis quite effectively. It also discusses importance of decision-making inthe Mark and Spencer and how decision analysis can be applied in effectual way to achieve goalswith much ease. Moreover, it also deals with using SMART technique to formulate effectivesteps for solving business decision problems in desired way.1. Significance of decision making and the application of decision analysisDECISION MAKINGCONCEPT:Decision Making is an important concept in the context of management. Management atevery level needs to take important and correct decision for the Mark and Spencer. Decisionmaking is requires particularly when there are two or more alternatives available with themanagement team, whereas, when there is only one alternative or only a single way to solve aparticular problem, there not much need for decision making. Decision making has its existencein every function of management (Beach and Lipshitz, 2017). For e.g. The very first andimportant step of management system is Planning, planning about the resources available and itsoptimum allocation. An Mark and Spencer needs to take proper decision regarding its allocation.In the words of Massie J. L, A decision can be defined as a course of action consciouslychosen from available alternatives for the purpose of desired results.IMPORTANCE:Decision Making is at the apex for any firm to run it's business successfully. Someimportance of it are:It is the vital component of an Mark and Spencer as it is required at every level ofmanagement.It allows an Mark and Spencer to use its available resources in its best possible way.1

It allows the managers to select the best alternative out of the various alternativesavailable with the Mark and Spencer.Decision making allows a firm to motivate its employees to work efficiently by providingnecessary guidelines to them.It assists an Mark and Spencer to evaluate the performance of its managerial staff as thedecision taken by the managers reflects their efficiency.Without proper decision making a firm would not be able to achieve it's desired aims orgoals. STEPS IN DECISION MAKING:In order to make a sound decision, proper steps are needed to follow by a manager. Itmay differ according to the type of industry, but some common steps that need to follow are:The very first step to follow is to recognise the problem that needs to be solved by themanagement.After proper recognition or identification of the problem, proper analysis is need to bedone.Once the problem is analysed, the managers need to develop some alternatives to solvethe issue.Now, every alternative is need to be evaluated, from each and every angle of it.Out of these alternative, the best alternative is selected and a sound decision is made.Now the managers need to implement this decision in the Mark and Spencer.After it's implementation, proper review should be taken by the other members of thefirm in order to check the effectiveness of the decision made (Crego and Harris, 2017).DECISION ANALYSISCONCEPT:Whenever a decision process is conducted, an entrepreneur needs to conduct a properevaluation of its decision taken. This evaluation is nothing but Decision Analysis.2

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