Analytical Thinking and Decision Making : Report

Added on - 06 Jun 2020

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Analytical Thinkingand Decision Making
Table of ContentsINTRODUCTION...........................................................................................................................1Question 1.......................................................................................................................................1The value of decision analysis in an organisation......................................................................1Question 2.......................................................................................................................................2Challenges facing by iResearch.................................................................................................2Question 3........................................................................................................................................3Decision analysis and an appropriate decision tree....................................................................3Question 4.......................................................................................................................................5Most suitable approach for iResearch and recommendation for the managers.........................5Question 5.....................................................................................................................................6Strength and weaknesses of analysis in terms of decision problem...........................................6Question 6.......................................................................................................................................6The influence of probability estimates and uncertainty within the decision making process....6CONCLUSION...............................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONDecision making is the most essential term in every business organisation and this can bedescribed as an ability to take decisions bymost senior authority or executives in order to growbusiness and gain success in the organisation. ACME system is an most popular internationalorganisation who deals in production equipments and services and provide them to themanufacturing industry in terms of gaining growth and success (Agarwal and et. al., 2011).With the integration of various software application into business functions has become morevaluable in multiple firms and ACME's has expand its business activities at very large scale.With the expansion of business ACME's has started to serve globally and offer variety of goodsand services to customers.Question 1The value of decision analysis in an organisationDecision analysis can be describes as the discipline which comprising the theory,philosophy, professional practices and methodology that are necessary to point out the mostessential decisions in a formal or well planned manner. It is a combination of various tools,procedures, methods that are important for identifying, representing and assessing essentialcomponent of decision. Each organisation is focused on enhancing their performance through theprocess of effective decision making, it plays most important role in business and it alsoconsidered as the primary function of firm. iResearch is a famous design organisation who dealsin development of software application that are important for production and engineeringmanagement firms. It is necessary for each business organisation is to take an effective decisionafter measuring all elements of firm in order to gaining profit and growth. iResearch is taking anessential decision for putting their significant efforts on managing the project which is proposedby ACME. An effective decision making process helps in generating high profit and growth forcompany, it create value of firm at market place. It has huge importance in firm or its bettermentin future, some are describes as under:Better utilisation of resources:Resources can be considered as the fundamental need offirm, which are essential for each firm in order to attaining high range of profit andrevenue (Sandeep, Kumanan and Vinodh, 2011). Companies resources has involvedvarious elements such as money, men, methods. Machines, material and market. As a1
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