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Report on Analytical Thinking and Decision-making

   

Added on  2020-06-03

10 Pages2864 Words62 Views
Statistics and Probability
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Analytical thinking anddecision-making
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Table of ContentsINTRODUCTION...........................................................................................................................11. Within the context of an organization the value of decision-analysis....................................12. The challenges faced by UWS technical services and the assumption that are made............23. Applying decision analysis and developing decision tress.....................................................24. Calculation of expected value and the recommendation for the managers of UWStechnical services........................................................................................................................45. The strength and weaknesses of the analysis..........................................................................66.Influence of the UWS Technical Services engineers changing their initial probabilityestimates......................................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
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INTRODUCTIONAnalytical thinking can be used in order to make decisions and helps to solve challengesfaster and easier than even before. For the success of any organization the analytical thinkingand effective decision-making is important (Calabretta, Gemser and Wijnberg, 2017.). . In theanalytical thinking the complex or difficult problem is broken down into single and manageablecomponents. By using the concept of decision-making the best option is being selected from theother alternatives that are available.Audience response systems (ARS) is technology company that offers equipment for thehigher education sector across the world. In order to conduct a business one of two organizationthat is UWS technical services have received a letter y the company ARS. In this report withinthe context of the company value of decision analysis will be discussed. The appropriatedecision-tree will be applied for the options available for the company in this report. 1. Within the context of an organization the value of decision-analysisIn order to address important decisions in a formal manager the decision analysis is thediscipline compromising the philosophy, theory, methodology and professional practice. Manyprocedures , methods and tools in order to recognize and represent the important aspects of adecision are included in the decision analysis. Under the given circumstance the objective of adecision analysis is to find out the most advantageous alternatives. A variety of tools are beenused in decision analysis in order to examine all the necessary information that would help indecision-making process. On a decision tree or influence diagram a graphical representation ofalternatives and possible solutions as well as challenged and uncertainties can be created (Chen,Moskowitz and Shue, 2016. ).In context of the organization UWS Technical Services the decision analysis will be suedby this company in order to make effective decision in the selection of platform and softwarethat is available for the company. All the procedures and tools will be analysed by the companyin order to select the best platform and the software. The cost, estimation of profit on thatparticular platform cost will be concerned by the UWS Technical Services in order to make theselection. The better understanding about any problem that is affected by the organization can begiven through decision-analysis. The available options in the selection of software that issoftware A, software B, software C and software D will be evaluated by the company in orderto see that which software will give maximum profit and will have the least cost .In order to1
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