Analytical Thinking and decision Making

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Analytical Thinking and decision Making
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3LITERATURE REVIEW................................................................................................................31. Importance of decision making and application of decision analysis tools...........................72. Outline of the decision problem involving multiple objectives.............................................93. Application of the simple multi-attribute rating technique (SMART) to the outlineddecision problem.......................................................................................................................104. Strength and limitations of decision making analysis in the context of decision problem..14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................17BIBLIOGRAPHY..........................................................................................................................19APPENDIX....................................................................................................................................20
INTRODUCTIONMaking decisions in a company is one of the major function for each and every level.Without following a specific process managers of an organization cannot make right decisions.Further, in the business organization manager of the firm has to make several complex decisionsfor the growth and success of firm. In this, by employing decision making models manager canmake suitable and profitable business decisions. The current research project is also based ondecision making analysis. For completing whole research author has been chosen Hilton hotelwhich is one of the leading organizations of hospitality industry of UK (Vitell, Singhapakdi andNishihara, 2015). Present study will discuss the importance of decision making analysis for anorganization. Further, it will also explain how judgement creation process plays important role inidentifying and resolving problem of the business.LITERATURE REVIEWKey feature of decision makingFor making good and logical decisions Hilton hotel uses number of tools and techniques andconsider different elements at the time of making appropriate judgement. So, decisionmaking process is very important for business organization.Ferrell and Fraedrich, 2015hasconcluded that “Achieving goals and objectives of the organization is considered as majoraim of every judgement” (Ferrell and Fraedrich, 2015). Therefore, it has reflected ted thatdecision making process plays important role in achieving aim, objectives, mission, visionsand goal of Hilton hotel. Analysis of the decision making process has shown that it leads tocommitment which depends upon the nature and feature of the decisions (Swider,Zimmerman and Barrick, 2015). Most of the decisions are based on long term and short termobligations which help in attaining future growth and development of the Hilton hotel. Incontrast, has disclosed that “Decision making process produces an outcome to resolveproblem and that might be an action, opinion and recommendations”. Overall, judgementmaking procedure is very effective for deciding an appropriate actions and strategy toresolve any kind of organizational issues which may harm the progress and wealth of Hiltonhotel (Meaning and importance of decision making,2013).Successful completion of the managerial functions is one of the major feature of decisionmaking process. On the other hand,Vitell, Singhapakdi and Nishihara (2015)has stated that3|P a g e
“Sometimes decision making process is used by organizations for evaluating businessperformance of the firm”. Moreover, has concluded that “For developing effective policies andprocesses organizations need to follow a specific procedure of judgement”. Developingappropriate policies and practices is also one of the major feature of Decision making processwhich will help in growth and development of the organization.Stages of decision makingIt includes different stages such as in the first step organizations need to identify anappropriate decisions maker who must be capable enough to take a suitable decisions.After wards, responsible person needs to analyze the organizational issues which will help inunderstudying situation for further decisions(Woiceshyn, 2011).Subsequently, decision making procedure should determine different factors which caninfluence the organizational problem and decision maker needs to consider these attribute at thetime of making final judgment.Afterwards, decision makers should identify the different alternatives for resolvingorganizational issue. At the time of making decision responsible person needs to select thebest alternative to resolve this issue in effective manner(Triantaphyllou, 2013). Therefore,all these stages are followed by a decision maker at the time of completing decision makingprocess.Prospective and approach to decision making (Smarter and Even Swap):SmarterAs per view ofBurlton 2010, Smarter is an approach that allows to have effectiveassessment of values so that better assistance can be provided to decision makers. In this,value functions are normally assumed to be linear. It indicates that if company is havingimproved focus on Smarter approach then outcomes and values can be measured in linearway. It provides in depth learning about key aspects that relates with the working. (Certo,2015)has also stated that by having focus on Smarter the business firm can ensure abouttwo attributes of decision making. In this respect, classification of attributes can be ascloseness to customers and visibility. It means by having proper understanding in regard tocloseness to customers the business firm can have effective consideration of decisionmaking process that may lead business to impressive level of success (Certo, 2015). Along
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