Business Decision Analytics

This report analyzes the various tools used by organizations for decision making and the factors that influence the process. It explores different decision-making styles and evaluates data sources. The report also examines decision-making systems and techniques.

Running Head: Business Decision Analytics
Business Decision Analytics

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Executive Summary
In this ever competitive world of business, taking the right decision can literally be connected to
the survival of the business. The managers and top management executives of business in recent
time use a wide range of tools to take correct and effective business decisions. This report is
aimed at analyzing the various tools used by various organization to take their decisions and also
analyze the factors that influence the process of decision making.

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Table of Contents
Introduction......................................................................................................................................3
Difference and evaluation of the decision-making tools range along with their usefulness and
impact on the various forms of decision-making styles..................................................................3
Critical evaluation of data sources that influences decision-making.............................................11
Examination and Evaluation of Decision Making Systems and Techniques................................14
Critical Examination of Emerging Tools and Technologies for Decision Making.......................15
Conclusion.....................................................................................................................................16
Reference.......................................................................................................................................17

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Introduction
In order to take a critical decision are made by analyzing crucial available option. It helps in the
identification of the various drawback and related flaws of decision making. According to
Pettigrew (2014) organizational decision-making gets affected by the implementation of various
revolutionary working and data analyzing the process that also prioritizes the elevation of the
automation process which in turn leads to the inculcation of talent based efficient workforce in
the automobile manufacturing industry. The figures that are received by the application of
specific and efficient tools like those of SWAT, T-Chart, and market research are very helpful in
justifying the validity of the various elements in the decision making the process. Possession of
different styles that are instrumental in the analysis process, by contrasting and comparing the
various sources of data. The techniques along with the process that is important while making a
decision are specially mentioned in this report. The process of introducing the concept of
automation did deserve a meaningful citation in this report and is described as a solution to one
of the mentioned problem in this discussion related to the process of making and implementing
decisions.
Difference and evaluation of the decision-making tools range along with their usefulness
and impact on the various forms of decision-making styles
The application of the right kind of decision-making tools in an ongoing decision-making process is
very crucial. It will in turn help in the attaining of various organizational goals and will help in the
meeting of stakeholder’s interest. A guided step in the form of charts and diagrams are assigned that
will help the various decision-making tools in the execution of their prime target of getting their
decision made within an organizational framework. Below mentioned are the operative decisions
making tools that are put into uses. They are as follows:
Steps in the process of developing an effective decision:
Certain steps are there without which it is nearly impossible to make and implement any decision.
Missing out or failing in the process of meeting any of the below-mentioned diagram’s criteria or

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steps can lead to the development of a faulty or defective decision that ongoing further will have
anegative impact on the attaining of business success.
Figure 1: Decision-making steps
Source: Created by Researcher
Identification of decision:
The very fact of decision making is directly related to the successful following of the above-
mentioned steps. This particular fact is well defined by the structural diagram of the steps
involved in the development of successful decision making. It can impact the planning and
execution procedure followed by a production industry.

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The process of collecting relevant information:
Below mentioned data collection method helps in the gathering of the relevant information:
• Sources based on the external educational data helps in the process of evaluating the prospect
of the business
• Questionnaires that are based on the relevant decision making the context
• self-assessments of their own capacity
The process of Alternatives Identification:
It is important for a productive industry to consider the availability of the crucial alternatives that
can provide necessary support at the time of need or crisis. This process involves the following:
• Increase the variety of the product
• Switching to the production of completely new product
• Increase the profit-making process by planning an expansion
The process of weighing all the alternative factors:
This refers to the process of weighing the available alternatives options on the basis of their
productive capacity. It signifies the capacity to asses and handles alongside overcoming some of
the challenging factors that include:
• The need to adapt to the new marketing techniques alongside accepting them.
• Ensuring the development of a simplified process that can be customer friendly.
• Providing a best in class service at a competitive sometimes attractive price quotient
• High investments to ensure infrastructural compatibility
The process involved in the selection of the best available alternatives:
Analysis based on the available data after considering all the above-mentioned alternatives further
instigated the process of selecting the best one among the others. In order to attain the targeted
business goals by removing all the barriers, it is necessary to take certain effective long and short

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term decision. An organization can be able to conclude and sort the major business target on
which they have to work on.
The process involved in the implementation of choice:
It is very clear from the title itself that an organization should focus more on the bringing of
necessary changes in their respective line of business by implementing the selected one of the
above-mentioned options.
The process involved in the Reviewing and Evaluation of the selected option:
It is necessary for a given organization to review and evaluate the outcomes and possibilities of
their selected option. It can be helpful in the process of assessing the effectiveness of the decision
making the process. It will, in turn, help the organization to check if the extent of reaching the
desired results. It also provides an option to switch from one decision to another.
Important 3 Decision-Making Tools:
Use of Decision Matrix inclined to Market Research:
This tool helps in the gathering of information while taking a crucial decision. The 3 important
contributing factors are:
• considering the competition in the market
• Potentially relevant customers,
• Condition of the market
Assessment of the available options that affect the decision making steps. An analysis based on
the comparison is drawn to select the best option available.
Decision matrix of a random organization operating in the automotive industry is as
follows:

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The decision matrix will help in the cost-benefit analysis. It depicts the possibility of adopting a
new line of products to attain the business target and increase the profit quotient. The cost-
benefit analysis can be described using the given diagram.
Figure 2: Cost-benefit analysis
Source:Created by Researcher

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T-chart analysis and drawing of SWOT Analysis
A comparative study to determine the pros and cons of the available options that further identifies
the weaknesses and strength of the decision-making process(Celanoet al.2012).It is important to
properly weight available data and works on both the weaknesses and strengths quotient by
eradicating the possible threats.
Figure 3 : T Chart
Source:https://www.enchantedlearning.com/graphicorganizers/tchart/gifs/ex.GIF
Figure 4: SWOT Analysis
Source:Created by Researcher

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Pareto Analysis
It is important for an organization to refer to the Pareto analysis while making a big decision. The
Pareto principles help in the process of taking a big step and prioritizing the contributing factors.
They follow an 80:20 ratio policy in which factors that are high on contributing context are
preferred more in comparison to less contributing ones(Kaliszewski, 2012).The below mentioned is
a Pareto analysis.
Figure 5: Pareto analysis
Source:Created by Researcher
The above-mentioned tools of contributes highly toward the development of Decision-Making
Styles. They lead to an effective decision-making process. There are 4 main different Decision-
Making Styles sequentially are described in the underlying image(Zasadzień, 2014). It includes
the following:

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Figure 6: Decision-making styles
Source: Developed by researcher
In order to decide on the style below mentioned factors are to be considered:
 Relationship with the business goal
 On time
 Appropriate to the given issue or context

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Critical evaluation of data sources that influences decision-making
Below mentioned is a contrast based on the factors that had a direct effect on the development of
either a good and bad decision (Fanning, 2014). They include the following aspects that justify
the above-mentioned points:
Bad Decision making Good decision making
Some of the input providers feel that their
point of view was not at all considered
All the input providers feel heard, the buy-in is
achieved.
Those who disagree do not contribute toward
the decision
Even those who disagree commit to working
towards the decision(commit and disagree)
Suffers from conscious bias Minimizes the effect of unconscious bias
Too many processes and is conducted slowly
due to attaining of too many meetings.
A lightweight process that is made with few
meetings
People seek to be right People seek truth
No clear decision maker, or too late decision
making in the process
Advance choosing of the decision maker
Too few or too many decision makers Choosing the appropriate number of decision
maker given the risk of the decision
A critical evaluation and understanding of the different sources of data that influences the
process for the decision-making
It is important for any product based company to identify the causes of data that are further
divided into two main parts. They are the Primary and Secondary Data sources(Clark, 2013). The
comparison and evaluation of different sources of data along with the ways they impact the
decision-making process

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Figure 7: Data analysis matrix
Source: Developed by researcher
It is essential to mention that the application of the following sources can collect the primary
data. They include the following: data based on case studies
 data based on group interviews
 Data based on observation.
 data based on an in-depth interview
 data based on questionnaires
 data based on experimentation

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Secondary data collection methods include:
1. External Sources features the following advantages:
 data collection consumes more time
 poses a large variety of numerous data
 operates outside the organization
 less in terms of both money and effort
The only disadvantage is that the drawing of biased data.
The sources of external data include
 Planning Commission,
 Different government and nongovernment publications
 Central Statistical Organization,
 Commerce and Industries annual audit report
 Nongovernment publisher
 chamber of commerce,
 press media,
 A central bank, etc.
2. Internal Sources includes the following features :
 Include ideas of the internal experts
 Operates within the organization and
 Can be obtained with less time
 More in terms of money and effort.
Disadvantages include being inadequate data sources and are very unstable.
All the sources mentioned above when taken together they constitute the four most common data
sourcing types. They are as follows:
o Flat files
o Big Data
o Databases both digital and analogically processed and generated

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o Web services or the sourcing from the World Wide Web.
o Service-Oriented Architecture that allows the reusing of data
o The use of relational tables,
o Using the RSS feeds.
o Using the Extensible Markup Language (XML) documents,
Examination and Evaluation of Decision Making Systems and Techniques
The analysis of the decision making systems and techniques concerning the group decision
methodology should be understood critically to achieve sustainable outcomes. To develop an
analytical as well as critical model regarding decision making systems and techniques it is thus
required to focus on the theories and philosophies of different decision-making system and
methods corresponding to the group decision methodology an arbitrary (Taylor, 2017).
Brainstorming Method
This method includes a gathering of individuals, generally somewhere in the range of five and
ten, lounging around a table, producing thoughts as a free affiliation. The essential spotlight is on
the age of thoughts rather them on the assessment of ideas (Fischer et al. 2013).
If countless can be produced, at that point, all things considered, there will be a one of a kind and
innovative thought among them. Every one of these thoughts is composed on the slate with a bit
of chalk so everyone can see each idea and endeavor to enhance such purposes.
Nominal Group Technique
Ostensible gathering strategy is like conceptualizing aside from that the methodology is
progressively organized. Individuals structure the gathering of the identity details in a freeway,
that lead to the creation of thoughts for the issue tackling without the aid of anyone and then is
recorded in the hard copy. Individuals don't collaborate so solid identity mastery is dodged. It
supports the singular imagination (Sutton& Arnold,2013).
The gathering organizer either gathers these composed thoughts or composes then on a
substantial slate for anyone to view or requests them to take active participation by writing and
arranging them in the writing board as per the requirements.
Delphi Technique
According to, McMillan, King, & Tully (2016), this method is the change of the ostensible
gathering procedure, then again, actually conclusions of specialists physically isolated from one

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another and obscure to one another. This protects interested individuals from taking on the
other’s impact that is not ethical or undoes.
Didactic Interaction
This strategy is appropriate just in specific circumstances, yet is an incredible technique when
such a situation exists. The kind of issue ought to be with the end goal that it results in a yes-no
arrangement. For instance, the choice might be to purchase or not to purchase, to combine or not
to converge, to grow or not to extend, etc. Such a choice requires a broad and comprehensive
talk, and examination since a wrong decision can have positive outcomes (Kryukovaet al. 2017).
Since, in such a circumstance, there must be points of interest just as drawbacks of both of the
two options, the gathering required to settle on the choice is part into two sub-gatherings, one
supporting the "go" choice and the other favoring the "no go" choice.
Critical Examination of Emerging Tools and Technologies for Decision Making
The following tools can be taken for the examination:
Capabilities of Processing Data
Innovation is hugely instrumental in enabling the path through various data measurement tools.
Information stockroom has information mining devices which modernize the way toward
deciding.
Information Technology and Speed
Massive data measurement and refined handling capacities will enable to add value to data while
making appropriate choices. Information Technology must recognize inquiries related to data
and the ways to process data (Akteret al., 2016).
Information Technology and Group Decision Making
A representatives group can make a cooperative choice to develop and make fast choices (Ren et
al., 2015). A (GDSS) emotionally supportive network is a sorting of the network issues by the
interested group. A GDSS helps in the development of a leadership group by the utilization of
the following process they include:
 groupware,
 DSS abilities,
 Coordination

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 Along with media communications. GDSS plays a pivotal role in the less organized
group that is willing to make changes.
A Note besides concerning Technology in Decision Making
Numerous associations are depending on Information innovation as a principal driver of both
generation and essential leadership within an association as a method for increasing upper hand.
Most conventional meanings of GDSS "cooperative choice emotionally supportive networks
they do give a little point of view on which data innovation can be utilized in collective choice
making. When settling on a choice as a gathering, you will require an expansive perspective on
the current point and use "IT" to burrow profound , each gathering part should put forth an
itemized defense contemplate on that specific "Theme" and use "Data Technology to break down
the realities for those situation concentrates on helping you as a gathering to settle on an ultimate
choice in time (Thokalaet al. 2016).
Conclusion
The analysis above is revolving around the different theories, practices, and measures
corresponding to the Group Decision Making and Decision Making as a whole. To deal with the
issue, a few points have arisen, the entire analysis is carried concerning which. The fundamental
part that has been seen that the technological perspective of decision-making methodology is
also cited for having a more advanced idea and for venturing that how the manual theories have
been used by the technology to have an advanced technological practice. The entire analysis has
concluded finally in a single point issue that the decision-making methodologies are inconsistent
without adopting the democratic, modern and inclusive philosophies.

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