Business Decision Analytics | Assignment

BUSINESS DECISION ANALYTICS
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BUSINESS DECISION ANALYTICS
Contents
Decision making tools.....................................................................................................................3
Reflective report decision making...................................................................................................3
Monday........................................................................................................................................3
Feedback from the group..........................................................................................................3
Tuesday........................................................................................................................................3
Feedback from the group..........................................................................................................4
Wednesday...................................................................................................................................4
Feedback from the group..........................................................................................................4
Thursday.......................................................................................................................................4
Feedback from the group..........................................................................................................4
Friday...........................................................................................................................................4
Feedback from the group..........................................................................................................4
Saturday.......................................................................................................................................5
Feedback from the group..........................................................................................................5
Sunday..........................................................................................................................................5
References........................................................................................................................................6

BUSINESS DECISION ANALYTICS
Decision-making tools
There are various decision - making tools available to help make optimum decisions at all
times. Among them are machine learning models. These models are used to predict what the
optimal solution should be given a set of conditions. Examples of such tools are artificial neural
networks and decision trees. Such models are useful in cases where the solution is complex and
involves several steps or there is incomplete information.
Another class is business intelligence models. An example of such is the ratio analysis in
financial accounting which is used to tell how financially healthy a firm is and therefore help
make future decisions. Such information can be used to evaluate investment decisions as well as
effective resource allocation.
The interaction of the various decision-making tools is what leads to optimal decisions
that ensure the firm's growth.
Reflective report decision making
The sample (I picked one decision per day) of decisions I made during the first week of learning
are as follows:
Monday
At around 5.45pm while onboard the E77 bus, I decided to alight from the bus and hitch
another ride home as the bus was moving too slowly for me. However, it took me a long time to
get another ride by which time I estimated that I would be only a few minutes from arriving
home from my experience traveling the same road every weekday. I realized I made a big error
of judgment as I only considered the speed of the bus and not the time it would take me to hitch
another ride or even whether my next ride would be any faster in the first place although, from
hindsight, I was pretty sure it would be faster. This was a result of failing to muster the bus
schedules for various buses plying the route passing by the University. Cognitive failure (Erik,
Kevin , & Michael , 2012).
Feedback from the group
They said I made an intuitive decision (Katrin , Abbie , & Fred , 2013) without much
consideration and paid the price. They said I should be keen not to repeat such rash decisions in
the future.
Tuesday
I scheduled sending emails immediately I got home to a group of friends with whom we
plan to start a business reminding them of our meeting scheduled for 3:00 pm on Saturday to
enable them to cancel or postpone engagements, if any, for that day and dedicate it for the
meeting. When I got home however, I felt tired and went straight to bed to get some rest. When I
woke up, I had completely forgotten the task and did not remember till that Saturday morning
which forced me to make personal calls to see if they would be available. Luckily, they had
saved the date in their diaries and were able to honor the meeting. Again, here I was biased
(Gary, 2015) towards my power of recall and did not bother to set a reminder for the simple