Business Decision Analytics

Running head: BUSINESS DECISION ANALYTICS
Business Decision Analytics
Name of the Student:
Name of the University:
Author note:

BUSINESS DECISION ANALYTICS1
Table of Contents
Introduction................................................................................................................................2
Discussion..................................................................................................................................2
The organisation (Context and problem)...............................................................................2
Research Question..................................................................................................................3
Key themes.............................................................................................................................3
Individual and group decision making processes...............................................................3
The sources of data and analysis including the use of data analytics for the
organisational decision making..........................................................................................5
Influence of the biases in effective decision making process............................................6
Decision making framework..................................................................................................6
Decision making tools used...................................................................................................7
Methods..................................................................................................................................7
Visual Representation............................................................................................................8
Recommendations..................................................................................................................9
Conclusion..................................................................................................................................9
References:...............................................................................................................................10

BUSINESS DECISION ANALYTICS2
Introduction
In this contemporary world of globalisation, the workplaces are changing rapidly in
parallel with the fast advancements in the field of technology and by means of
communication with the teams that are separated in terms of time and space. We in Torrens
University of Australia also adopt to this on a regular basis being a part of the global
organisation. We are required to take into consideration both the time and space along with
other several elements of diversity for collaborating effectively for the desired organisational
outcomes. In this paper I shall be critically reflecting on the important themes for business
decision analytics. I would elaborate on the themes like individual and group decision making
processes, the sources of data and analysis including the use of data analytics for the
organisational decision making along with the influence of the biases in effective decision
making process.
Discussion
The organisation (Context and problem)
The chosen organisation for this report is that of Torrens University of Australia. It is
to note that with the growing trend in market and the development in the science and
technology, we at Torrens University are also working hard to cope up with the challenges
and to work parallel with the fast advancements. However, very recently, we are facing some
issues in terms of decision making in our organisation. Last week, we decided to have a
meeting on one discussion about one of our major projects. The project require huge
investments and it is the main issue that we were discussing about. With the same, it calls for
good number of people to work one. So, the group comprised of 14 different individuals. The
leaders were facing challenges in breaking the destructive decision making patterns that was
emerging because of the involvement of so many people in the project. The biggest issue that

BUSINESS DECISION ANALYTICS3
I saw when it came to decision making for the leaders is the idea of the anchors. We tend to
put too much importance on our anchor. For overcoming the distraction of anchors, it is
required to pen down the decision that we need to make individually and along with that the
list of challenges and obstacles as well. With the same, it is also to note that as we were
working on a project that involves the foreign students as well, we were also required to take
into consideration both the time and space along with other several elements of diversity for
collaborating effectively for the desired organisational outcomes.
Research Question
What are the decision making challenges faced by the managers in the Torrens
University of Australia?
Key themes
Individual and group decision making processes
It is to note that individual decision making process are taken by a single individual.
On the other hand, the group decision making process involve good number of people in
making a particular decision. I prefer individual decision making process as it saves time,
cost and energy. Also, according to Olsson and Walker (2003), individuals are likely to make
more logical and prompt decisions than groups. My first preference in decision making can
be considered as rational. The decision making process involves a total of 7 steps and they
are:
a) Identifying the problem and defining it- Individuals are more likely to take more time in
identification of the problem. On the other hand, groups take less time as they involve
several members to work identifying the issue and defining them.