Business Decision Making: Tools and Techniques for Problem Analysis and Project Management

Business decisions making

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Q.1 Statistical tools and techniques for problem analysis...........................................................3
Q.2 Project management tools and its features............................................................................4
Q.3 Detail.....................................................................................................................................6
CONCLUSION................................................................................................................................7
REFRENCES...................................................................................................................................8

INTRODUCTION
Business decision making refers to a process by which organisations can solve their problem
by finding best solution and they can run their business smoothly (Pugliese and Senna, 2018).
Statistical tools and techniques for problem analysis and business decision making is discussed.
Contemporary project management software and its uses is described. Further, Gantt charts,
NPV, IRR and program evaluation and review technique is discussed which will help in decision
making.
MAIN BODY
Q.1 Statistical tools and techniques for problem analysis
There are many tools and techniques that can be used by an organisation for identifying the
problem and solving it. This also help managers in taking good decisions which is
beneficial for company (Baker, 2018). Some tools and techniques are:
 SWOT Analysis – It is an acronym of strength, weakness, opportunity and threat.
It helps in identifying problem because when mangers give work to employees or
make plans for growth of company. They firstly, analyse strengths and weakness of
each employee so that work can be given to them according to their strong points.
When workers will get task in which they are having proper knowledge or skills
they will give their best and work efficiently to accomplish goals of organisation
(RAMADHANİ, Syamsul and Rofiqul, 2019). Managers also identify opportunity
that is available and it will be helpful in future growth of company. It is a technique
which is used by most of the companies so that they can identify problem like,
employees are not able to understand what work they have to do and need some
training sessions to improve their performance. Managers also identify threats for
company such as, competitors in market, other factors that can affect working of
company. They have to handle the situation and they should find best solution for
problem and take good decision which is beneficial for development of
organisation and they can achieve goals of company (Vlados and Chatzinikolaou,
2019).
 5 Whys – According to Pareto, there are 5 whys which will help managers in
identifying what is problem and how to solve it. This will help employees in taking