Assignment on Decision Making (Doc)
Added on 2021-04-16
30 Pages5445 Words88 Views
Running head: DECISION MAKING Decision MakingName of the StudentName of the UniversityAuthor note
1DECISION MAKINGExecutive SummaryThe report helps in analysing the importance of the decision-making in different kind oforganizations in an effective manner. Decision-making is the crucial kind of task for differentmanagers in organization along with good analytical and thinking skills. The effective kind ofproblem solving requires dogmatic reasoning that helps in solving different issues and appliesjudgments to reach to conclusions. The main aim of the report is to explore along with discuss the position of policymakingalong with logical thinking. This can be attained by using Simple Multi Attribute RatingTechnique to choose and analyse the greatest kind of explanation for outlining decision-making. The paper helps in focusing on strengths and limitations of the analysis with respectsto the delinquent that has been outlined.
2DECISION MAKINGTable of ContentsIntroduction................................................................................................................................41. Application and Importance of Decision-Making..................................................................51.1 Importance of Decision-Making......................................................................................51.1.1 Primary Role of Decision-Making............................................................................51.1.2 Optimization of Resources........................................................................................61.1.3 Efficiency in Organization........................................................................................61.1.4 Innovation and Creativity Improvement...................................................................71.2 Application of Decision-Making......................................................................................72. Problem Structure.................................................................................................................102.1 Outline of decision problem...........................................................................................102.2 Five Alternatives and Attributes....................................................................................112.2.1 Five Alternatives.....................................................................................................112.2.2 Five attributes..........................................................................................................123. SMART Technique..............................................................................................................123.1 Identifying the key decision makers..............................................................................123.2 Identification of different alternate courses of action....................................................133.3 Identification of relevant attributes................................................................................143.4Measuring the performance of the alternatives’ attributes........................................163.5Determination of the weights of each attribute.........................................................183.6The Weighted average for each attribute and each alternative..................................193.7Make a provisional decision......................................................................................22
3DECISION MAKING3.8Sensitivity Analysis...................................................................................................234. Strengths and Limitations....................................................................................................244.1 Strengths.........................................................................................................................244.2 Limitations.....................................................................................................................245. Conclusions..........................................................................................................................25References................................................................................................................................26Bibliography.............................................................................................................................29
4DECISION MAKINGIntroductionThe report helps in analysing the role of decision making along with application of thedecision-making analysis in different kind of businesses. Decision-making is defined as thevital part of the different kind of businesses that comprises different kind of segments ofdifferent organizations that included strategic, operational and managerial decision makers.The decision-making process is essential and complex process that requires detailedprocessing that will evade consequences that can bring undesirable consequences for theentire organization. There can be different kind of complexities in process of decision-making whereinthere are different aspects that needs to be weighed and considered as to achieve effective andbalanced decision that will help in achieving the different objectives in an effective manner.Furthermore, it can be seen that when the managers will be making decisions on behalf of theorganization, it is essential to weigh the options in a proper manner as the poor kind of resultsin different kind of legal and financial losses to the company. Furthermore, in order to make effective decisions, it is essential to define the issues asthis will help in eliminating different kind of restrictions that is irrelevant to the decisions.The different alternative methods have to be adopted for approaching problem and bestalternative methods has to be adopted to approach the issues effectively.
5DECISION MAKINGFigure 1: Process of decision-making (Source: Conrado et al. 2016)1. Application and Importance of Decision-Making1.1 Importance of Decision-Making1.1.1 Primary Role of Decision-MakingThe different kind of strategic decisions are adopted by higher level management asthey create core influence on the performance of the organization. Furthermore, the decision-making is under the category of phase of planning in the management. Without properdecision-making, there is different kind of managerial functions that includes planning,organizing, directing, controlling along with staffing that cannot be conducted. The processof decision-making will help in differentiating the key performance of the business in thecompetitive market (Shepherd, Williams and Patzelt 2015).
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