Decision Making Tools

Running head: DECISION MAKING TOOLS
DECISION MAKING TOOLS
Name of the Student
Name of the University
Author Note

1DECISION MAKING TOOLS
Executive summary
This paper is going to talk about the issues that Torrens University has been facing due to the
wrong decision that the University has taken. In this paper different factors that influence
decision making is going to be discussed and the decision making tools are going to be discussed
that would have helped Torrens University to make effective decisions by using those tools to
make positive impacts on the University.

2DECISION MAKING TOOLS
Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Factors influencing decision making...........................................................................................3
Data and analytical based approach.........................................................................................3
Predictive analysis...................................................................................................................4
Cognitive biases.......................................................................................................................4
Issue in the workplace of Torrens University..............................................................................4
Decision making tools.................................................................................................................5
SWOT Analysis.......................................................................................................................6
T-chart......................................................................................................................................7
Feasibility Study......................................................................................................................9
Conclusion.....................................................................................................................................10

3DECISION MAKING TOOLS
Introduction
Decision making skills are one of the most important and integral part of business these
days. Companies look for employees who have the skills of taking effective and efficient
decisions these days in order to make effective changes in a company to help in the development
of the company that eventually results in the success of the company. The decision made by the
company determines the values and morals and defines the aspirations and identity of a company
or an organization (French, 2015). There are many decision making tools that help the
organizations to assess the problems and the potential problems to solve it effectively and pave
way for profits. This paper sheds light on the decision making tools and how it helps the Torrens
University to overcome the challenges that is current residing in the workplace.
Discussion
Factors influencing decision making
People or individuals make decisions about several things. The decision making process is
mostly specific and based on a particular issue or situation. There are several factors that
influence the decision making skills of a person that helps people to take efficient and effective
decisions o solve the problem or make situations better.
Data and analytical based approach
Business environment usually take decisions based on evidence based and analytical
based approach. The most significant advantage of this type of approach is that there are various
materials present in abundance that help the company to work with. Previously people and
companies did not rely on evidence based decision as it was difficult and nearly impossible to
access evidence and important information and documentation (Bower, 2018). However, today