Business Issues and Decision Making Report for Woolworth Ltd

This report provides an in-depth analysis of business issue identification and decision-making strategies, focusing on the case of Woolworth Ltd. It explores various methods for identifying business issues, such as using key performance indicators, PESTLE, SWOT, and Porter's Five Forces models. The report emphasizes the importance of relevant information in business operations, including marketing, accounting, and HR functions. It also discusses the use of patterns in business operations by determining causes and effects, statistical analysis, and adjusting information management systems to meet processing objectives. Furthermore, the report addresses the need to assess risks associated with different solutions and the assistance of quantitative methods in decision-making. Finally, it outlines considerations regarding managing an organization's information needs, highlighting the importance of tangible benefits and accurate data storage.

Decision making

Table of Contents
Methods used to identify business issues along with its importance.........................................3
Importance of some informations relevant to business operations............................................3
Using patterns in business operations by determining causes and effects.................................3
What is statistical analysis and how it can make beneficial to company...................................4
Requirement of adjusting information management system to meet processing objectives.....4
Need to assess risk associated with different solution...............................................................4
Assistance of quantitative method in decision making..............................................................5
Considerations regarding managing organisation’s information needs.....................................5
REFERENCES...........................................................................................................................6

Methods used to identify business issues along with its importance
Woolworth Ltd faces several problems and for being in the competition it is important
to analyse them and solve them by using best strategies. There are several methods by which
it can identify business issues such as: using key performance indicators for analysing
satisfaction level of customers, retention level of employees, rate of sales and profit as
compare to others. It allows them to identify issues which are occurring in getting expected
sales and satisfaction level (Aithal, 2017). By using PESTLE analysis model, SWOT model
and Porter’s 5 forces model it can analyse all factors along with their effects on it
performance
It is important to identify business issues in order to prevent itself in a timely manner
and having effective situation in the market.
Importance of some informations relevant to business operations
Business operations refers daily activities played by the company in order to
accomplishing goals. It includes: marketing activities, accounting, HR and others. All these
functions play an important role and it is important for Woolworth to have all informations
related to business operations for knowing as whether it is on the right track or not.
 It also helps them out in taking decision for further processes.
 It allows them to make changes in strategies accordingly.
Using patterns in business operations by determining causes and effects
There are different types of business process patterns whose implementation can
allow companies in identifying problems, eliminate them and using appropriate strategies. It
can also be said that business processes are important part for defining business architecture
(Hollenstein and et.al., 2019).
 They reflect common solutions to common problems.
 It is also a simple way of identifying experiences.
Some process patterns include: process evaluation, process feedback and others.

Causes –effects patterns allows company to identify causes as well as effects of some
conditions.
What is statistical analysis and how it can make beneficial to company
Statistical analysis refers a process of collecting, analysing and exploring
informations in order to discover business patterns as well as trends. It is mainly being used
in research study for becoming scientific for making effective decisions. Some importance of
using statistical analysing includes:
 It allows companies to gather informations, employ correct analysis in order to make
better decision.
 It also allows traders as well as businessmen to invest money and making profit by
having all relevant informations.
Requirement of adjusting information management system to meet
processing objectives
Information management refers a process of managing people, technology and
processes as well. It helps companies in providing control over their business structure and
usage of informations required to manage business intelligence. There are different types of
information management systems which can be used by Woolworth Ltd such as sales and
marketing system, HRM system, process control and others.
It can allow company to become competitive because it makes companies aware about
performance of employees along with who is working and who is not.
Need to assess risk associated with different solution
Risk is important factor and risk can affect success of the decision which has been
made by Woolworth Ltd. risk are integral part of all the solutions which are made in business
and this is why risk assessment will help in analysing risk associated with different solution
(Wood, 2019). This is important to assess risk in order to identify whether risk associated
with is greater than benefits of the solution. It is important to analyse that solution and its
benefits are more important than risk and solution is worth taking risk for.

Assistance of quantitative method in decision making
There are several techniques which can be employed while making decision and
quantitative methods help in making decision based on facts and are more rationale. This
involves statistical and scientific approach for decision making. Some examples of
quantitative decision making are;
 Probability decision theory (Based on predicting probability of an outcome)
 Linear Programming (Involves maximising an objective under limited resources)
 Game Theory (Quantitative technique which is only used for making decisions
pertaining to business rivals)
Considerations regarding managing organisation’s information needs
Information is vital part of decision making and this is why organisations have to
manage their information so that they can make effective decisions. But as management of
information is also difficult there are some points to consider these points are that information
should have tangible and visible benefits (Benaben and Vernadat, 2017). Information is able
to give all the data for making accurate decisions. Information is accurately stored with their
respective titles making it feasible to identify the purpose for which information has been
stored.

REFERENCES
Books and journals
Aithal, P.S., 2017. An Effective Method of Developing Business Case Studies based on
Company Analysis. International Journal of Engineering Research and Modern
Education (IJERME), ISSN (Online), pp.2455-4200.
Benaben, F. and Vernadat, F.B., 2017. Information System agility to support collaborative
organisations.
Hollenstein, L. and et.al., 2019. Unsupervised learning and simulation for complexity
management in business operations. In Applied Data Science (pp. 313-331).
Springer, Cham.
Wood, W., 2019. Requirements and Risk Assessment. In Migrating to MariaDB (pp. 15-32).
Apress, Berkeley, CA.