What Are the Tools Use in Managerial Decision Making?

Running head: MANAGERIAL DECISION MAKING
MANAGERIAL DECISION MAKING
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MANAGERIAL DECISION MAKING1
Table of Contents
Part 1:...................................................................................................................................2
Part 2:...................................................................................................................................8
Introduction......................................................................................................................8
Three-real life Scenario...................................................................................................8
Conclusion.....................................................................................................................12
References..........................................................................................................................13

MANAGERIAL DECISION MAKING2
Part 1:
Decision-making process can be stated as the method which works for solving different
kind of problems. It can be either small or even complex like the given value. Using some of the
right tools for “SWOT Analysis,” “Market Research,” and “Decision matrix” stand out to be
useful and important (Schilirò, 2018). These tools help the individual in making choice by proper
sorting of required data and characterizing the options. By making use of many option, it
becomes very much beneficial and suitable approach which expand through multiple choice.
This particular seen comes into picture in the process of decision-making. With wide range of
available option, the right people can pick up the suitable requirement based on the scenario.
The given essay will highlight the application of decision-making with regarding the
rational behavior of human mind in the scenario of real world. The given step will help in
solving some of the complex problem considering both the solution and its formulation (Luan,
Reb & Gigerenzer, 2019). Rational decision-making can be stated as a process which is carried
in step by step form. It is done by either organization or an individual considering the analysis
and provided data.
The six steps which are used for problem-solving are discussed below like:
Definition of Problem: Proper identification and discussion of some real issues and
providing category to some of the issues. There is need for complete outline of issues which will
ultimately reducing any miss-concepts (Abatecola, Caputo & Cristofaro, 2018). The very first in
case of rational decision is all about defining different problems followed by describing the
current state. It merely defines the different alternatives.

MANAGERIAL DECISION MAKING3
Identification of Decision-Criteria: It is very first stage in decision-making is all about
outline the condition in advance, that can be used later used like a guide in decision-making. This
merely comes into without any kind of judgment for accessing the thoughts in mind. There is
need for keeping the whole problem in mind at the instance of setting up the criteria (Butler et
al., 2016). It also help in dealing with variables that will help in analyzing the decision outcome.
Allocating the weight of Criteria: The step is very much helpful in ranking the issue that
will help in understanding the vital process in decision-making. By providing weights to the
listed criteria, it becomes very much helpful in varying the given issue (West, Christodoulides &
Bonhomme, 2018). In some other words, it becomes unlikely to analyze each of the criteria
highlighting the same given level of importance. This is merely achieved by providing a
complete comparison and complete comparison method which stand out to be part of mind-tools.
Selecting the right solution: The fourth step is all about evaluation of some potential
solution and narrowing it down to a single one. Being accepted by people who will use this can
easily implement certain solution that stand out key to success. To understand this, previous step
completely come into play (Bratianu, Vãtãmãnescu & Anagnoste, 2018). A solution can be
considered to be too much radical and complex in nature. The earlier choices help in justification
of choice done by PS group and providing viable solution and followed by implementer to
discuss and select from it.
Implementing the right Solution: The group makes use of different tools like Gantt
chart, log frame, and timeline (Hassan & Zaazou, 2019). In between step five and step six, both
the operational and technical implementation of solution is taken into account.