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Analytical Thinking and Decision Making | Report

   

Added on  2020-06-06

18 Pages4770 Words27 Views
Analytical thinkingand decision-making

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11. Importance of decision making and the application of decision analysis..........................12. Defining decision problem of Greggs Plc that involve multiple objectives ......................43. Applying Simple Multi Attribute Rating Technique (SMART)........................................54. The advantages and limitations of SMART method .......................................................12CONCLUSION .............................................................................................................................13REFERENCES .............................................................................................................................14Illustration IndexIllustration 1: Criteria of selection of the best location...................................................................82

INTRODUCTIONDecision-making is the process of choosing the best and effective course of action fromtwo-or more alternatives in order to achieve desired objective of organization. The process ofdecision-making plays an important role for every organization as by making right decisions thevarious issues of organization can be sorted out (Anderson, Camm and Cochran, 2015). Theinformation is analysed and knowledge is utilized by decision makers to resolve issues that arebased on decision.Greggs plc is the largest bakery chain in UK (Greggs Plc, 2017). All bakery productssuch as cakes, biscuits and pastries etc. are made by company. But various issues are faced bythe firm in making effective decisions. This report will conduct a critical review on theimportance of decision-making and application of decision analysis tools. The decision problemis faced by company in order to search for a suitable office location. The analysis of decisionsinvolving multiple objectives, out of which, best option will be selected using SMARTtechnique. Further, the report will pay emphasizes upon both the strengths and weaknesses ofSMART tool.1. Importance of decision making and the application of decision analysisAccording to Craft, (2013), decision making defines the process of critical and anlyticalthinking so as to choose most suitable option out of a set of alternatives. In the firm, there aredifferent stages where decisions are taken by the management for continuous flow of work in theright direction. At the time of making decision, manager should be careful because correctdecision leads to success while incorrect decisions may leads to failure. Further, in decisionmaking process in an organisation, it is important to make the decision considering its possibleimpact on the organization and what benefit it will drive to the entity. Through making an effective decision, it facilitates organisation to use all the availableresources effectively and efficiently in order to accomplish goals and objectives of business.. It is1

necessary to make the right decision for all resources such as money, human, markets, machine,etc. to achieve success. Through continuous practice of making decision, it has become easy foran organisation to resolve day to day issues and challenges without facing any barrier. Moreover,through making the fast and right decision, it helps a company in its growth and development.Therefore within the organization, an effective decision can help in accomplishing the short andlong-term goal.

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