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Report on Analytical Thinking and Decision Making

   

Added on  2020-06-04

16 Pages4476 Words70 Views
ANALYTICAL THINKINGAND DECISION MAKING

Table of ContentsINTRODUCTION ..........................................................................................................................1Q.1 Importance of Decision making and the application of decision analysis...........................1Q.2 Detect and outline a decision problem related to work or an external organisation............4Q.3 Simple multi-attribute rating technique (SMART) for outlining decision problem............5Q.4 Strengths and limitation of analysis in respect of decision problem..................................11CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................14

INTRODUCTION Analytical thinking and Decision Making is considered as a practical overview andevaluation related to business problems, expansion plans, investment strategies and effective useof information (Dane, Rockmann and Pratt, 2012). This is one of the important aspect which isused in organisational context to lead the operations and management towards desired aim andobjective. Decisions remain based upon critical analysis and practical overview of factors,business problems and judgements. Information produced by different analytical systems arecritically analysed to make effective decision making plans and strategies. This report defines theimportance of decision making and the application of decision analysis for subject toorganisation's effectiveness. Decision problems related to work which remain associated withmultiple projects are defined with practical examples in this report. Simple multi-attribute ratingtechniques (SMART) used to frame the structure of problem. Stages to analyse which is clearlydefined in are presented in this context.Q.1 Importance of Decision making and the application of decision analysisDecision making is a process which assist organisational structure and businessmanagement to determine important aspects which remain associated with analysing bestinvestment plans and options for organisational growth and development. In this context it isobserved that how business problems are tackled with decision making process and analyticalapproach. Decision simply means the conclusion or summary of overall business problem.Possible solutions and options are analysed and measured by internal comparison and evaluation.Decision may be different as per different person because perspective of person varies bydifferent People. This is a process which is based upon analysis and evaluation of past incidentsand records which remain associated with financial planing and business forecast. Decision arebased upon self evaluation and mindset on particular subject.Decision making reflect the process of making choice form type of options. In anorganisational context decision making related to expanding the scope of business and improvethe structure of business at next level (Subramoniam and et.al., 2013). It plays vital role inrespect of building strong infrastructure and base for running the operations and management. Itsupport the enterprise to attain desired aim and objectives. There are some essential areconsidered while making decisions such as better allocation of resources and tools, analysingchallenges and problems to improve the structure of organisation and evaluation of internal and1

external environment of business. There is a proper analysis in terms of identifying and decidingstrategies and tactics through decision making process. This process also used by organisation toprevent unlawful and unethical practices which are not viable and create complexity. It helps tomake business structure flexible in terms of adopting changes. Management be able to makeeffective decisions that company can witness enhance the growth and performance, innovationand efficiency of organisation. A decision making frame work is made to consolidate overallprocess of decision making. It is important to note the requirement to implement, monitor andevaluate the stages which are defined as follows:Define the issue: decision analysis is one of the major aspect which is consideredessential in terms of managing operations and management of organisation (Fenton‐O'Creevyand et.al., 2011). There are some issues are identified in resect of making effective decisionmaking strategy. This not inly helps to sort out the plans but also rectify the issues and plans ineffective manner.Establish Decision criteria: this is one of the primary task which remain associated withframing the image of decision making process and analysis. This make the ability to workindependently and helps to evaluate effective decisions and forecasting future events. Nature ofdecisions are analysed on the basis of effective decision making and evaluating skills programs.These problems are analysed and modified on the basis of factors which remain associated withplanning and evaluating process of investment and decision making plans. Division of decisionmaking basically helps to demonstrate and explain the decision making process with diversebusiness situations and circumstances.Risk assessment and decision support: this is the process which helps to analyse thepotential risk factors which remain associated with management decisions and investment plans.There are possible consequences and negative aspects are evaluated on the basis of evaluationand monitoring plan subject to evaluating the business problems and evaluation process.Enhance understanding: This decision making and analytical procedure is not onlyessential for selecting suited decision among different accessible choices. In contrast, this is alsoimportant for evaluation process or performance of people who had taken decision previously.This process is also implement for judging or analysing performance of a person who has takendecision previously.2

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