Analytical Thinking and Decision Making Assignment Help (GC0153)

Table of Contents

1.0 Introduction.

2.0 Discuss the importance of decision making and the application of decision analysis.

2.1 Concept of decision making.

2.2 Implication of decision making.

2.3 Importance of Decision-Making.

2.4 Principles of Decision Making.

2.2 Application of decision analysis.

3.0 Identify and outline a decision problem relating to an external organization.

4.0 Apply the simple multi-attribute rating technique (SMART) to the identified decision problem.

Step 1: Who is the decision-maker and why?

Step 2:  Identify all the alternatives courses of action.

Step 3: Identify the attributes that are relevant to the decision problem.

Step:  For each attribute, assign values to measure the performance of the alternatives on that attribute

Step 5:  Determine the weight for each attribute.

Step 6: Convert the raw data into a weighted value.

Step 7:  Choose the best alternative.

Step 8: Sensitivity Analysis.

5.0 Discuss and detail the strengths and limitations of your analysis in the context of your decision problem

Strengths.

Weaknesses.

6.0 Conclusion.

References.

1.0 Introduction

Effective management of decision making ultimately defines the success of a business. Identifying business problems is quite difficult, most importantly for the rapid growth companies. Thus, if a business fails to ensure effective management, communication, and confirmation of decision implementation, it will go out of control. An interconnected decision is the key point of any business. This is because decisions for a business mission and vision define the identity and aspirations of the business. These business decisions and business core values ultimately define value and morals for business.

A strategic decision of a business determines target market, budget, completion, value chain participation, and core competencies. Additionally, management decision making is an important skill needed for the business to succeed. This assignment, first, reviews the literature related to decision making and decision analysis. Then, a decision problem is identified from the practice case of a business, where the business name is Small World. After identifying a problem of Small World, the problem is analyzed using SMART techniques and the best alternative decision is found out by evaluating its merits and demerits.

2.0 Discuss the importance of decision making and the application of decision analysis

     2.1 Concept of decision making

Simon (2014) defined the term decision making as the process by which a logical choice is selected from a set of available information. It is a process of identifying a decision, gathering information for making the right decision and assessing the alternative resolutions. It is one of the most important functions of the manager of an organization. According to Jones (2016), a decision is made by the upper level of management in the organization.

Other functions of the business (such as planning, organizing, directing, controlling, budgeting, forecasting, managing and coordinating the activities of the management or the business) rely on the effective decisions made by the business. Crozier et al. (2012) said it is the framework of future planning about what the business will do. A good decision making assists a business to develop effective strategies and their implementation in a business function.  Verma (2014) found that decisions made by businesses affect both the internal and external activities of the business.

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Businesses can not even become successful without the help of decision making as planning, forecasting and budgeting are the keys to business success and these factors depend on the decision-making process (Chip and Dan, 2018). It also helps the managers to direct employees in the right direction to achieve the organizational goals. Through the proper decision making any problem regarding planning, forecasting and budgeting can be rectified.

It is said that a good decision is about the accomplishment of the half work (Sparough et al., 2014). On the other hand, poor decision-making causes a serious breakdown in the interim of the work progress. Thus, decision making is vitally important for the management of the organization to achieve and the goals and make the business successful (Hussien, 2012).

2.2 Implication of decision making

Sparough et al. (2014) stated that decision making is made up of several steps which include- identifying the various alternative set of actions and evaluate them. Crozier et al. (2012) said the alternatives are analyzed by the managers whether they are acceptable or not, the purpose should be made for making the decision, the feasibility of the alternatives are analyzed and rank them according to the best to least and select the best alternative to implement in the organization (Crozier et al., 2012)……………………

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