Table of Contents
2.0 Discuss the importance of decision making and the application of decision analysis.
2.1 What is decision making?
2.2 Importance of decision making.
2.3 Application of decision analysis.
3.0 Identify and outline a decision problem relating to your work or an external organization.
4.0 Apply the simple multi-attribute rating technique (SMART) to the outlined 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 (minimum of 5)
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: Make a provisional decision.
5.0 Discuss and detail the strengths and limitations of your analysis in the context of your decision problem
Strengths of my analysis.
Weaknesses of my analysis.
Every single business needs to make effective business decisions to gain success and gain sustainable competitive advantages in the marketplace. The aims of this paper are to discuss the importance of decision making in business and application of decision analysis in a business situation. Then, this paper identifies a particular problem of business in the UK. A real problem is identified from Tesco concerning the system of computers in this assignment. The third task uses the simple technique of multi-attribute rating (SMART) to a definite problem in Tesco. Finally, this paper discusses the merits and demerits of this analysis in case of the problems identified.
2.0 Discuss the importance of decision making and the application of decision analysis
2.1 What is decision making?
Decision making refers to the initiatives taken to sort out particular issues and problems in the business operation. Basically, sound or rational decision making has received as the main management function. Every manager and supervisor is taking decisions consciously or subconsciously by making it the main part of their managerial roles. Decisions play significant roles because they establish both managerial and organizational performances (MSG, 2017).
Every management level makes decisions to make sure business or organizational goals have gained. Next, every business implements and receives decisions to make sure the best drivability and growth in cases of products and services presented. The decision-making method is the counseling issue completed by the professionals to make the development of any company (MSG, 2017). Therefore, this is the dynamic and continuous action that encompasses all other organizational activities. The decision-making method is the essential element of a business function.
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2.2 Importance of decision making
Decision-making is an important element of different organizations such as small or big organizations and the main function of achieving success. Owners and directors are very liable for better outcomes of decisions, unlike managers and CEOs of big organizations. Small business decision making, mainly concerning the employee, has a higher influence on organizations than those made in a big organization (Ascend, 2017).
Decreasing or increasing the workforce size and structure of a business is very critical to gain success and it is the strategic decision. Such as, the better staff will not only enlarge production in a company but also can be better for the morale of the employee. The employees of business observe if the manager makes uncertain decisions. If company management is important about creating major decisions and staff will value that. Suppliers and customers also observe how decisions have prepared in the organization and it may influence the success of the business (Ascend, 2017).