Abstract Decision making is one of the most vital tasks that an entrepreneur, company, or managers are often called to make in order to alter the cause of a business venture or influence the course a business will take. Decision analysis thus entails the discipline of appraising intricate alternatives with regard to values and uncertainty. Value, in most incidences, is expressed monetarily and is a major management concern. Additionally, decision analysis offers awareness into how distinct alternatives vary from each other as it offers propositions for new and improved alternatives. Decision making is a process which involves a methodical review of various pathways that the being made will result in while allowing the persons making the decisions to explore various outcomes for their decisions. Various methods are thus employed in decision making (Figueira, et al., (2005). This manuscript appraises some of these methods and offers the best approach in making decisions for a business. Various peer reviewed articles and printed texts are inferred upon in the analysis of the subject under review. The theoretical framework with regard to decision analysis is also appraised. Introduction As Keefer, et al., (2004) documents, the traditional frameworks of decision making for business ventures including intuition and a simple financial analysis are no longer adequate in addressing the commonest decisions for businesses. Such decisions border on issues including
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Decision making is one of the most important aspects in life and work because of its strong link to success and effectiveness. Actually, successful people achieve their goals in life and work through effective and efficient decision making. The decision making process is usually guided by an individual’s beliefs, values, and attitudes as well concepts. While a person can use various concepts in making decisions, they should be very careful to select a concept that is effective and contributes to huge success. Nonetheless, these concepts exist to help an individual become a better decision maker in the world around him/her.
In my workplace, I often deal with situations were different factors can be considered and every situation is different depending on the customer. I work for a non-profit agency that provides services to customers who are considered unemployed or underemployed. As with any business, each customer has their own separate needs that they come to us for, and what we provide one customer we might not be able to do for another. Each decision that I make requires me to assemble information from two database systems along with what is provided to by the customer and their employment specialist. I assemble all information necessary along with our related policies to make the most informed decision I can. In many situations, when I make a decision
Negotiations and decisions are a part of everyday business. In order to make a successful decision, it is necessary to understand how to make rational and sound decisions. Decisions that are rash, made on snap judgments, and past experiences can prove detrimental to a business. A deficit in basic thinking and decision making is felt at all levels of an organization (Gary, 1997). Decisions can have long term and short term impacts on organizations and their world in which they exist (Turner & Dean, 2008). In order to understand the process of making a sound and good decision, it is necessary to define and understand several decision-making models. These models help to make clear the issues to be addressed and the
With any company the goal is to increase your sales and to decrease your cost at the same time. This can be somewhat of a challenge and can take time to achieve. Our goal was to increase our sales and decrease our production costs. Over the years our sales increased, as our sales increased so did our production costs. The demand was increasing so we improved and increased the amount of product that we made. Over all our net income increased. In year six it was $61,278, year seven was $68,237, year eight was $73,585, and year nine was $90,805. Our expenses fluctuated over the years, but we were consistent in increasing our profit.
1. I recommend that the Rugged Boot assembly line be rearranged to provide a more efficient process. Based on the diagram provided by Catherine Pang showing the layout of the production line, the current line uses eight stations. I determined the efficiency by using the following formula:
In every day to day operations decision need to be made in most of different types of business. In the process of the decision making the person in concern must be financially orientated; decisions should be based on the effectiveness of its cost and if it meet the organization needs and if it would have any kind of positive or negative impact on the organization profitability.
In life, most of my decisions have been made for me. When to go to bed, when to eat, when to wake up, pretty much when to do anything. The day this all changed was back in September of 2015. I had to make one of the toughest decisions I have ever had to make or will ever have to make, and that decision was whether to keep defending my country or to get out and be present for my family. It was such a tough decision to make for every pro for there was just as many and equal cons for each decision. This is what I decided.
The decisions that we make and follow on a daily basis have different bearings on the business. Some are simple, but others are quite complicated because they pose a long lasting bearing on the enterprise. Decisions will be determined by the type of decision to make, the time factor, resources available and the nature of tasks at hand among others. In so doing, it is imperative to understand the mindset of the decision makers at these times when they face the uphill tasks of making a decision that will have a bearing on the performance of the organization or
My team, Organization One, went through several stages throughout this quarter. Deciding what type of decision-making process we would adopt was our first stage. It wasn’t a decision that we made consciously, but we organically made the decision to do a consensus style of decision-making. We divided responsibilities in the team by splitting them as evenly as we could. Some of the deliverables were done on a volunteer basis because there was no point having five people split them up. For the term paper, we gathered together and divided the paper into five parts. Since the easier parts were completed much faster, the teammates who finished early began to help with the other sections. For each section of this quarter’s project different
Decision analysis is an appropriate method for this case study because the decision to be made is operations focused and not tactical, it is impartial rather than subjective, and it is repetitive rather than infrequent. Decision analysis looks to identify the most appropriate alternative outcomes and occurs at a give point in time in a process. Additionally, it takes the view point of the organization in decision making, opposed to an individual standpoint.
A study published in the winter 1997 volume of Business Strategy Review suggests the major factor in a decisions success is the decision process itself. The study, by Paul Nutt, suggests that poor decision making
One area in which the application of decision analysis appeared to be successful is in the oil industry. The decision environment within which an oil company has to operate is characterized by limited information and complexity. Also, these decisions require intensive capital expenditures thus they are related to substantial risk (Hosseini, 1986). The case of Tomco Oil Corporation is a good example for this type of decisions made under uncertainty.