Decision Making Tool Paper

This paper looks at the main issues faced by decision makers, analyses them, presents alternatives and makes recommendations based on the analysis.

The decision making process includes cognitive processes that eventually lead to a choice in action while taking into consideration the alternative possibilities (Allen, Dorozenko, & Roberts, 2016). Not all choices have to lead to an action. The values and preferences of the person making the choice also comes into play when making the final decision. Problem-solving to obtain a certain goal or satisfactory by a solution is the main reason people go through the decision making process (Stefaniak, & Tracey, 2014). This process has many factors that end with one final result or solution. The decisions made can be rational or irrational and can be determined by explicit or tacit knowledge (Qingyao, Dongyu, & Weihua, 2016). Since the decision making process can be very difficult at time, psychologists have viewed the process in different perspectives to get a better understanding (Rossi, Picchi, Di Stefano, Marongiu, & Scarsini, 2015). The different perspectives include; psychological, cognitive, and normative or communicative rationality.

A. In order to improve the current workflow in the plant, I recommend using the work stations layout tool whether through the Excel or POM program. This will help to show a clearer picture of the work flow that is present at Shuzworld, with allotting equal times in each work station. This will enable the company to find the shortest time to be used in each station for optimal performance and production of all shoes. Decision Analysis has been established to advance theory, application, and teaching of all aspects of decision-making methods.

A) I believe the best cost-benefit analysis technique is the “time value of money” technique. Of course it is beneficial for a project manager to know the benefits of the project as well as the overall cost of the project, but determining if the time value of money is worth the effort is another factor the manager must consider. The time value of money is the comparing the expected cost of the project compared the expected returns/benefits of the project. If the costs both present and future outweigh the benefits, the project is probably not worth the time spent.

While the method of this surveillance may use the BRFSS, there can be many more other methods that can be used. In evaluating a financial project, majority of the times the methods used during the evaluations will be quantitative, in order to prove financial gain (Makarova & Sokolva, 2014). The same quantitative method can also be used in two different ways within this project.

Additionally I would like to present, the following information which was located at the following website: Structured Decision Making.

Nova Western Inc. case study absolutely shows the importance of picking the correct method for your organizations goals. It similarly shows that the one-size-fits all mentality doesn’t work when it comes to picking which project selection methods. I think this company would have performed better by going with a more complex in depth method in determining the better choice of project to go with. From the list of model options the text goes over I believe Nova Western Inc. would have been smarter to go with the Profile

If you have consider to purchase a substantial item, then this financial function perfectly will guide in the purchase. A PMT function is a series of inputs regarding interest rates, loan amount, loan duration, and calculate the resulting loan payment. This feature will help me in purchasing the new vehicle and control student loans. Moveover, calculating the financing aspect of the loans will provide a clear and comprehension of what is owed, the total cost, and how much are the monthly payments, etc. Also, the usauge of the PMT function can be formualted for smaller items, for intance buying a new laptop, the latest flat screen tv with surround sound and blu-ray or a lesiure

At stage 1- analytically impaired organization, at the beginning, PMI was not yet on the path to becoming analytical competitor, even though they had a desire to be. They lacked both the skill to do so. They faced some substantial barriers both human and technical to analytical competition and were still focused on putting basic, integrated transaction functionality and high quality data in place. They also lacked the hardware, software, and skills to do substantial analysis. There was only market research team in the company dealing with all the analyzed data with an unpaid software called Survey Monkey.

- IT spending must be aligned with the company’s growth strategies (need to reduce IT costs i.e. savings on software licensing costs where bleeding money, and head count).

Tools for decision making is interesting topic to me. I used probability theory some time using actual values. Often everyone use the probability concept based on the previous experience and knowledge. This the first time came across decision making software. I searched internet about decision making software. Those program leads the user through the steps of the formal decision making process. These days I am looking for Laboratory Management Software for my work place. I will use brainstorming concept in this chapter to select good program. I will use rational model of making step to direct my team during brainstorming session.

Purpose of this report to introduce and provide brief introduction to PMI PMBOK guide. To achieve this, I have decided to break this into three main areas,

The premise of PMI is that the tools and techniques of project management are common even among the widespread application of projects from the software industry to the construction industry. In 1981, the PMI Board of Directors authorized the development of what has become A Guide to the Project Management Body of Knowledge (PMBOK Guide), containing the standards and guidelines of practice that are widely used throughout the profession.

Rather than simply providing a suggestion to the user as most other decision-making tools do, Decisionary approaches the problem in an explorative manner, reframing the problem and helping the user break the mental deadlock.

Decision making - no longer the preserve of middle managers or business analysts-occurs throughout the business, from boardroom to front office.[6]