Decision Making Tools Essay

991 words - 4 pages

The purpose of this paper is to define decision-making tools and techniques. This paper will define decision-making tools and brainstorming. The paper will also explain its application as well as when and when not to use this tool. When we make the choice that we need to make a decision, we should choose a tool or technique that can help us make the best possible selection.There are so many solutions to solve a problem. Brainstorming is one of the common tools to be used to stimulate and capture creative thoughts and ideas. Brainstorming can be used by either individual or group. If you brainstorm on your own, the ideas can be more creatively. Group brainstorming can be very effectively and tends to develop ideas in more depth than individual. In my company, my boss used brainstorming successfully to change his business direction. (Langdon, 2006)Brainstorming should benefit the company as well as the individuals, which are involved. Issues which need an immediate decision should not be apart of a brainstorming session. Issues which can be thought out and clearly defined should be a part of brainstorming sessions. Decision-making can be made easy by the use of brainstorming sessions. Brainstorming sessions allow you to focus your energy on all the possible solutions. Brainstorming issues should focus more on the issue and less on the time which is needed to make the decision. (Langdon, 2006)Decision-making is important for any organization to succeed. By using a decision-making model, management can make clear decisions. Incorporating their experiences with their decision thought process will ensure a winning combination. There are many thoughts on decision-making and how it should be approached. Although I have used the decision-making tool brainstorming for business uses, I have also used brainstorming and other techniques in my personal life. I have used a decision tree, scenarios, and the six thinking hats. A decision tree refers to a decision and the possible outcomes of that decision. A decision tree is a decision support tool, used to identify the strategy most likely to reach a goal. One of the advantages of the decision tree is that it is easy to understand. After thinking of all possible outcomes for a decision, it is spelled out whether or not it will benefit to stick with the decision. A decision tree also helps one to choose between several courses of action. They provide a highly effective structure within which one can lay out options and investigate the possible outcomes of choosing those options. They also help one to form a clear picture of the risks and rewards associated with each possible course of action to decide what will be best. (Langdon, 2006)Cost benefit analysis is a relatively simple technique that is used when making a decision. This widely used technique is usually most effective when used as a tool aiding decision making, when contemplating a change. As its name implements; it is the process of adding the value of...

Find Another Essay On Decision Making Tools

Capital Budgeting Decision-Making Tools Essay

2645 words - 11 pages gives the highest NPV.Capital Budgeting is an extremely important aspect of a firm's financial management. Although capital assets usually comprise a smaller percentage of a firm's total assets than do current assets, capital assets are long-term. Therefore, a firm that makes a mistake in its capital budgeting process has to live with that mistake for a long period of time. Decision making tools for capital budgeting are essential for any

Decision-Making Tool: Brainstorming: MGT 350 Tools and Techniques paper

1236 words - 5 pages Decision-Making Tool: Brainstorming The purpose of this paper is to define decision-making tools and techniques. This paper will define a decision-making tool, brainstorming, and explain its application as well as when and when not to use this tool. Throughout the paper I will define, apply and explain when and when not to use brainstorming as your decision making tool. The first part is defining brainstorming. This is where a couple

Knowledge of Accounting System as Effective Tools in the Decision-Making of Micro Enterprises

1498 words - 6 pages that a massive part of the country may be put under risk if this sector starts to fail, enterprises’ vulnerability to economic pressures must not be neglected. This converse of how these businesses operate individually, with each business being able to display impressive performance and effective decisions. Options or tools must be provided for them in order to realize full growth and potential. Decision making marks the method of choosing

Financial Accounting: Tools for Business Decision Making Financial and Managerial Accounting: The Basis for Business Decisions

857 words - 3 pages Running head: TEXTBOOK ASSIGNMENT 1 TEXTBOOK ASSIGNMENT PAGE \* Arabic \* MERGEFORMAT 6 Textbook AssignmentnameACC/400: Accounting for Decision MakingMay 2010instructorTextbook AssignmentChapter 8 of Financial Accounting: Tools for Business Decision Making by Kimmel, Weygandt, and Kieso (2007) is Reporting and Analyzing Receivables. Receivables are "amounts due from individuals and companies that are expected to be collected in cash" (Kimmel

FIN 325 - Financial Analysis for Managers II-Capital Budgeting Decision-Making Tools

2638 words - 11 pages highest NPV.Capital Budgeting is an extremely important aspect of a firm's financial management. Although capital assets usually comprise a smaller percentage of a firm's total assets than do current assets, capital assets are long-term. Therefore, a firm that makes a mistake in its capital budgeting process has to live with that mistake for a long period of time. Decision making tools for capital budgeting are essential for any business.The Net

Law and Morality. Speaks of the dilemma of making a decision that someone must die in order for the others to survive. Explains and justifies the decision by using legal tools such as Law and Moralit

2117 words - 8 pages It is not an everyday occurrence that someone must decide the fate of another's life. The dilemma of making a decision that someone must die in order for the others to survive, can obviously be troubling. The process in which the termination of one's life may be easy to make, but to justify that decision is the most difficult one. This paper is given a situation in which a decision of taking one's life is essential. The situation is that a

Management Abount Decision Making. As Managers and Entrepreneurs, We Should Have Confidence in our Decisions, But Can We? Discuss With Regard to Your Ability as a Decision Maker and the Tools and...

2118 words - 8 pages everyone's lifetime, it shows that everyone will make decisions in our life by every time. At the same time, making decision is looks like to make choice from alternative, this view is too simply. Actually, it is involve too many process and conditions when making any decisions. Moreover, decisions making is very important in organization especially for manager when they do any decisions about business that will be effect the whole organization

Understanding the Decision-Making Model MGT 350

974 words - 4 pages solution to a model changes as the assumptions vary (Golub, 2004). Professor Hossein Arsham (2006) wrote, "The worst and best 'reasonable' sets of circumstances are considered and the expected payoff for each is calculated, and compared to the expected, or base-case output" ("Tools for Decision Analysis").Making decisions can be a one of the most important and difficult tasks one will face. Following or formulating a decision-making model will not

Interpersonal Process: Decision Making in Organizations

889 words - 4 pages one's mind. The process of decision-making is supported by various tools and techniques that help an organization better sort and analyze the information by adding numerical and objective precision to minimize the level of subjectivity.As organizational decision-making process is people-centric and it always has some level of subjectivity in it, some sort of training can enable managers to be better decision makers. A supportive environment

MGT 350: Tools and techniques for Decision Analysis

1109 words - 4 pages Making decisions is one of the most difficult and important tasks of a manager. Making valuable decisions not only impacts the success of the manager, but of the company as a whole. Several decision-making techniques have been developed to help individuals and organizations make the most efficient decisions possible. I have chosen to discuss Professor Hossein Arsham's (2006), Tools for decision analysis: analysis of risky decisions. He uses a

Critical Thinking Simulation

604 words - 3 pages major points that, if properly understood and employed, can greatly enhance the decision-making process in an organization.During the course of the CSS/330 class the learning has mainly focused on the process of critical thinking and decision-making. There were a lot of course materials and supplementary articles and journals that aided in understanding of both process. In class we also learned the different tools and techniques that can be used

Similar Essays

Decision Making Tools For Mangers Essay

1281 words - 5 pages Decision Making PAGE \* MERGEFORMAT 1 Running Head: DECISION MAKING TOOLS Decision Making ToolsLearning Team AUniversity of PhoenixWhen comparing the decision making tools from all of our team member's organizations, we found that our organizations use many different techniques. Some of the techniques that we discussed are: cost-benefit analysis, PMI analysis, grid analysis, SWOT analysis, and force field analysis. These decision making tools

Decision Making Tools And Techniques Essay

1296 words - 6 pages Decision Making Tools and TechniquesDecision-making is one of the most complicated and essential responsibilities of an executive. Making important decisions not only influences the success of the executive but of the entire corporation. Quite a few decision-making techniques have been developed to assist individuals and corporations make the most competent decisions achievable. For this document Professor Hossein Arsham's (2006), Tools for

Decision Making Tools & Techniques Brainstorming

695 words - 3 pages Tools and Techniques PaperWhen faced with a difficult situation there are several decision-making tools or techniques that one can employ, brainstorming is one of them. Brainstorming is a powerful technique that breaks through narrow thinking by tapping into ones creativity, calling on every viable, however random, solution imaginable. This helps generate radical ideas and can lead to remarkable results. In order to find the best solution it is

Decision Making Tools And Techniques Essay

873 words - 3 pages your life, department or organization. The desired result is clarity about the decision that must be made. To achieve this result one must use available decision-making tools and techniques to help consider the relevant information and, if necessary, get the needed support of one's team or organization to make the decision work.References Baker, D., Bridges, D., Hunter, R., Johnson, G., Krupa, J., Murphy, J. and Sorenson, K.(2002). Guidebook to