Description
Week 7 - Assignment: Evaluate the organization's use of technology for data-driven decisions.
Instructions
Research the different tools and technical software used in managerial decision-making. Evaluate and compare two or three types. Write a paper with your audience being the CEO and Board of Directors that discusses the two types and your recommendation of the one to purchase. Give examples and specifics that may convince top management to go with your choice. You may use the previous companies you have written about or a company you are familiar with for examples.
Length:
5-7 pages, not including title and reference page.
References:
Support your paper with the required reading articles for this week and two other researched sources.
Your paper should demonstrate thoughtful consideration of ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards. Be sure to adhere to Northcentral University’s Academic Integrity Policy.
Upload your document and click Submit to Dropbox button.
Explanation & Answer
Completed
Running Head: DECISION MAKING
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Decision Making
Student’s Name
University Name
Course Name
Date
DECISION MAKING
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Decision Making Tools
Introduction
In organizations, it is usually hard to make the right decisions especially if specific
requirements are available and there are different factors to be considered (Bera, 2016).
Organizations require the management team to have the ability to make decisions. There are
many tools and software that are used in managerial decision making. These tools can be used
alone or when combined for the management to arrive at the right decision. The decision-making
tools that can be effective are decision matrix, T-chart, and a cost-benefit analysis. These two
tools work separately and will be for critical analysis of the available alternatives or options of a
particular decision.
Decision Matrix
This tool has been useful in different companies as it allows the management to look at
all the factors. This tool helps to reveal the best decision and strategy to take. This tool is
particularly effective when there options for different variables and choices. By the use of this
tool, the management can decide on which alternative is the best. The result generated by this
tool may not be agreed upon by all the people in the management team, but it is the best option
(Bera, 2016). This tool consists of columns and rows that allow the evaluation of alternatives
which are relative to various decision-making criteria. This tool ensures that the different factors
are being considered.
Application of Decision Matrix
The decision matrix is characterized by making choices and factors very clear visually.
The horizontal rows display the different options with the rows showing the factors. Weights are
added to the factors in the table with the most decisive factor being the highest figure. This tool
DECISION MAKING
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works by outlining the available options and the factors that need to be on a table. The score for
each factor and option combination is weighed by the relative importance of the factor (Fan &
Wu, 2010). The score gives up the total score for the different options and factors. Before the
creation and the use of the decision matrix, there must be the identification of the material
options and their properties.
For effective use of this tool, certain steps are followed.
Step 1: Listing all the available options in the rows of a table and the factors in the
columns.
Step 2: Scoring each factor for each option in the table by working down the columns of
the table. Here, there are no different scores that are needed for various options.
Step 3: Working out th...
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