Assignment Sample on Analytical Thinking and Decision Making
Introduction
The decision-making is the best way to choose all other ideas. Executives generally have a helpful summary of practical alternatives to strategy. Evaluating each of these options, they choose what they think is best for the company and its people (Calabretta, Gemser and Wijnberg, 2017).
It must be the duty of the individual to have specific decision-making skills, and intelligence is paramount. Again, experience sheds more light on situations and helps in decision-making.
Part – 1
Importance of decision making:
The decision-making is of exceptional importance in the work or any other life of an association. The chances of achieving legitimate goals and objectives are based on the same concept of decision-making.
Driving ability:
Being a leader is an essential experience. The association within the organization continues to operate on the decisions of the leader. Progress outside the base may fall on a leaf spot. In addition, dungeons cannot be kept for long by the conflicting leader. A leader must have the will to motivate and guide his citizens to follow the path. The authority of the position he holds allows him to do so (Yang and Gabrielsson, 2017). However, if decisions or decision-making abilities are weak, workers become frustrated. Sooner or later, Sarath will become a reality. The company is going through challenging extensions and happy opportunities. The team must rely on the decision-making abilities of its leader to manage any situation with balance.
For development and diversification:
Government employees must now accept “unaltered” decisions. These are previously unchanged results. It is not easy to make such decisions. The leader or decision-maker must have enough experience to have such a plan. Through experience, one develops powerful natural abilities. So experience, intuition, and information about the current situation inside and outside are some characteristics that can make a big difference. These are the decisions made when considering similar committees, acquisitions, and recommendations. These are improvements that will fundamentally affect the association, thus changing these decisions (Tangkesalu and Suseno, 2018).
Simple Multi-Attribute Rating Technique (SMART)
The SMART is a decision-making tool that is widely used in decision-making in various situations. This technique is based on classifying the various characteristics that the decision-maker considers important in decision-making activities.
For example, the primary characteristic may be reduced to 100, while the most important characteristic may be given a score of 10. However, the sample does not have a vague maximum interval, i.e., the decision-maker is interested in the score distribution.
In addition, the decision-making technique is achieved by standardizing all the points scored by each unique character. SMART decision-making is used to make specific decisions about issues that affect the climate (Dos Santos et. al., 2019).
Part- 2
Decision problem
The management of extended associations is subject to the responsibility of the executive committees to plan and implement workable operational practices. The methods, strategies and techniques implemented determine the association’s ability to achieve commercial excellence.
The modern business environment has seen tremendous improvements in recent years due to the great diversity of natural forces. Some of these forces include critical, social, innovative, legal and political forces. For example, the rapid advancement of information and communication technologies (ICT) has led to the development of the data age.
So buyers have learned that this speaks to their view of a dynamic cycle (Sloan, 2019). In addition, the pace of financial growth has led to an increase in the productivity and consolidation of associations, thus offering a wider range of products to buyers.
Associations are formed on the basis of long-term existence, despite changes in the market. Therefore, one cannot overthink the importance of associations which ensure that the products and sectors offered are in line with market demand. In addition, it is imperative that associations ensure that their products and sectors lead to undeniable customer loyalty.
In addition, the importance of integrating the main management practices to deal with quality has fully developed over the years. However, there are different opinions on the relationship between quality management activities and end results. As a result, associations face obstacles in their journey to improve their commitment to product quality.
Evan Ltd. It is a limited liability company representing a key force in the extraction of uranium from the outside world (Elder and Paul, 2019). The company’s decision to enter the preferred energy market is driven by crucial evidence of the gradual adoption of clean and sustainable energy sources by associations across various sectors.
The ultimate goal of gaining market interest in the company’s core businesses is to explore and mine uranium worldwide. However, there is a huge problem facing the company regarding the remaining light from the mines and the company’s operations.
This vision waste has a high potential for radioactivity, representing natural hazards, well-being, and hazards.
The decision-making on different natural techniques is complex and unmanageable because of the different trade-offs between different biological, social, political, environmental, and monetary components.
Despite the problem, Evan Limited trains management. After that, the company decided to make a firm decision on how to organize the radioactive waste (Siregar et. al., 2017).
To ensure that the association selects the best waste disposal decision, Evan Ltd. must keep decision-making techniques in place. One technology a company should consider is the SMART analysis.
Having SMART technology will improve a company’s ability to see from different angles, which can be affected by how the company organizes waste. Therefore, Evan Ltd. must consider various factors in the decision-making technique.
Some of these activities are related to indirect risks, costs, benefits, human characteristics, and well-being. To achieve consistency in using the SMART model in measuring decision-making, Evan Ltd. should consider the various steps outlined below.
Part- 3
SMART Technique implication:
Decision maker identification:
Evan Ltd. seeks to respect the company’s social commitment. One of the key factors a company should take into account is climate respect. To accomplish environmental management, the company’s management staff must decide on the best waste management technology in a joint effort with staff from various offices (Fahlepi, 2020).
Issue identification:
The company wants to build a waste disposal plant within its office to ensure that its operations are not affected by the weather.
Therefore, decision-making should collaborate to improve the visualization of contacts, which can help identify essential characteristics related to waste disposal. One of the best qualities a company should consider is cost, planned loss of life, urban improvement, and indirect risk level.
Alternative valuation:
After identifying the key characteristics, the decision-maker should make a detailed assessment of the different characteristics. This course includes a special presentation on various aspects of the center’s properties (Simonovic et al., 2017). For example, many issues can be broken down into several sub-categories, such as formal planning costs, different security approaches, and operational costs.
Dimension of alternative valuation:
Legal officials who have lost their naturalness should generally consider the impact of growing the workforce and disposing of corporate waste. Again, the company must assess the various risks associated with the waste disposal plant. Some of the hazards that can affect plants include floods, earthquakes, and various accidents resulting from everyday events.
Finally, policymakers need to assess the civic improvements needed to ensure company safety in waste disposal practices. Note that one of the angles of urban development determines whether resources should be allocated to public works where the company operates.
Ranking dimension in order of significance:
Evan Ltd. Decision Making Division Assigns weights related to the optional reason for rating the information. Various techniques can be used to assign weights. Some of these strategies include direct assessment and adjustment (Hora, Bouwma-Gearhart and Park. 2017). Includes avoidance of unique properties based on their importance in the installation. For example, an integer focus can add 100 focus points.
In decisions made by Disposing of Office Trash, Evan Ltd considers the different subsections, including general clauses, cost clauses, and risk clauses.
Some aspects considered at the level of final productivity are fundamental, while others are not very relevant. For the current issue, Evan Ltd will regulate the properties as detailed below. The attributes are positioned according to their importance.
Life> Indirect risk> Indirect cost> Urban development
Rate dimension:
The meaning of life at the decision-making level is superior to the characteristics of civic development for decision-making. Despite this, Evan Ltd must distribute the weight to differentiate the characteristics of management personnel. The company can reduce the value to 10 for its most important unique characteristic of urban development (Saaty and Ozdemir, 2021).
Summing the important weights:
The company must compare different properties with each other to determine the normalization of relative value.
Sensitivity analysis:
The technique used to determine how the values of a free factor affect a given variable in a given prediction set is classified as precise analysis. Its use depends on one or more input factors within certain limits, for example the effect of debt repayment on bond payments.
Otherwise, this is a hypothetical analysis. Sensitivity analysis can be used for any process or structure. All of this should be possible through a sensitivity analysis, from organizing a family trip in light of the factors to decisions at the organizational level.
Use sensitivity analysis to make decisions
One of the main applications of sensitivity analysis is the use of samples by managers and policy makers. All the materials needed to model the result can be used clearly (Proctor, 2018). It helps decision-makers understand the weaknesses, advantages and disadvantages of the results model as well as its limitations and dimensions.
For the most part, otherwise, decisions are poorly made. This is the best arrangement for roughly determining the various limits. One way to come to a solution is to replace questionable limits with expected values and then complete the sensitivity analysis. If there is any indication of the sensitivity of the results to changes in one or more entries, it may be a product discrepancy.
Sensitivity analysis functions
The main use of sensitivity analysis is to demonstrate the sensitivity of the re-representation to weaknesses in the input values of the samples. Situational sensitivity analysis is a method of predicting the outcome of a decision if certain situations are different and do not meet key expectations. The system helps to analyze the weaknesses of the system. This helps to differentiate the dependence of income on the value of specific inputs. It helps to make informed and relevant decisions. This helps to detect serious errors in the internal model. Sensitivity analysis is one of the tools that helps decision makers find more than one answer to a problem (Jarrahi, 2018). It provides an adequate understanding of the problems associated with the reference model. Finally, the decision maker will discover how sensitive the best order he chooses is to any improvement in the input values of one or more limits.
A company may award 60 points for comparing the costs associated with the urban development characteristic. The risk attribute may conflict with upgrading and set a payload at 150. Finally, the life characteristic may conflict with urban development and give it a value of 180.
After determining the brands or weights for the various coating options, Evan Ltd. is obliged to determine the average weight. Average or fixed weight is determined by determining the absolute weight and dividing the weight of a given attribute by the final or reduced weight. Standardization of loads allows decision-makers to assess the importance of various aspects of decision-making in the decision-making technique (Okoli and Watt, 2018). Therefore, the possibilities for improving the decision-making technique are expanded by the reflection of the critical feature. In this case, the company must consider the impact on the lives of residents of the garbage disposal office.
In addition, the company must take into account the risks involved in the development technique. With these two characteristics in mind, Evan Ltd can improve its distribution in the future by improving operational efficiency and corporate social responsibility.
Part – 4
Smart techniques strengths and limitation:
One of the critical characteristics of SMART technology is that it resembles a cost-benefit analysis model. Therefore, the association can explore the costs and benefits of a particular aspect of the decision-making technique (Dos Santos et. al., 2019). In addition, the decision-making technique depends on the measurement of properties. In addition, SMART technology is straightforward to use, which expands its appeal among decision-makers.
Despite the above qualities, there are various limitations to SMART technology. A significant limitation is the decay of the problem. The decision investigation method involves a clear description of the various features.
Evan with the ultimate goal of achieving landscape care is intended for radioactive waste and is controlled by an important decision. To deal with this problem, the association should consider different angles that may directly impact decision-making, prompting the inclusion of different activities in the decision-making technique (Elder and Paul, 2019).
The SMART technology is possible because of its ability to integrate subjective and quantitative perspectives into the decision-making technique. The attributes are positioned according to their weight. Key options are identified and rated as superior. Therefore, there is a high probability of leaving or rejecting some of the most valuable aspects of the decision-making technique. To solve this problem, policymakers need to combine different measurement files to accommodate increased research.
The opportunity to identify decisive actions is expanded during the decision-making technique by adjusting to different actions. There is an excellent need for SMART technology to evaluate the reliability, square detail and value capabilities of input information for each down line feature. It will be offered as a compromise (Marttunen, Lienert and Belton, 2017). In addition, SMART technology should be used in the fundamental problem management technique. As a result, its ability to deal with complex issues is limited, which has led to the development of other decision-making strategies.
Conclusion
When we face difficulties and problems, decision-making skills can be just as practical. When we are in a hostile situation, the rule is to manage the decisions we make. This only applies to one belief level per person. When challenges arise due to globalization, business continuity depends on the leadership and decision-making skills of the employer. Whether it is for forgiveness or not, the smooth running of the company can only be imagined if done at the right time, in the right place. There is no doubt that the path to achieving pre-determined goals through SMART goals has helped me to achieve emotional well-being for organization development. An issue that a person faces with some problem, especially when there are moral concerns. Decision-making through SMART analysis in these situations is needed. Excellent decision-making skills should be used to make decisions that conflict with appropriate morals and goals.
REFERENCES
Dos Santos, P.H., Neves, S.M., Sant’Anna, D.O., de Oliveira, C.H. and Carvalho, H.D., 2019. The analytic hierarchy process supporting decision making for sustainable development: An overview of applications. Journal of cleaner production, 212, pp.119-138.
Elder, L. and Paul, R., 2019. The thinker’s guide to analytic thinking: How to take thinking apart and what to look for when you do. Rowman & Littlefield.
Fahlepi, R., 2020. Decision Support Systems Employee Discipline Identification Using The Simple Multi Attribute Rating Technique (SMART) Method. Journal of Applied Engineering and Technological Science (JAETS), 1(2), pp.103-112.
Hora, M.T., Bouwma-Gearhart, J. and Park, H.J., 2017. Data driven decision-making in the era of accountability: Fostering faculty data cultures for learning. The Review of Higher Education, 40(3), pp.391-426.
Jarrahi, M.H., 2018. Artificial intelligence and the future of work: Human-AI symbiosis in organizational decision making. Business Horizons, 61(4), pp.577-586.
Marttunen, M., Lienert, J. and Belton, V., 2017. Structuring problems for Multi-Criteria Decision Analysis in practice: A literature review of method combinations. European Journal of Operational Research, 263(1), pp.1-17.
Okoli, J. and Watt, J., 2018. Crisis decision-making: the overlap between intuitive and analytical strategies. Management Decision.
Proctor, T., 2018. Creative problem solving for managers: developing skills for decision making and innovation. Routledge.
Saaty, T.L. and Ozdemir, M.S., 2021. The Encyclicon-Volume 1: A Dictionary of Decisions with Dependence and Feedback based on the Analytic Network Process. RWS Publications.
Simonovic, B., Stupple, E.J., Gale, M. and Sheffield, D., 2017. Stress and risky decision making: Cognitive reflection, emotional learning or both. Journal of Behavioral Decision Making, 30(2), pp.658-665.
Siregar, D., Arisandi, D., Usman, A., Irwan, D. and Rahim, R., 2017, December. Research of simple multi-attribute rating technique for decision support. In Journal of Physics: Conference Series (Vol. 930, No. 1, p. 012015). IOP Publishing.
Sloan, J., 2019. Learning to think strategically. Routledge.
Tangkesalu, A.A. and Suseno, J.E., 2018. Information System of Performance Assesment on Startup Business using Simple Multi-Attribute Rating Technique Exploiting Ranks (SMARTER). In E3S Web of Conferences (Vol. 73, p. 13002). EDP Sciences.
Yang, M. and Gabrielsson, P., 2017. Entrepreneurial marketing of international high-tech business-to-business new ventures: A decision-making process perspective. Industrial Marketing Management, 64, pp.147-160.
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