BUSN11079 Analytical Thinking and Decision Making Assignment Sample 2024
Introduction
Decision making can be defined as a process of inventing or making choices through gathering information, assessing alternative resolutions, and identifying a decision. There are multiple advantages of decision making such as providing effective information, developing participation of people, and providing effective alternatives.
The study is going to discuss the applications and importance of decision making in Deloitte, decision problems, strengths of decision making, and application of simple multi-attribute rating technique (SMART). Analytical tools assist the authority of Deloitte in the practices of decision making and analyzing limitations and strengths. Effective decision-making assists to establish efficient strategies to gain the objectives of a business and enhance revenue.
Importance and application of decision making
Successful operation of a business
Decision making is important because it helps to choose between the various options. There is a strong correlation between the problem solving and decision making of Deloitte Company. Sometimes an appropriate financial decision making process makes the reliable performance of the business which is minimizing numerous business problems.
The organizational environment depends on future opportunities as well as growth. As cited by Jokic (2020), decision making is an important principle of the business that establishes appropriate communication among the team members. Deloitte is the industry that can audit and consult as an advisory service and control professional service networks.
To involve the managerial performance of the business decision making process is important and that enhances the future opportunity of Deloitte. An efficient decision making process. Many alternative options are involved by the efficient decision making process that is useful to make many alternative points during the unconditional situation.
A successful operational level of the business depends on the decision making process which is the effective way to involve business advantages. The mission, vision and goals of the business are important and future threats can be minimized by the efficient decision making process. An efficient decision making process is required to reduce unconditional business situations and that can involve numerous opportunities in the future.
Efficient decision making processes play important roles in reducing business difficulties by identifying critical situations of the business. Decision making approach is to maintain quality functions of the business and describes the necessary business elements of the organization (Abdel-Basset et al. 2019).
The decision making process is essential to maintain the external and internal environment of the organization. Individual decision makers of the organization play different roles to minimize business risk. A successful business operation can be involved by the efficient decision making process.
Involves managerial performance
Managerial business performance is an efficient way to enhance employees’ motivation levels. A successful business operation is included by the efficient decision making process. Appropriate leadership styles are the alternative way to enhance the performance level of the company. The correct decision making process helps to include a successful operational level and which is the efficient way of a performance development plan.
Effective performance of the business depends on the appropriate decision making process that is helpful for effective planning. The managerial performance involves great leadership styles and decision making processes. Decision making is an important process in the business that can control the overall functions of the organization.
Decision making is the necessary concept of the business that expands future opportunities Jafarzadeh (Ghoushchi et al. 2021). Decision making is important to solve numerous problems of the business. Leadership styles are an important concept of an industry.
Reducing the organizational gap
An organizational gap is involved by the poor performance and managerial concept but efficient decision making should minimize that. The knowledge and skills of the leaders are important to minimize or eliminate organizational gaps. Knowledge and experience are important to identify performance gaps, which is a complicated way to find out. Knowing the business requirements is the important way that is developing the future opportunity of the business.
Appropriate performance of the organization can be involved by the efficient planning that appropriately reduces organizational gaps (Banaeian et al. 2018). There are three ways to reduce organizational gaps such as training employees in innovative skills, using leadership development strategy, and integrating with the competency framework. Lack of understanding, as well as job knowledge, can involve organizational gaps and individual employees are demotivated by the specific situation.
Decision making processes are the efficient way to reduce organizational gaps and individual employees are motivated by that. Most public organizations are focusing on the leadership styles as well as decision making processes that minimize organizational gaps (Truong and Manh, 2021).
The learning and development process is most powerful and is promoted as non-technical support to the organization. Some high performers of the business efficiently follow the decision making process that manages huge performance gaps. A competency business framework involves the good performance of the business and fulfils the basic requirements of the business. Sometimes lack of motivation and poor knowledge can involve organizational gaps.
Identification of decision problem
Decision making is an important entity into business functionalities that escorts the strategies to be implemented with proper prediction into the market. As stated by Tumapang (2018), the future development and efficiency of the work activities would be improved by leaning on appropriate decision-making processes. Decision making has boundaries that affect its upcoming and predicted plan to be fruitfully implemented.
Convoluted decision making perplexes the employees and Deloitte to move on to the next step as it lacks analysis of needful information for a certain action plan. Decision making generally helps Deloitte to have prolific ideas for further implementation into the internal working structure but the improper decisions can lead the outcomes to be unsatisfied.
Optimization of plans is important where bounded rationality gives care to the implementation rather than the enhancement. It affects the outcomes for improper decision making in the management of Deloitte. As per the opinion of Urbinati et al. (2019), lack of analysis before making decisions can lead a company’s management to face hurdles in keeping an effective flow of work activities.
An ability to take risks depending on assumptions can carry the deductions to have unwanted outcomes (Towers, and Towers, 2020). Inappropriate cooperation between the decisions and individual opinions can propel the inefficiency to the company’s working functions that down flow the overall profitability.
Decision making should be objective centric as the lack of motive to achieve the aim by decisions in action plan would hamper workflow to be intact. As per the opinion of Xu et al. (2022), time is an important attribute where it plays a crucial role in the decision-making process since time decides the decisions to be appropriate or not as well as its effectiveness too. In the management of Deloitte lack of resources and support hamper decisions to make as it calls an uncertainty of the working structure.
Biasness in the workplace can hamper the creative ideas to be implemented. Conflict in thinking between decision-makers fluctuate the flow of the working environment as well as the future of the company to be improved with appropriate decision making.
The problems in decision making have to be improved as this entity serve the purpose to achieve the company’s goal and objectives. As per the opinion of Aouni et al. (2018), the analysis before making decisions is necessary as lack of data would drive the overall performance to be distracted in Deloitte. Analytical tools like human minds to anticipate the future benefits of a certain decision can help Deloitte’s working functions to be objective centric.
Moreover, in this recent time of digitalization, technological implementations like artificial intelligence and computing machines provide instant outputs to have proper prediction (Jarrahi, 2018). It aids the company to take effective decisions that would have driven the outcomes of desired ones. Optimization of the decision making is an important move into the working infrastructure as it can keep the needed flow to be intact.
Application of simple multi-attribute rating technique (SMART)
The simple Multi-Attribute Rating technique can be defined as a model of decision-makers in order to account for objects that are quantitative and qualitative. Decision-makers play a significant role in the work processes of Deloitte.
The management of Deloitte provides multiple services of assurance and audit, consulting, legal management consulting, financial advisory, risk advisory, and analytics consulting (deloitte.com, 2022). The culture of the organization relies on opportunities, high performance, collaboration, and inclusion.
There is a requirement for efficient analytical tools and decision-makers to develop strategies and improve planning. As per the opinion of Darmowiyono et al. (2021), efficient analysis of the availability of resources and attributes of brands are required in terms of developing decision making. Innovative strategies in Deloitte on the basis of market position and business activities can support in improving its work activities.
There is an essentiality to define the context of business activities, identification of available options, effective decision of objectives, measurement of criteria, and calculation of different values.
| Alternative | Criteria (C) | |||
| Stock
(C1) |
Price
(C2) |
Quality (C3) | Size
(C4) |
|
| A1 | ± 1000Kg | £ 75000 | Good | Medium |
| A2 | ± 700Kg | £ 15000 | Enough | Large |
| A3 | ± 1300Kg | £ 65000 | Average | Medium |
| A4 | ± 600kg | £ 180000 | Good | Very Large |
| A5 | ± 1000Kg | £ 90000 | Average | Medium |
Table 1: Alternatives
(Source: deloitte.com, 2022)
The above table has discussed four alternatives for the businesses of Deloitte on the basis of stock, price, quality, and size. The price of alternative 1 is £75000 with good quality and medium size. The price of alternative 2 is £15000 with a large size and enough quality.
As stated by Fahlepi (2020), quality plays a significant role in the development of a business and the achievement of business objectives in a certain period. The management of Deloitte needs to focus on the quality of attributes in terms of improving its business practices.
The price of alternative 3 is almost £65000 with medium size and average quality. The cost of attribute 4 is almost £180000 with a very large size and good quality. As stated by Slamet et al. (2019), effective analysis of the availability of alternatives is required to focus on implementing efficient decision making. The price of alternative 5 is almost £90000 with medium size and average quality.
The decision-makers of Deloitte need to focus on the quality, size, and cost of attributes in terms of making decisions on selecting attributes. The availability of alternative 1 in Deloitte can assist in improving existing planning. In the present scenario, there is a requirement for innovation and implementation of advanced technology and analytical tools in terms of developing work processes effectively.
The technique of Simple Multi-Attribute Rating can support the management of Deloitte in the identification of decision-makers, analysis and identification of alternatives, identification of evaluation criteria, and measuring performance. As stated by Rahadjeng et al. (2020), analytic tools assist the company in measuring its performance and implementing effective decisions.
Effective identification and analysis of decision-makers on the basis of skills, experience, and knowledge are required to develop efficient decisions. Employees play a significant role in an organization to drive the firm towards success (Oktavianti et al. 2019). The mission of Deloitte focuses on helping their clients effectively and becoming a leading group of business advisory of the world.
There are multiple phases of decision making for instance articulating the decision, gathering information, identification of options, evaluation of information, selection of decision, implementation of the decision, and effective review of performance. As stated by Fitriani et al. (2020), analytical thinking is required in decision making in terms of reducing the impact of planning risks effectively.
The analysis of alternatives in Deloitte can assist in implementing any decisions appropriately. Effective engagement of employees and a healthy relationship between management and employees assist a firm in developing cooperation and establishing decisions in a workplace.
Efficient planning of work activities assists to be completed in a certain period. In the present scenario, sustainable approaches drive an organization towards success and building effective brand value in the market. Analytical thinking and analysis of alternatives are required in Deloitte in terms of achieving its business objectives.
As stated by Habib et al. (2021), Simple Multi-Attribute Rating technique can support the decision-makers of the organization in implementing appropriate decisions based on the analysis of work activities. There is an essentiality of appropriate management, availability of analytic tools, and appropriate resources to evaluate every decision effectively and implement it in the workplace.
Employee engagement and effective cooperation in Deloitte can help in bringing innovative ideas, identifying the availability of alternatives, and developing strategies to achieve the business objectives.
Discussion of strengths and limitations
Decision making fosters the management of Deloitte to have improvements in the working functionalities. The generated revenue from the overall performance can be an effect of the appropriate decisions as the execution of decisions can lead to the desired place as predicted (Calabrese et al. 2018).
Appropriate decisions can have the ability to increase confidence in the management of Deloitte to do further projects. The company’s decision-making process improves time management as it is the most important attribute to be taken care of.
Communication is an effective tool that gets improved with the discussion of diverse opinions for a single decision to make. In order to approach the market with new inventions of ideas, decision making does that in an effective way where plans according to the decision can bring desired outcomes (Calabrese et al. 2018).
The strong side of an appropriate decision is nothing but to have control in every working activity by the company’s management where it improves relationships between employees, increases critical thinking and analytical ability, and individual responsibilities.
Limitations of the decision-making process shrink the predicted outcomes into an ineffective situation of confusion. As per the opinion of Aouni et al. (2018), lack of fusion in analytical skills with critical thinking before making a decision leads to uncertainty where the company cannot even know what will be outcomes. The objectives of Deloitte get distracted by making improper decisions during the working functions implementation.
The direction of the company’s future gets changed due to the compromised or subjective decision where it lacks objectiveness in them. Limited analysis affects the decisions to be made for the uncertain future and outcome where the company can be bound to non-creative limbo.
Conclusion
Based on the above discussion it can be concluded that analytic tools and decision making play a significant role in the development of an organization. Deloitte focuses on assisting its clients effectively in terms of becoming a leading organization in the world. Decision making can be improved with the help of technological advancements for having correct anticipation of upcoming activities.
Artificial intelligence, which is the most effective analytical tool for business sectors, can help the company to arrange proper planning which leads to taking effective decisions. The boundaries and limitations need to be reduced for the sake of prosperous outcomes. Moreover, it can be stated that proliferation can occur when each decision would take its place with appropriateness. The analysis of the availability of attributes and resources can be beneficial for a firm in establishing decisions.
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