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Decision Making Tools - Assignment Example

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This research is being carried out to evaluate and present an organization of the various decision-making tools in a coherent personal decision-making process through the use of a decision matrix analysis. …
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Decision Making Tools
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Decision Making Tools

Download file to see previous pages... According to the research findings, it can, therefore, be said that quote (year) mentioned that the advantage with working with decision-making tools is that they ensure that the approach to decision making is always systematic. It also ensures that the one taking the decision can at least be guaranteed of a certain degree of an outcome, especially when a particular tool proves to be effective for a particular kind of decision (quote). So far in this course, there have been the utilization and use of a number of decision-making tools, all of which have been applied in different scenarios to solve identified problems. In this paper, a toolbox of techniques and analysis tools is constructed. Quote (year) referred to techniques and analysis tools simply as decision tools as they help in easing the whole decision-making process. The toolbox is, therefore, a simple collection of organized tools in a way that makes it possible to use each tool in solving a peculiar problem. When making the decision, there are several tools that can be used to satisfy different goals. One important thing about each of these tools is that they tend to solve one kind of problem or situation better than others (quote). Knowing this, the decision matrix is created by considering a number of factors or scenarios that can arise in any typical decision-making process. Based on differences in the factors, there is a weighting given to each of them. Then after, each decision-making tool is scored against one of the factors. When using the decision matrix for regular personal decisions, quote (year) advised on the need to have an un-weighted matrix before a weighted one. This makes it easier to bring out the key scoring that is done for each tool and how it fits each factor. Table one below is an example of four major decision-making tools may be scored against five major factors when taking the decision. ...Download file to see next pagesRead More
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