Got a tricky question? Receive an answer from students like you! Try us!

Quality Tools in Decision Making - Research Paper Example

Only on StudentShare
Author : marielle19
Research Paper
Pages 3 (753 words)


Quality Tools in Decision Making Name: Institution Introduction SWOT analysis system is a device for strategic scheduling in small and middle-sized firms. The tool is specifically used in analyzing the internal and exterior business environments of an organization…

Extract of sample
Quality Tools in Decision Making

Since it is an essential instrument in the prosperity of organizations, examination and analysis of its background, strengths and limitations besides applications and benefits are critical. Background of the tool SWOT analysis originated from the research executed at Stanford Research Institute (SRI) from ‘60-‘70. The background to SWOT started from the need to establish why corporate forecasting failed. Fortune 500 companies sponsored the research to determine what could be done concerning this failure. The Research Team consisted of Marion Dosher and Dr Otis Benepe among others. It all commenced with the business-planning trend, which appeared originally at Du Pont in 1949. In ’60, each Fortune 500 business had a corporate forecasting manager or similar and organization of the extensive range corporate planners had emerged in both the US and the UK. However, a common opinion sprung in all of the companies that commercial planning in the shape of extended range planning was not operational, and was an expensive asset in futility. This was the period and stage when the organizations started to embrace this model in management planning (Dunne, Mard, Osborne, & Rigby, 2004). Strengths and weaknesses Strengths and weaknesses are constituents of internal factors of a business and, therefore, form significant advantages to the planners in business. ...
Download paper

Related Essays

Business Decision Making
Reason for colleting the primary and secondary data for the given business problem helps to reach the authentic decision to advice the clients in Spain, France and Italy. As the manager of the company, preparation of most suitable plan for primary and secondary data collection is very much necessary. “Data Collection helps your team to assess the health of your process. To do so, you must identify the key quality characteristics, you will measure, how you will measure them, and what you will do with the data you collect” (Module 7: Data Collection n.d. p. 1). Here I am working for the…
12 pages (3012 words)
Managerial decision making process
Performance evaluation is an important task in any organization because by evaluating the performance the productivity level of an individual is measured.Promotion, salary packages, increment in compensation and growth of the individual are also based on the performance evaluation therefore organization must ensure that they have proper performance evaluation method that considers important characteristics and traits of the individual so that right candidate is promoted and get his reward of hard work. Also by promoting the right individual, his motivation level would also increase thus it…
7 pages (1757 words)
Select 3 Decision Making Tools Studied in the Managing Decisions Module and Evaluate their Advantages and Disadvantages
Individuals as well as groups make decisions as a reaction to a problem in most cases. Robbins (1993) concurs with this assertion when he states that decision making takes place when there is a discrepancy between some current state of affairs and some desired state requiring consideration of alternative courses of action. Decision making is one of the primary responsibilities of all the employees given that they are somehow affected by the decisions made in the organisation. There are various tools or methods that can be implemented in carrying out the decision making process.
12 pages (3012 words)
Quality Tools in Decision Making
The affinity process is mostly applied to group ideas, which have been engendered, through the procedure of brainstorming. The process of affinity is performed by a cluster or team. Its chief aim is to meld the opinions, perceptions and insights of a group of people that are knowledgeable or well acquainted with the topic or issue concerned. This process has been found to work excellently in situations where the participants taking part are not more than six. An affinity program is critical when a person has workloads of data that they are overwhelmed on what to do with it. This process…
3 pages (753 words)
Quality Tools in Decision Making
They exhibit the discrepancy of the production of a process with time, such as the width, temperature and length measurements. If they are fitting, then the process is believed to be in control, and the discrepancy between measurements, is measured standard random variation, which is inherent in the process. Nonetheless, when the variation is exterior of the limits, or it contains a dash or synthetic points, the process is measured to be past control. A control chart comprises of two graphs, upper and lower. These charts evaluate this difference against superior and lower limits to ascertain…
3 pages (753 words)
managing Decision Making
The result is that decision makers will have better grasp of factors bearing on company performance. Business Intelligence (BI) tools, especially in the form of spreadsheets, can be highly complementary to EUD systems, for they both lend themselves for use by non-specialists. An extension of BI is Artificial Intelligence (AI), which aims to minimize human interference in the preliminary and intermediate stage of data selection and processing. Expert Systems are an even advanced vision of AI, that aim to make the sort of sophisticated decision making and recommendations that only experts were…
3 pages (753 words)
Business Decision Making
The price for the terrace house with 3 bedrooms and 2 bathrooms is ?395,000. The average price for 2-bedroom terrace house with 1 bathroom is ?364,999.67 with median ?370,000 which is not far from the mean. In this case, the ultimate basis for the decision as to how much will be the budget for the terrace house with 4 bedrooms and 4 toilets will be the mean and median. Notice how much increase was incurred from the mean of 2-bedroom terrace house with 1 bathroom to 3-bedroom terrace house with 2 bathrooms. The difference in the mean is ?30,000 and the difference in the median is ?25,000. In…
6 pages (1506 words)