opportunity to estimate how viable the decision will be and can decide to

Opportunity to estimate how viable the decision will

This preview shows page 26 - 28 out of 116 pages.

opportunity to estimate how viable the decision will be and can decide to whether to carry forward with the decision or abandon it. iv. Decision tree : This is a graph or model that involves contemplating each option and the outcomes of each. Statistical analysis is also conducted with this technique. A decision tree is a useful tool for enabling choice between several courses of action. It provides a highly effective structure within which options can be explored and possible outcomes can be investigated. It also helps to form a balanced picture of the risks and rewards associated with each possible course of action. A decision tree is particularly useful when choosing between different strategies, projects or investment opportunities - particularly when resources are scarce. A decision matrix is used to evaluate all the options of a decision. When using the matrix, create a table with all of the options in the first column and all of the factors that affect the decision in the first row. Users then score each option and weigh which factors are of more importance. A final score is then tallied to reveal which option is the best. 5 . SWOT Analysis : SWOT stands for strengths, weaknesses, opportunities and threats, which is exactly what this planning tool assesses. 6. PEST/LE Analysis : An acronym for political, economic, social and technological, Legal and Environmental. PEST can improve decision-making and timing by analyzing external factors. This method considers present trends to help predict the future ones. 26
Image of page 26
7. PMI PMI tool is used for arriving at quick decisions that do not quite have problems. The acronym stands for Plus, Minuses, and Interesting points. 8. Decision Trees With this tool, the decision maker can choose from among alternatives by foreseeing the possible outcomes or courses of action. 9. 5 Why’s Technique This is a very simple but effective tool that requires analyzing the problem at hand by asking “Why?” and “What caused it?” The question “Why?” is asked simultaneously 5 times, thus the term 5 Whys. 10. Brainstorming This is a technique for creative group thinking which are used by group to generate ideas such as rowing problems. The purpose of brainstorming is to tap the creativity or the group to allow members to generate ideas. In brainstorming there is a discussion among members to come up with ideas. It is grouped into two: Structured brainstorming- it is also called loud robin brainstorming. Each person comes up with his idea which are recorded. The ideas from one person are different from the other one. Unstructured brainstorming-it is also called freewheeling. It is open to everyone and only the one with an idea can give it out. You can cross-fertilize an idea.
Image of page 27
Image of page 28

You've reached the end of your free preview.

Want to read all 116 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture