Decision Making Ã¯Â¿Â½ PAGE \* MERGEFORMAT Ã¯Â¿Â½1Ã¯Â¿Â½ Running Head: DECISION MAKING TOOLS
Decision Making Tools
Learning Team A
University of Phoenix
When comparing the decision making tools from all of our team member's organizations, we found that our organizations use many different techniques. Some of the techniques that we discussed are: cost-benefit analysis, PMI analysis, grid analysis, SWOT analysis, and force field analysis. These decision making tools all have advantages and disadvantages. Our team will evaluate each tool, and decide on a decision making process.
Within any organization there are a variety of styles associated with critical thinking and decision making. How an individual or group makes a good decision is usually based on the intensity of the predicament. Cost benefit analysis, PMI analysis, grid analysis, SWOT analysis and force field analysis are tools involved with the decision-making process. Cost benefit analysis works by deducting the cost of a choice from the benefits and profits that choice will return.
This is a very cost-efficient decision making tool. PMI (Plus, Minus, Interesting) analysis weighs the negative and positive aspects of a decision. Grid analysis uses a chart or matrix to consider many different factors in a decision. This is a good tool to use when one has many different options in a decision. SWOT (Strength, Weakness, Opportunity, and Threat) analysis takes a look at internal strengths and weaknesses whereas also focusing on the external opportunities and threats involving an organization. The SWOT analysis helps an organization find the target market with the aim of recognizing opportunities and accomplishing goals set by the company. Force Field analysis points out the information in favor of and in opposition of a decision. Force field analysis is much like PMI analysis.
Each of the decision making tools previously mentioned has strengths. Cost-benefit analysis allows...