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MGMT6002 Influencing and Making Decisions Solved

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Decision making tools

Tool 1: SWOT Analysis

Effective utilization of certain tools enhances the decision-making skills of the individuals. One of this is the SWOT analysis. This analysis helps the individuals to evaluate the exposed performance in terms of the identified and the specified objectives. In this analytical tool, there are four aspects, which inculcate self-organizational skills within the individuals. Taking into consideration the preconceived strengths generates confidence within the individuals regarding the performance of the tasks. The sequential component is the weakness, which compels the individuals to bring about changes in the approach towards the regular tasks. Opportunities enhance the capabilities of the individuals in terms of enhancing their preconceived experience. Threats acts as an obstacle in exposing the preconceived skills. However, carrying out evaluation after every performance reduces the intensity of the potential threats.

Tool 2: Pareto analysis

This analysis acts as an extension for SWOT analysis. As a matter of specification, the utilization of statistics for evaluating the effectiveness of the undertaken decisions enhan es the parameter of strengths. This escalation generates confidence among the individuals for overcoming the weakness and threats, which acts as an obstacle in the performance of the basic tasks. Diagrammatic representation of the outcomes is an additional assistance in terms of evaluating the effectiveness and appropriateness of the decisions. This helps the individuals to align the exposed performance with the expected targets and goals. 

Tool 3: Pugh Decision Making matrix

Along with SWOT and Pareto analysis, Pugh’s decision-making matrix is one of the other tools, which enhances the decision-making skills of the individuals.

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