Decision making techniques

Document Type:Case Study

Subject Area:Management

Document 1

Since it helps an organization or individual to come up with the best action on issue. It also gives the leaders or the managers of a given work place to administer their companies or organizations well. This makes the company to get more profits. Decision making helps in evaluation of managerial performances in an organization. It shows whether the manager is qualified or not through the kind of decision he or she is going to make. The other decision making technique is break even analysis. This technique allows the person who is making the decision to examine the alternatives based on prices and fixed costs. Ration analysis is also other common used technic in decision making. This helps in accounting and interpreting among given variables.

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The basic financial ratio gives a comparison among the costs and revenue for a given period of time. The other decision making technique is the game theory. In this technique the competitors are enabled to pick the best strategy which will help the company to achieve its goals. This enables the organization or a company to select strategies which will help in production of goods and services thus making profits in the company or an organization. Simulation technic is also another type of decision making technic which involves constructing a model that is same as actual system in the organization. This enables the organizations or companies to solve complex problems in their organizations, thus making them to attaining their goals which is profit making.

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Decisions making techniques directs controls and organize work in an organization thus making the companies and organizations to achieve their goal of profit making. Decision making techniques provides the best compromise between intuition and analyzing using a structural frame work. By contacting this technique the organizations are able to adjust in risks thus giving the company opportunity to achieve their goal which profit making and also compete in the markets. Census mapping technique of decision making tries to pool the ideas which are given by some groups and which can be used to solve decisions in the organization. These decision making technics also gives the organizations strictness in communications thus helping the organizations to make the best decision which will help the organization in profit making.

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These techniques helps them to make the right decision like increasing the number of materials and also workers that will make them get more quality products. This will enable them to compete in the global markets across the world. Decision making techniques can help us achieve the Saudi Vision 2030 because they gives companies opportunity to analyze problems then select the best decision that can make the companies move forward in terms of profit making. All successful companies starts with a successful stories, and in order the business to achieve their goals in marketing they must set a strategies or techniques that will enable them to make the right decisions and to achieve the Saudi Vision 2030. These techniques enables the management teams to make the higher quality decisions faster and also communicate to the company thus making them to achieve the company’s goal.

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