BUSINESS DECISION MAKING PROJECT
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CLO Business Decision-Making Project Part 1
Identifya business problem or opportunity at a company where you work or with which you’re familiar. This will be a business problem that you use for the individual assignments in Weeks 3-5. It should be a problem/opportunity for which gathering and analyzing some type of data would help you understand the problem/opportunity better.
Identify a research variable within the problem/opportunity that could be measured with some type of data collection.
Consider methods for collecting a suitable sample of either qualitative or quantitative data for the variable.
Considerhow you will know if the data collection method would be valid and reliable.
Develop a 1,050-word analysis to describe a company, problem, and variable.
Includethe following in your submission:
- Identify the name and description of the selected company,
- Describe the problem at that company,
- Identify one research variable from that problem,
- Describe the methods you would use for collecting a suitable sample of either qualitative or quantitative data for the variable (Note: do not actually collect any data)
- Analyze how you will know if the data collection method would generate valid and reliable data (Note: do not actually collect any data)
Format your assignment consistent with APA guidelines.
Click theAssignment Files tab to submit your assignment.
CLO Business Decision Making Project, Part 2
Usethe same business problem/opportunity and research variable you wrote about in Week 3.
Remember: do not actually collect any data; think hypothetically.
Develop a 1,050-word report in which you:
- Identify the types of descriptive statistics that might be best for summarizing the data, if you were to collect a sample.
- Analyze the types of inferential statistics that might be best for analyzing the data, if you were to collect a sample.
- Analyze the role probability or trend analysis might play in helping address the business problem.
- Analyze the role that linear regression for trend analysis might play in helping address the business problem.
- Analyze the role that a time series might play in helping address the business problem.
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
CLO Business Decision Making Project, Part 3
Prepare an 11- to 15-slide Microsoft® PowerPoint® presentation for the senior management team based on the business problem or opportunity you described in Weeks 3-4.
Includeon the slides what you’d want the audience to see (include appropriate visual aids/layout) and include in the Speaker’s Notes section what you’d say as you present each slide. If any source material is quoted or paraphrased in the presentation, use APA citations and references.
Drawon material you developed in the Weeks 3-4 assignments.
Include the following in your presentation:
- Introduction slide
- Agenda slide
- Describe the organization, with a brief description
- Explain the business problem or opportunity
- Analyze why the business problem is important
- Identify what variable would be best to measure for this problem. Explain why.
- Apply data analysis techniques to this problem (tell which techniques should be used: descriptive stats, inferential stats, probability, linear regression, time series). Explain why.
- Apply a possible solution to the problem/opportunity, with rationale.
- Evaluate how data could be used to measure the implementation of such a solution.
- Conclusion
- References slide (if any source material is quoted or paraphrased throughout the presentation)
Issues to consider
Introduction
Project Management has emerged as a discipline of high level decision making with the help of analogue and digital tools which would help augment the intuition of a Project Manager and his team for taking decisions in favour of the future of the project.
These decision making tools are general, they are based on common sense and are used in all the trades for backing up the decisions taken by the decision making authorities.
Time, cost and scope are the triple constraints of any project. Any variation in the stipulated value of these three constraints is bound to affect the project’s outcome. So, what a project manager should do in order to keep these three constraints in check? Should he be doing work around after the risks have happened or should he be planning for the risks through these decision making models?
Through decision making models we do not essentially plan for the risks, but we perform a reality check with what should be the step which shall be taken in response to a particular situation. This situation may account for positive or negative risks and for the risks we can deduce a risk response plan accordingly.
The Decision Making Process
The whole purpose of indulging in the decision making process is to make a rational decision. Rational decision making means a tendency that is suitable to the already existing goals within the given conditions and constraints. Project
Management thrives on the rationality of decisions and here is where it is important for the Project manager to have a process which enables him and his team decide rationally about different aspects of the project.
Let us take a look at what really helps to make decisions
Facts
If you want to make a decision, the basic requirement for the same is gathering relevant information. Appropriate use of this information will be helpful in deciding about ways to reach to the goal or an objective.
Values
Decisions are primarily based on situations. An action to a particular situation is determined by values.
Means
It is the way you reach your objective based on already devised values and significances
Ends
These are the intermediate goals which add up to a final objective. Here, you can see that decision making is an iterative process.
In simple words, there are four steps in the process of decision making pertaining to the above points
- Identify the problem, gather relevant information
- Look out for the constraints and limitations
- Find, analyse all the alternatives and select the best of them
- Implement the same and establish a control and valuation syst
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