For quick decision making, the use of right computer tool is important. Analyzing various alternatives and find out the best solution is prudent decision making. Modern computer tools can give added value.
Gone were the days when decision making processes were done manually. With the advent of advanced computer technology, difficult corporate decisions can be programmed by way of computer application.
Right decision at Right Time with Right computer application can help the management to take action. If you can learn to make timely and well-considered decisions, then you can often lead your team to spectacular and well-deserved success. However, if you make poor decisions, your team risks failure and your time as a leader will, most likely, be brutally short.
The techniques in this section help you to make the best decisions possible with the information you have available. They help you map out the likely consequences of decisions, work out the importance of individual factors and choose the best course of action to take.
Cost Benefit Analysis
You need to analyze all types of costs prudently to arrive at a wise decision by way of computer programming.
You may have been intensely creative in generating solutions to a problem, and rigorous in your selection of the best one available. However, this solution may still not be worth implementing, as you may invest a lot of time and money in solving a problem that is not worthy of this effort.
Costs are either one-time, or recurrent… Benefits are most often received over a period of time. We build this effect of time into our analysis by calculating a payback period. This is the time it takes for the benefits of a change to repay its costs. Many companies look for payback on projects over a specified period of time e.g. three years.
Why don’t you Prioritizatisze on based on project value or profitability is probably the most commonly-used and rational basis for prioritization. Whether this is based on a subjective guess at value or a sophisticated financial evaluation, it often gives the most efficient results.
Time constraints are important where other people are depending on you to complete a task, and particularly where this task is on the critical path of an important project. Here, a small amount of your own effort can go a very long way.
And it’s a brave (and maybe foolish) person who resists his or her boss’s pressure to complete a task, when that pressure is reasonable and legitimate.
while these simple approaches to prioritization suit many situations, there are plenty of special cases where you’ll need other prioritization and time management tools if you’re going to be truly effective. We look at some of these below:
While these simple approaches to prioritization suit many situations, there are plenty of special cases where you’ll need other tools if you’re going to be truly effective. We look at some of these below:
These give you quick “rules of thumb” for prioritizing the opportunities open to you.
Where you’re facing a flurry of problems needing to be solved, Pareto Analysis helps you identify the most important changes to make.
It firstly asks you to group together the different types of problem you face, and then asks you to count the number of cases of each type of problem. By prioritizing the most common type of problem, you can focus your efforts on resolving it. This clears time to focus on the next set of problems, and so on.
Work out a Plan of Action
Nominal Group Technique is a useful technique for prioritizing issues and projects within a group, giving everyone fair input into the prioritization process. This is particularly useful where consensus is important, and where a robust group decision needs to be made.
Using this tool, each group participant “nominates” his or her priority issues, and then ranks them on a scale, of say 1 to 10. The score for each issue is then added up, with issues then prioritized based on scores. The obvious fairness of this approach makes it particularly useful where prioritization is based on subjective criteria, and where people's "buy in" to the prioritization decision is needed.
So, for good decision making, comprehensive computer application is essential. This will help to take swift action at appropriate time.
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