Identify the tools for business planning and decision making

There is a hierarchy or tree structure of cause and effects, all hopefully contributing to the overall organizational aim.

In this step, experience and effectiveness of the judgement principles come into play. What is the aim? Be careful when extrapolating or projecting figures to avoid magnifying initial mistakes or wrong assumptions.

Brainstorm and analyse the different choices For this step, brainstorming to list down all the ideas is the best option. Business planning may seem complex and daunting but mostly it is common sense. Decision-making mistakes There are a few common mistakes people make during the decision-making process that could result in a poor choice.

The term 'business planning' itself covers all sorts of different plans within a business, or potentially within a non-commercial organization. SWOT stands for strengths, weaknesses, opportunities and threats, which is exactly what this planning tool assesses.

Grand visions need solid foundations. Does the problem have a deadline or a specific time-line? What are we actually aiming to achieve? For each opportunity, ask the teams to assess the overall potential and overall challenge of each option, using the criteria described in Worksheet 2.

The business entity could also be a proposed start-up, a new business development within an existing organization, a new joint-venture, or any new organizational or business project which aims to convert action into results. In addition, there can be dozens of factors involved and affected by the problem.

You May Also Like. Many people use the words 'sales' or 'selling' and 'marketing' to mean the same thing - basically selling products or services to customers, in the broadest sense.

The sales may drop after a year or so of being on the market. Conclusion When it comes to making decisions, one should always weigh the positive and negative business consequences and should favour the positive outcomes. Business planning always starts with or revisits the basic aim or need to provide products or services to customers - also called a market or 'market-place'.

Encourage players to think wide and broad.

Decision Making Process

What are your projected selling costs and net contributions per service, product, sector? Cause-and-Effect diagram helps you to identify all possible causes of the problem and Pareto chart helps you to prioritize and identify the causes with highest effect.

A business based on a narrow aim of enriching a few investors while relegating the needs and involvement of everyone else may contain conflicts and tensions at a deep level.


The metrics presented in the report deliver the measurement system, which, alongside the framework, offer a standardised way to address a range of business questions about packaging sustainability, either within a company or between business partners. This means that most business plans are driven by marketing, since marketing is the function which addresses market opportunity and need, and how to fulfil it.

Identification of the purpose of the decision In this step, the problem is thoroughly analysed. An Agile Focus strategy clearly defines your primary focus, the opportunities that you will keep open for backup or future growth, and those that you put aside for now.

Advantages & Disadvantages of Financial Statement Analysis in Decision Making

Then, you can move on generating all possible solutions alternatives for the problem in hand. Terry Li, Manager Rancho Management Our public consultation services require easy-to-configure and user-friendly digital platforms, and our recent pilot of Ethelo in a community planning project was a successful collaboration.

Based on Market Patterns One disadvantage of using financial statements for decision making is that the data and figures are based on the market at that given time.Decision making under risk is presented in the context of decision analysis using different decision criteria for public and private decisions based on decision criteria, type, and quality of available information together with risk assessment.

Decision-making tools and techniques While the basic principles might be the same, there are dozens of different techniques and tools that can be used when trying to make a decision. This paper attempts an empirical examination of the practicality of strategic management accounting (SMA) adoption in banks in Nigeria, a developing country.

Make reliable software solution by using templates containing hundreds or thousand of meaningful requirements, i.e. software selection criteria, and fit-gap, software RFP templates & evaluation, and demonstration script. Make accurate software system selection methodology by using system rfp templates, and other tools dedicated to evaluating and selecting software.

Reach smart, broadly supported decisions quickly, by harnessing the collective intelligence of diverse stakeholders. Embrace complexity, and avoid the risk and polarization of simplistic “for” and “against” decision-making. Quotes.

Problem Solving

What information consumes is rather obvious: it consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention, and a need to allocate that attention efficiently among the overabundance of information sources that might consume it.

Identify the tools for business planning and decision making
Rated 4/5 based on 13 review