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decision_making.docxDecision Making Analytics competitors are leaders in their varied fields consumer products, finance, retail, and entertainment. For organizations to become and prosper as an analytics competitor they must use analytics data because many industries offer similar products and use comparable technologies, business processes are among the last remaining points of differentiation. And analytics competitors use every possible analytics value from these processes. In order for organizations to prosper they must know what products their customers want, what prices those customers will pay, how many items each will buy in a lifetime, and what triggers will make people buy more. They must know the compensation costs and turnover rates, and they can also calculate how much personnel contribute to or detract from the bottom line and how salary levels relate to individuals’ performance (Davenport, 2006). Organizations can prosper when they rely on analytics date to help them know when inventories are running low, and they can predict problems with the demand and supply chains, to achieve low rates of inventory and high rates of prefect orders. We have already established that analytics are leaders in a varied of fields, and the important an organization need these top leaders to coordinate strategy and pushed down to decision makers at every level. These leaders are trained to recognize and used their expertise to get the best evidence and the best quantitative tools to make the best decisions, whether big or small every day to help their organizations succeed. The key source of strength for an analytics competitor is to find your competitive advantage. When you define your key industrial competitive pressures can provide a framework for developing strategies for your growth. Analyzing your primary competitor and identifying their Strengths, Weakness, Opportunities, and Threats (SWOT Analysis) help determine target markets, marketing plan, customer service, sales forecasting and sales planning. Gaining an advantage is the key tosuccess and even survival. You must examine the following: • Identify the level of rivalry among competing sellers in the industry • Review strategies of companies to encourage customers to switch from a competitor • Analyze ease of entry for new competitors • Determine bargaining power for suppliers of key materials and components • Determine bargaining power for buyers of the product • Discover options for product/service distribution Competitor analysis is a critical part of a firm’s activities. It is an assessment of the strengths and weaknesses of current and potential competitors, which may encompass firms not only in their own sectors but also in other sectors, competitor analysis, together with an understanding of major environmental trends, is a key input in strategy formulation and should be developed properly. The key objectives in competitor analysis are to develop a greater understanding of what competitors have in place in terms of resources and capabilities, what they plan to do in their businesses, and how the competitors may react to various situations in reaction to what the organization does. Analytics competitors are more than number-crunching factories. They apply technology with a force and finesse to multiple business problems. The direct energies toward finding the right focus, building the right culture, hiring the right people to make optimal use of data they constantly churn. In the end, people and strategy, as much as information technology, give such organizations strength (Davenport, 2006). This article has helped me to understand the important of having a quantitative analysis model in any business whether that business is large or small. Having a quantitative analysis system will take the guess work out of problem solving. Having this data can be used to manipulate or processed into useful information that is valuable to people making decision for the good of the business. Quantitative analysis can allow decision maker to put a “price” on the sum total of qualitative characteristics. For example, suppose Air Trans’ controller gives top management a quantitative analysis showing that by the elimination of the flight to Rome will increase annual profits by $2,000,000. But the quantitative considerations favor the option of continuing the Rome flight. If the top managers decided to continue the flight to Rome, the quantitative consideration must be worth at least
$2,000,000 to them. The quantitative consideration is the essence of management decision making process. The skill, experience, judgment, and ethical standards of managers all come to bear on difficult choices. In reading this article and other articles I’ve learned there are three criteria that stood out for me that played an important role in quantitative analysis when decision are to be made and they are relevance, accuracy, information that is pertinent to a decision problem must also be accurate, or it will be of little use. In other words, highly accurate but irrelevant data are of no value to top management when making decisions. Timeliness is the third important criterion for determining the usefulness of information. A long wait for accurate information can delay management’s decision. The views that I have formulated from reading these articles has supplemented the views I have about quantitative analysis in that my beliefs has always been to gather all the facts and information on can before attempting to solve a problem. This supplement the quantitative analysis views on the gathering of data to be used for making decisions and problem solving. Quantitative analysis is based on the fact that social phenomenal can be qualified and expressed numerically and therefore can be analyzed using statistical methods. The fact that observation plays an important role in quantitative analysis shows that by collecting relevant and accuracy information data that pertain to the problems will cause a decision to be made in a timely manner. When undertaking quantitative analysis research a researcher should take into consideration ethical issues such as confidentiality and anonymity. Another factor to be considered is the sampling method to be used and how this will aid in answering the research question. Ethical principles provide the foundations for various modern concepts for work, business and organizations, which broaden individual and corporate priorities far beyond traditional business aims of profit and shareholder enrichment. I feel that ethics in work and business are both a reflection of and influenced by ethical aspects of life and the wider world. There are no universally agreed rules of ethics, no absolute standards or controls, and no fixed and firm reference points. This is fascinating given how hugely important ethics have now become in modern life and society. When I define ethical behavior I think of being “fair,” and when you deal with analysis you have to be fair when you are analyzing aproblem or situation. And business matter you want to be fair and accuracy so that you can get the best results to be off. The ethical approach to business seeks to maximize profit and return investment while minimizing and avoiding possible negative social effects. A Christian is very relevant in this controversy of statistics and the god is worships. As we have seen over the years that the opinion polls can be a great help to our Presidents when they are committed to the biblical norm, for those Presidents who are in a position of authority have the duty to serve those over whom they have authority. Most people believe that in order to serve well the President must know the wishes and opinions of the nation and take these into account. The reasons for this is not that the government should govern according to the will of the people, but that the government should be govern according to the principle of the word of God. Through our belief the opportunity exists in an environment of mutual respect and it allows individuals the freedom and occasion to discuss different opinions, and to make faith a matter of meaningful consideration. We can dialogue from diverse faiths and beliefs, while identifying with the commitment to the Christian faith. All people are created in the image of God and therefore all people are value. Statistics function within our society which leads to various ethical problems to which biblical norms of love, justice, truth, honesty and authority should apply, and there is a connection between the statistics and the God be worships. There are various contexts within which statistics may be viewed, and clearly there is room for a Christian point of view. According to The International Statistical Institute Declaration on Professional Ethics (1986), which calls on statistician to guard against misinterpretations or misuse of statistical material to make an impartial assessment in a statistical study? The Christian statistician view the ethical issues from a deep dimension, namely from the biblical norms that we have already discussed, but we can see the relevance of the Christian faith in statistical applications in our society. Statistics Science plays an increasingly important role in the broad scientific enterprise and in society. Business sees statistics as an important tool for top level management to use in their decision-making process. Management understands that statistics are a representation or an approximation of reality and they can be used in making business decisions.
