Type of paper: Essay

Topic: Decision, Information, Products, Business, Virtualization, Virtual Reality, Decision Making, Success

Pages: 2

Words: 550

Published: 2020/12/01

Decision making tools (DST) refers to the systems developed to assist in managerial participatory process as well as decision planning and analysis. When it comes to making decisions especially at an organization, these tools comes in handy to guide the management in arriving at the best alternative. In a scenario where new products have to be introduced to new markets, tools such as the information control and simulation model can be used to determine the success rate and the best techniques to follow. This paper is an analysis of the two techniques in a bid to identify the processes involved as well as their success and importance in aiding decision making when introducing a product to new market.
Information control mainly involves the processes of collecting and storing of data and information as well as the general organization of data and how the information is retrieved when needed in order to aid in the decision making process. It involves processes such as brainstorming where ideas are generated in a group setting. In this case brainstorming on the benefits and ways of introducing the new product will generate the views of the team members on the issue. This information is then clustered in a bid to identify the best alternative. Customer survey and interview is also an essential part of this tool as it gives the real feeling towards the product. This tool aids in understanding the expectations in the potential market as well as gauging how the product will fair based on the needs. Therefore, it is of paramount importance in charting the decision making process.
The simulation models helps in identifying different channels of achieving the desired goal through answering of the questions that arise from the different aspects of plan execution. It includes processes such as the cost benefit consideration as well as the analysis of the risks involved in relation to the benefits expected. The model mainly seeks to answer the “what if” questions that arises in the process. The program evaluation and review helps in charting the way the plan should be executed while robustness analysis aids in success through focusing possible challenges and determining how to counter them. The sensitivity analysis aids in evaluating the possible problems that could arise from the use of inaccurate data. This model is essential in the making of the decision in question because the processes involved will help in understanding the potential market as well as the issues that are likely to face the introduction of the product.
The results from the two processes are different because while the information control is based on data collection and use, the simulation model is mainly based on answering the question arising from the final decision. The results from the first tool are therefore based on the necessity of making the decision and are important to the person making the decision because it ensure the impacts of the decision are understood. The information control is, therefore, more effective compared to the simulation model. However, for improved success, the two models can be used together.
After gathering the information about the market in terms of the need for the product as well as the competitors, the decision on whether to introduce the product in the market could be arrived because determining the success and the challenges involved identified. The simulation method aided in questioning the different approaches to the issue. The decision making process is important in determining the right approach to issues.

References

Burstein, F & Holsapple, C. (2008). Handbook on Decision Support Systems 2: Variations. New York: Springer Science & Business Media
Mittra, S. (1986). Decision Support System: Tools and Techniques. New York: Wiley & Sons
Power, D. (2002).Decision Support Systems: Concepts and Resources for Managers. Portsmouth: Greenwood Publishing Group

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WePapers. (2020, December, 01) Essay On Decision Making Tools. Retrieved April 12, 2021, from https://www.wepapers.com/samples/essay-on-decision-making-tools/
"Essay On Decision Making Tools." WePapers, 01 Dec. 2020, https://www.wepapers.com/samples/essay-on-decision-making-tools/. Accessed 12 April 2021.
WePapers. 2020. Essay On Decision Making Tools., viewed April 12 2021, <https://www.wepapers.com/samples/essay-on-decision-making-tools/>
WePapers. Essay On Decision Making Tools. [Internet]. December 2020. [Accessed April 12, 2021]. Available from: https://www.wepapers.com/samples/essay-on-decision-making-tools/
"Essay On Decision Making Tools." WePapers, Dec 01, 2020. Accessed April 12, 2021. https://www.wepapers.com/samples/essay-on-decision-making-tools/
WePapers. 2020. "Essay On Decision Making Tools." Free Essay Examples - WePapers.com. Retrieved April 12, 2021. (https://www.wepapers.com/samples/essay-on-decision-making-tools/).
"Essay On Decision Making Tools," Free Essay Examples - WePapers.com, 01-Dec-2020. [Online]. Available: https://www.wepapers.com/samples/essay-on-decision-making-tools/. [Accessed: 12-Apr-2021].
Essay On Decision Making Tools. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/essay-on-decision-making-tools/. Published Dec 01, 2020. Accessed April 12, 2021.
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