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March 12, 2014

Decision–making tools.

There are different decision making tools discussed during the lecture yesterday. There are some which have similiraties and consider the same area (Trade off analysis and PMI) , whereas others look at different aspects. Therefore, different tools are can be applied for different situations, depending on what the company want to understand. However, I think, many tools which are suitable for various problems are used at different stages of decision making. So, for example SWOT or PESTLE analysis can be used at the initial stages to extract and create the overall idea or targets. Decision-making tree is also important as it gives a better and broad understandig of the problem. Overall, before applying the tools it is necessary to evaluate the given problem or situation and the desired outcomes, and then start applying those tools. The tools used inappropriate manner can give zero or adverse results.

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