Equipping Your Team To Make Decisions Is A Great Way To Increase Your Profit!
Firstly, We can use the term ‘team’ to refer to groups and organizations. Hence, Teamwork involves working with each other to achieve something beyond the capabilities of individuals working alone. Employee empowerment is also a critical strategy that enables people to make decisions about how to serve customers best, give them answers and knowledge. WHAT’S […]
3 Things That You Never Expect On Self Preparation For Great Decision Making.
Decision-making is an integral part of being a human, we all are learning this skill since we are little kids, deciding whether to choose chocolate or vegetables, play games, or study. As we grow older, the decisions that we make become more complicated. At that time, the consequences become more serious. I don’t have to […]
How To Learn RISK IMPACT AND PROBABILITY CHART
Introduction Earlier, we discussed that there is risk in every corporate decision, and the impact hits every business directly on its bottom line. The activities of every organization involve risk. So, it is necessary to remove or reduce the likelihood that occurred in the project. Therefore, risk analysis is an essential part of risk management […]
All You Need To Know About Risk Analysis And Risk Management.
Almost every decision regarding business involves risk. Therefore, Risk is the probability of something going wrong and leading to negative results, if it does. Sometimes this is small, and sometimes it’s large, and the result can be severe. That is why weighing up a risk before you make a decision is so important. If you […]
Learn All About Quantitative Strategic Planning Matrix (QSPM)
Introduction In summary, QSPM is a high-level strategic management approach. The Quantitative Strategic Planning Matrix (QSPM) has not only been used in strategic management but is also used in marketing strategy. However, QSPM gives the best suitable analytical technique by comparing it with other different actions. So the QSPM helps to make a strategy formulation […]
What is Decision Tree and why is it important
Would it be a good idea for me to buy a Netflix subscription or Amazon Prime videos subscription? or Should I eat chicken or veggies? I should be watching Football on ESPN or WWE on Ten Sports? We take the majority of the choices quickly and at times we require some time to get to […]
What is Pareto Analysis- A detailed explanation
A business is all about making choices! Some of them can help a business grow super-duper fast, and some of them make a business sink. Hence, an entrepreneur must have good decision-making skills. But making business decisions can be tricky, which is why entrepreneurs use some statistical and mathematical rules to make better decisions. One […]
Conjoint Analysis- A detailed overview
Humans face easy to complex choices each day, For Instance, which restaurant should I visit today? or which car should I buy? etc. Hence, Most of these choices are very easy to make and never potentially harm us if we choose this or that. But, when it comes to business, making choices can be trickier. […]
Analytical Hierarchy Process-Detailed guide?
Don’t you think that our “tomorrow” lies in the decisions we are making today? Throughout our entire life, we make choices, sometimes based on 2 criteria and sometimes based on more. The process of decision making based on multiple criteria called MCDA or Multi-Criteria Decision Analysis. So, The Analytical Hierarchy Process is one of the […]
Paired Comparison Analysis- A tool for Decision Making
When you get some options and you have to choose the best one, how do you decide which one to choose? This in particular very challenging when your options are unique in contrast to each other and if the criteria based on which you have to take your decisions are subjective. Primarily we can take […]