Problem based on decision trees allow, Business Management

Assignment Help:

Decision trees permits:

  • The user to gain a wide idea of possible outcomes of the project/decision, i.e. in this case the selection of two locations
  • Easier understanding of the decision to prevent confusion or misunderstanding
  • Easy and simple calculations to be made to aid decision making
  • Easy accessibility for all users to make scientific/rational decisions
  • Offer a quantitative tool in decision making

However, decision trees:

  • Are based on approximate figures only and the actual outcomes may well be very different
  • Can be incorrect unless all costs, possibilities and benefits are considered
  • Only consider quantitative issues in decision making, so might be considered too basic a model
  • Qualitative factors could be inspect, e.g. familiarity with the two dissimilar locations, availability of skilled labour, cultural issues and training concerns, recruitment , legal issues, tax systems or simply management preferences
  • Similarly, other quantitative process could be considered, e.g. investment evaluation to see which location would generate the greatest revenue
  • Other decision making equipment might also be useful to Peckham Traders Ltd. such as PEST analysis or force field analysis in order to minimize any resistance to change.

 


Related Discussions:- Problem based on decision trees allow

Communism, importance of communism?,,to a business?

importance of communism?,,to a business?

Show ways to communicate effectively, Question 1: You have been offered...

Question 1: You have been offered a job as Communications Manager in a reputed company. Show ways to communicate effectively with people from different cultural backgrounds. Il

Discuss and analyze environmental protection programs, A clean environment ...

A clean environment is a basic component of quality service and is thus important for the development of travel, tourism and hotel industries. The sustainable prosperity of travel,

Explain a business model, Question: Using Amazon.com as a business mode...

Question: Using Amazon.com as a business model: (a) Describe its positioning in the Internet value network. (b) Discuss the value configuration(s) of the online bookshop

Describe the importance of planning in an organisation, Question 1: PAR...

Question 1: PART 1 Planning is one of the primary functions of management. (a) Describe the importance of planning in an organisation. (b) How will managers develop

Explain the term internal environment of an organisation, QUESTION Many...

QUESTION Many business people tend to forget the importance of the internal environment for the success of their organisation. They rather give more importance to the impact of

Effective use of interpersonal communication skills, QUESTION "There is...

QUESTION "There is a growing emphasis on the importance of interpersonal communication. This arises from the realization that the greatest challenges to management are not prob

Production of management, why an organization should respond to emerging is...

why an organization should respond to emerging issues in order to remain competitive

Write a letter of resignation, QUESTION If you were to write a letter...

QUESTION If you were to write a letter of resignation, which of the following introductory paragraphs would be the most suitable. A ) I have accepted another post. I am s

Explain the vision of an entrepreneur, Explain the Vision of an Entrepreneu...

Explain the Vision of an Entrepreneur. Vision: An entrepreneur has visualizes the methods and means to get dream. In doing the same he visualizes, that: Market Demands, Soic

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd