At the monthly meeting, one of your coworkers stated that “Using the right analysis tool will compensate for inexperienced managers.” How would you reply to your coworker?
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The success of any business and for that matter of the business manager is dependent on how well he or she can analyze the facts and make use of such knowledge to the advantage of business. In business the managers are required to take many decisions. Some of them are of routine nature and some of them have long-term impact. One should understand that a business manager is a decision maker and to take decisions he/she is required to follow a scientific approach through which accurate, consistent and timely decisions can be taken by the business manager. It is therefore vital to learn these scientific analytical methods. The vital aspects of decision-making are:
- Ability to process large amount of information
- Ability to see how the different aspects of information can be connected to find meaningful answers to some of the vital questions bothering …