Quantitative Decision Making Essay Example | Topics and Well Written Essays - 250 words

Quantitative Decision Making - Essay good exampleDecision analysis also makes managers know which finalitys are in favor of their companies and which can go against the benefits of the companies. An in force(p) decision-making process reduces the possibility of wrong choices or failures (Ilyas). Let us take an example related to my superior field. I am a sales manager at a hardware company. The company sells every(prenominal) types of hardware products to the customers. A few months ago, I decided to replace all old style products with in vogue(p) ones in order to achieve high levels of profits and to make the company style oriented. I had in my mind that the companys sales could be increased by presenting the customers with new and latest styles preferably of old ones. However, I did not consider the ratio of high-income people to low-income people while taking the decision. Moreover, I did not make use of six steps included in the process of quantitative decision-making. The refore, the decision did not result in favor of the company and we suffered major decrease in the profits. I come back I should have done a survey of the market before taking the decision. Along with that, I should have listed all possible alternatives regarding the decision. I should also have calculated the expected profit of separately combination of alternatives and outcomes.