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Using the right analysis tool will compensate for experience

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At a recent meeting, one of your coworkers stated that "Using the right analysis tool will compensate for inexperienced managers."

How would you reply to your coworker? Consider the following items in your discussion:
1. Do the tools help only in certain situations such as routine, daily or rather mundane decisions, like cost controls, quality controls or staffing questions (in term of number of people needed)?
2. How can analysis tools help the finance or accounting arms of a company more so than operations managers? (For example, do computers really think? Do they learn from their mistakes? Can they manipulate or change their environment?)
3. What happens if the data entered is wrong?

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Response is 465 words in everyday language suitable for a novice. Clear examples given. Three web-based references given.

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1. Do the tools help only in certain situations such as routine, daily, or rather mundane decisions, like cost controls, quality controls, or staffing questions (in terms of number of people needed)?
Tools help in routine and non-routine decisions. Tools are matched to the decision needed. So, the analysis tools for deciding whether to outsource (infrequent) or buy a new building (30 year asset) differ from the monitoring tools for detecting late shipment patterns (check frequently) or off standard purchases (check on each purchase). The tools that are used frequently are more well known because they address common and routine decisions.

2. How can analysis tools help the finance or accounting arms of a company more so than operations managers? (For example, do computers really think? Do they ...

Solution provided by:
Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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