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Explaining Decision Making Methods

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You may consider the following in your discussion:
- What are the most valuable concepts we can learn from decision-making methods?
- What concepts can we put into practice immediately?
- What concepts surprised you the most?

Present your reflection in Microsoft Office Word document format. .

All written assignments and responses should follow APA rules for attributing sources.
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In accordance with BrainMass standards this is not a hand in ready assignment but only background help

Step 1
The first most valuable concept we learn is that of identifying and setting of objectives. Next we learn that objectives must be prioritized. The second most important concept we learn is that of developing alternative actions. These must be evaluated against all objectives. I found that it is scientific that if there is an alternative that is able to achieve all objectives. It is the tentative solution. This is a very direct method of decision making (a). The tentative solution is evaluated for all possible consequences. Once the decisive action is taken, additional actions are taken to prevent any adverse consequences from becoming problems.

Step 2
The first concept that can be put into practice immediately is the identification and setting of objectives. Often we think of decisions without establishing objectives. Objectives come from the purpose, and goals of an individual. In an ...

Solution Summary

This solution explains decision making methods. The sources used are also included in the solution.

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Finance and investment problem

PROBLEM OF
(1) You are required to analyse each of the areas of statistics relating to business decision making explaining in detail what each of them do.
.
? Descriptive Measures
? Probability
? Sampling Distributions
? Linear Regression
? Time Series Forecasting
? Index Numbers
Decision Making

(2) Additionally you are to explain what advantages and disadvantages each of them have if they are attempted to be used by a finance department to forecast the sales budget for the coming year.

(3) After explaining the relevant advantages and disadvantages you are then required to identify (with reasons) which technique is most appropriate to undertake the task proposed above by the finance department.

(4) Using the technique you have identified as being most appropriate you are then required to analyse AMP given in example of Thomson ONE Banker Analytics website .

** See ATTACHED file(s) for complete details **

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