About This Chapter
Using Analysis in Business Decision Making - Chapter Summary
In this chapter, experienced instructors cover a variety of analysis options that can be used to make effective business decisions. Employees can expect to learn about the following as they make their way through the video lessons:
- How big data analytics drive business decisions
- The parts and purpose of a SWOT analysis
- The role of rational trade-offs in decision making
Our short videos contain tags so viewers can easily rewatch major points. The lessons come with video transcripts and self-assessment quizzes. Employees' comprehension of the discussed topics can be assessed using the chapter and final exams.
How It Helps
- Builds analysis skills: This chapter offers clear explanations of how to use analytics and software platforms to assess business problems. Your employees will be armed with knowledge that will help them make effective data-driven decisions for the company.
- Enhances decision making: Part of making business decisions is understanding rational trade-offs. Our lessons teach employees about several approaches, including the elimination of dominated alternatives and development of consequences tables.
- Boosts risk awareness: Employees need to have a firm understanding of how to analyze the facts and considerations involved in making smart decisions for your company. This includes having the skills to determine the risks involved in a business decision. This chapter explores risk through its step-by-step guide to SWOT analysis.
Once your employees complete this chapter's lessons, they will be able to
- Explain how to use software and analytics to make data-driven decisions
- Apply the components of SWOT analysis to business decision making
- Describe various rational trade-off methods and how they aid decisions
1. Using Big Data Analytics to Drive Business Decisions
This lesson will define the meaning of big data analytics and will also discuss how this information is used to drive business decisions by allowing organizations to remain ahead of the competition.
2. What is a SWOT Analysis?
In the business world, as in many other places, decisions aren't made lightly. Rather, management spends a long time considering the pros and cons of every choice. This lesson will teach you about one of the key ways they do that, the SWOT analysis.
3. Making Rational Trade-Offs in Business Decisions
Making business decisions is not always an easy yes or no. In this lesson, we'll learn that the best decisions usually involve giving up some things. Many times, there will be goals that are partially met.
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