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

Quantitative Decision Making - Essay Example Decision analysis also makes managers know which decisions are in favor of their companies and which can go against the benefits of the companies. â€Å"An effective decision-making process reduces the possibility of wrong choices or failures† (Ilyas). Let us take an example related to my professional field. I am a sales manager at a hardware company. The company sells all types of hardware products to the customers. A few months ago, I decided to replace all old style products with latest ones in order to achieve high levels of profits and to make the company style oriented. I had in my mind that the company’s sales could be increased by presenting the customers with new and latest styles instead 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. Therefore, the decision did not result in favor of the co mpany and we suffered major decrease in the profits. I think 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 each combination of alternatives and outcomes.