What Tools and Techniques are Used in Informed Decision Making?
Several tools and techniques can aid in the informed decision-making process, including:
SWOT Analysis: Identifies strengths, weaknesses, opportunities, and threats related to a business situation. PESTLE Analysis: Examines external factors like political, economic, social, technological, legal, and environmental influences. Cost-Benefit Analysis: Compares the costs and benefits of different options to determine the best course of action. Decision Trees: Visual tools that map out the possible outcomes of different decisions. Scenario Planning: Envisions different future scenarios to prepare for potential changes and uncertainties. Big Data Analytics: Uses large datasets and advanced analytics to derive insights and support decision making.