BUSN11079: Discuss the value of decision analysis within the context of an organization: Analytical Thinking and Decision Making Report, UWS, Malaysia

Instructions

Apply decision analysis to the decision problem facing iResearch and advise the managers on their decision problems. Within your group produce a report of a minimum of 2,000 words that addresses the following questions:

1. Discuss the value of decision analysis within the context of an organization
2. Outline the challenges facing iresearch and discuss any assumptions you have made
3. Apply decision analysis and develop an appropriate decision tree
4. Calculating the expected values and following the rollback method, outline the most suitable approach for iResearch. Discuss your recommendations for the managers of iResearch
5. Discuss the strengths and limitations of your analysis in the context of the
decision problem
6. Discuss the influence of the iResearch engineers on changing their initial
probability estimates. Discuss the influence of probability estimates and
uncertainty within the decision-making process

iResearch Decision-Making Case Study

ACME Systems is an international organization providing production equipment and services to the manufacturing industry. As the integration of software applications into business functions has become increasingly prominent within multiple industries, ACME’s business has expanded dramatically. While based within the UK, the organization now has customers and operations across the globe and offers a range of products. To support the release of a new production system, ACME is looking to provide customers with a new integrated software application. This software will support existing ACME products and provide businesses with the ability to assess and monitor their production and logistics efficiency. Since ACME does not have the
necessary research and programming capabilities to develop this software directly, ACME will subcontract the project to an independent software design firm.

Following an initial consultation phase, ACME has identified two software design firms capable of developing the software application. Both firms have been approached to provide a proposal for the project. ACME will award the contract to the design firm with the best technical plan and proposed software capability. Following a successful proposal, ACME has offered a fixed fee for the development of a fully operational software application.

After receiving the invitation to tender, iResearch is interested in putting forward a proposal for the ACME project. iResearch is a design firm specializing in the development of software applications for production and engineering management companies. However, the management team of iResearch has some concerns over the project and whether a proposal should be submitted.

As iResearch will be competing with a single rival firm for the contract, there is a 50- 50 chance of being awarded the contract. ACME has specified that the software application could be developed for either a web-based platform or a mobile platform. Recognizing this, iResearch is considering both platforms within the project. A meeting is arranged between iResearch management and engineers to discuss the project.

Answer

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