Select 3 Decision Making Tools Studied in the Managing Decisions Essay

Select 3 Decision Making Tools Studied in the Managing Decisions Module and Evaluate their Advantages and Disadvantages - Essay Example Individuals as well as groups make decisions as a reaction to a problem in most cases. Robbins (1993) concurs with this assertion when he states that decision making takes place when there is a discrepancy between some current state of affairs and some desired state requiring consideration of alternative courses of action. Decision making is one of the primary responsibilities of all the employees given that they are somehow affected by the decisions made in the organisation. There are various tools or methods that can be implemented in carrying out the decision making process. Against this background, this report seeks to critically evaluate the approach of decision making through focusing on three methods that can be used in decision making and these include the following: project management, knowledge management as well as delegation management The report will outline the advantages and disadvantages of each decision making tool mentioned above and the third part will focus on how these methods can be combined in order to improve decision making in business. 1.1 Outline of the business opportunity Blue Tavern is an established bar but has recently experienced a decline in profits mainly as a result of lack of coordination among the employees which has resulted in some customers leaving without served. However, the management has underscored to implement a decision implement a new information system in a bid to turn around the fortunes of the company. As such, this report seeks to reflect on the benefits and limitations of the approach used in developing this business opportunity. As going to be shown in the following sections, a critique of the effectiveness of the decision making methods mentioned above will be carried. 2.0 Project management The term project is used to describe a set of linked activities which can be described as a onetime activity with a well defined set of desired results (Burke, 2007). A project is usually comprised of a definite start as well as finishing time and goes according to schedule. Project management plays a pivotal role in order for any project to be a success and it involves the following factors that often affect the full implementation of a project: scheduling, budgeting, communication and estimating. Essentially, the purpose of project management is to provide management with valid data upon which management decisions can be based (http://www.pim.com.pk/faq.htm). A holistic approach is required in order for a project as the one outlined above to be a success given that there are negative implications likely to be encountered during the course of implementing the project. Project management is often seen as a viable method of making decisions which often affect different projects. However, this method may have its shortcomings hence the following section is going to critically eva