| Question 4: Who are the key authors within your topic area that you have noticed in your search (Highlight at least 4) |
| 1. Eraña-Díaz, M.L., Cruz-Chávez, M.A., Rivera-López, R., Martínez-Bahena, B. and Cruz-Rosales, M.H., 2020. Optimization for risk decision-making through simulated annealing. Ieee Access, 8, pp.117063-117079. https://ieeexplore.ieee.org/abstract/document/9125878/
2. Gunduz, M. and Al-Ajji, I., 2022. Employment of CHAID and CRT decision tree algorithms to develop bid/no-bid decision-making models for contractors. Engineering, Construction and Architectural Management, 29(9), pp.3712-3736. https://doi.org/10.1108/ECAM-01-2021-0042 3. Ho, H., Wu, J.Z., Khakifirooz, M., and FATHI, M., 2022. An Integrated Model of Scenario Planning, Business Model Canvas, and Financial Modeling for the Early-stage Enterprise Valuation. Business Model Canvas and Financial Modeling for the Early-Stage Enterprise Valuation (October 4, 2022). https://dx.doi.org/10.2139/ssrn.4238118 4. Lukianov, D., Mazeika, M., Gogunskii, V. and Kolesnikova, K., 2020, December. SWOT Analysis as an Effective Way to Obtain Primary Data for Mathematical Modeling in Project Risk Management. In ICST (pp. 79-92). 5. Rudolf, J. and Udovč, A., 2022. Introducing the SWOT Scorecard Technique to Analyse Diversified AE Collective Schemes with a DEX Model. Sustainability, 14(2), p.785. https://doi.org/10.3390/su14020785 |
Question 5: Highlight below the key arguments and discussions in the literature you have reviewed. (24 Marks)
Decision trees, SWOT analysis, and scenario planning are three commonly used tools in managerial decision-making. In the literature reviewed, the effectiveness of these tools has been explored in various ways.
Firstly, decision trees are an effective tool for decision-making in various industries such as finance, healthcare, and marketing (Ho et al., 2022). They allow managers to visually display different decision options and their potential outcomes, making it easier to understand the risks and benefits of each option (Gunduz and Al-Ajji, 2022). Decision trees also allow managers to evaluate multiple scenarios and account for uncertainty in their decision-making.
Furthermore, SWOT analysis is a widely used tool for strategic planning and decision-making. It allows managers to identify the strengths, weaknesses, opportunities, and threats of a company or project (Rudolf and Udovč, 2022). The literature reviewed suggests that SWOT analysis can effectively identify potential risks and opportunities, but it may also have limitations such as subjectivity and lack of depth in analysis.
Moreover, scenario planning is a tool that allows managers to plan for multiple possible futures. This tool is particularly useful for decision-making in uncertain environments (Gunduz and Al-Ajji, 2022). The literature reviewed suggests that scenario planning can be effective in helping managers to anticipate and prepare for different potential outcomes. However, it can also be time-consuming and may not always be practical for smaller organizations.
In conclusion, the literature reviewed suggests that decision trees, SWOT analysis, and scenario planning can be effective tools for managerial decision-making. However, each tool has its strengths and limitations, and managers should carefully consider which tool best fits their decision-making needs. Additionally, the effectiveness of these tools can be improved by using them in combination with other decision-making methods.