SlideShare a Scribd company logo
Decision Making Tools
 There are several elements that contribute to the success of any business and one of
them is making the right decisions.
 There are so many decisions that must be made in running a successful organization.
Main Steps of Effective Decision-making:
Tools for Decision
Making:
 Market Research
 Decision Matrix
 Cost-Benefit Analysis
 T-Chart
 SWOT Analysis
 Pareto Analysis
 Feasibility Study
1) Market Research
 Marketing Research is an essential tool, especially when you are gathering the information before taking a
decision.
 This will include analysis of the potential customers, state of the market and the competition in the market
among others.
 This is a strategic tool, which most entrepreneurs rely on to make the right decision.
2) Decision Matrix
 With this tool, you will critically analyze all the
available options or alternatives of a particular
decision.
 This allows you to look at all the options and the
factors that affect each. You can use comparative
analysis so that you can find the best option to
help you in decision making.
 This is one of the most critical tools for most
organizations as it will help reveal the best strategy
and decision to take.
 Here is below an example of a decision matrix:
3) Cost-Benefit Analysis
 With a cost-benefit analysis, you will
take the time to assess all the costs
that will be involved in the decision
taken and the benefits that the
organization will gain from this.
 As a result, entrepreneurs will go for
the decisions that will have a greater
benefit, in terms of the overall net
profits in the organization.
 The sole objective of any company is
to make profits, and as such, every
decision taken should be towards that
direction.
4) T-Chart
 This is also among the best tools that
can be used for comparative analysis.
 The T-Chart is used to weigh the pros
and cons of any option that the
organization may be considering.
 At the end of it all, it helps
entrepreneurs to make the right
decision, having weighted in all the
advantages and disadvantages of all
the available options.
5) SWOT Analysis
 The SWOT analysis is commonly used for strategic
planning and eventual decision making.
 Using SWOT analysis, entrepreneurs are able to
maximize on the strengths of the organization.
 The weaknesses are also considered in view of the
available opportunities.
 The organization will also consider the possible
threats before taking any course of action.
 This is an effective tool as it allows entrepreneurs
to analyze the company from all possible angles
before taking a decision.
6) Pareto Analysis
7) Feasibility
Study
 Feasibility studies are also used in the
strategic planning of the business. In
this case, entrepreneurs will assess the
possibility of creating a specific project
and if it can make profits.
 This is among the tools that should be
used at the very beginning of
launching a new product or service.
 This will help the company decide if a
particular strategy is ideal or feasible
for the company or not.
Decision Making (Final).pptx

More Related Content

Similar to Decision Making (Final).pptx

Techniques of decision making process
Techniques of decision making processTechniques of decision making process
Techniques of decision making process
vamsi krishna mulasa
 
SWOT Analysis Entrepreneurship
SWOT Analysis Entrepreneurship SWOT Analysis Entrepreneurship
SWOT Analysis Entrepreneurship
Naveed Ahmed
 
BASIC CONCEPTS OF OPERATIONS RESEARCH
BASIC CONCEPTS OF OPERATIONS RESEARCHBASIC CONCEPTS OF OPERATIONS RESEARCH
BASIC CONCEPTS OF OPERATIONS RESEARCH
Raja Adapa
 
Strategicanalysis 091208051235-phpapp02
Strategicanalysis 091208051235-phpapp02Strategicanalysis 091208051235-phpapp02
Strategicanalysis 091208051235-phpapp02Aditi Sharma
 
SWOT Analysis in Strategic Management.pptx
SWOT Analysis in Strategic Management.pptxSWOT Analysis in Strategic Management.pptx
SWOT Analysis in Strategic Management.pptx
OsamaRehman10
 
SWOT Analysis By Mohriz Shahid Syed
SWOT Analysis By Mohriz Shahid SyedSWOT Analysis By Mohriz Shahid Syed
SWOT Analysis By Mohriz Shahid Syed
Naveed Ahmed
 
Chapter 2 advanced accounting one-1.pptx
Chapter 2 advanced accounting one-1.pptxChapter 2 advanced accounting one-1.pptx
Chapter 2 advanced accounting one-1.pptx
MohamedAbdi347025
 
Class 1, 2, 3 Module I Corporate Strategy.pptx
Class 1, 2, 3 Module I Corporate Strategy.pptxClass 1, 2, 3 Module I Corporate Strategy.pptx
Class 1, 2, 3 Module I Corporate Strategy.pptx
snehasis891
 
SWOT Analysis in Strategic Management
SWOT Analysis in Strategic ManagementSWOT Analysis in Strategic Management
SWOT Analysis in Strategic Management
Md. Shamsur Rahman Heera
 
Chapter 5; Chosen Competitive Strategies Startegic managnment assignment
Chapter 5; Chosen Competitive Strategies Startegic managnment assignmentChapter 5; Chosen Competitive Strategies Startegic managnment assignment
Chapter 5; Chosen Competitive Strategies Startegic managnment assignment
Muhammad Ameen Ujjan
 
Template for marketing strategy
Template for marketing strategyTemplate for marketing strategy
Template for marketing strategy
Adeel Javaid
 
Strategic Thinking, TCF and Action Plans
Strategic Thinking, TCF and Action PlansStrategic Thinking, TCF and Action Plans
Strategic Thinking, TCF and Action Plans
Rupinder K Gill
 
Introduction to performing an assessment of your company's product management...
Introduction to performing an assessment of your company's product management...Introduction to performing an assessment of your company's product management...
Introduction to performing an assessment of your company's product management...
CompellingPM
 
Swot
SwotSwot
Swot Analysis
Swot AnalysisSwot Analysis
Swot Analysis
Dr Arun Kumar Pandey
 
Swot analysis
Swot analysisSwot analysis
Swot analysis
Mritunjay yadav
 
swot merged.pdf
swot merged.pdfswot merged.pdf
swot merged.pdf
RanjanaPrasad7
 
Mtm2 white paper competitor analysis (featuring the four corners)
Mtm2 white paper   competitor analysis (featuring the four corners)Mtm2 white paper   competitor analysis (featuring the four corners)
Mtm2 white paper competitor analysis (featuring the four corners)
IntelCollab.com
 
Pestle analysis
Pestle analysisPestle analysis
Pestle analysis
COEPD HR
 

Similar to Decision Making (Final).pptx (20)

Mis analysis
Mis analysisMis analysis
Mis analysis
 
Techniques of decision making process
Techniques of decision making processTechniques of decision making process
Techniques of decision making process
 
SWOT Analysis Entrepreneurship
SWOT Analysis Entrepreneurship SWOT Analysis Entrepreneurship
SWOT Analysis Entrepreneurship
 
BASIC CONCEPTS OF OPERATIONS RESEARCH
BASIC CONCEPTS OF OPERATIONS RESEARCHBASIC CONCEPTS OF OPERATIONS RESEARCH
BASIC CONCEPTS OF OPERATIONS RESEARCH
 
Strategicanalysis 091208051235-phpapp02
Strategicanalysis 091208051235-phpapp02Strategicanalysis 091208051235-phpapp02
Strategicanalysis 091208051235-phpapp02
 
SWOT Analysis in Strategic Management.pptx
SWOT Analysis in Strategic Management.pptxSWOT Analysis in Strategic Management.pptx
SWOT Analysis in Strategic Management.pptx
 
SWOT Analysis By Mohriz Shahid Syed
SWOT Analysis By Mohriz Shahid SyedSWOT Analysis By Mohriz Shahid Syed
SWOT Analysis By Mohriz Shahid Syed
 
Chapter 2 advanced accounting one-1.pptx
Chapter 2 advanced accounting one-1.pptxChapter 2 advanced accounting one-1.pptx
Chapter 2 advanced accounting one-1.pptx
 
Class 1, 2, 3 Module I Corporate Strategy.pptx
Class 1, 2, 3 Module I Corporate Strategy.pptxClass 1, 2, 3 Module I Corporate Strategy.pptx
Class 1, 2, 3 Module I Corporate Strategy.pptx
 
SWOT Analysis in Strategic Management
SWOT Analysis in Strategic ManagementSWOT Analysis in Strategic Management
SWOT Analysis in Strategic Management
 
Chapter 5; Chosen Competitive Strategies Startegic managnment assignment
Chapter 5; Chosen Competitive Strategies Startegic managnment assignmentChapter 5; Chosen Competitive Strategies Startegic managnment assignment
Chapter 5; Chosen Competitive Strategies Startegic managnment assignment
 
Template for marketing strategy
Template for marketing strategyTemplate for marketing strategy
Template for marketing strategy
 
Strategic Thinking, TCF and Action Plans
Strategic Thinking, TCF and Action PlansStrategic Thinking, TCF and Action Plans
Strategic Thinking, TCF and Action Plans
 
Introduction to performing an assessment of your company's product management...
Introduction to performing an assessment of your company's product management...Introduction to performing an assessment of your company's product management...
Introduction to performing an assessment of your company's product management...
 
Swot
SwotSwot
Swot
 
Swot Analysis
Swot AnalysisSwot Analysis
Swot Analysis
 
Swot analysis
Swot analysisSwot analysis
Swot analysis
 
swot merged.pdf
swot merged.pdfswot merged.pdf
swot merged.pdf
 
Mtm2 white paper competitor analysis (featuring the four corners)
Mtm2 white paper   competitor analysis (featuring the four corners)Mtm2 white paper   competitor analysis (featuring the four corners)
Mtm2 white paper competitor analysis (featuring the four corners)
 
Pestle analysis
Pestle analysisPestle analysis
Pestle analysis
 

More from Guhan2015

Export Duty Incentives.pptx
Export Duty Incentives.pptxExport Duty Incentives.pptx
Export Duty Incentives.pptx
Guhan2015
 
Import and Export Duty Benefit schemes and Availing procedures.pptx
Import and Export Duty Benefit schemes and Availing procedures.pptxImport and Export Duty Benefit schemes and Availing procedures.pptx
Import and Export Duty Benefit schemes and Availing procedures.pptx
Guhan2015
 
Customs Duty benetif concepts final.pptx
Customs Duty benetif concepts final.pptxCustoms Duty benetif concepts final.pptx
Customs Duty benetif concepts final.pptx
Guhan2015
 
Train the trainer FINAL.pptx
Train the trainer FINAL.pptxTrain the trainer FINAL.pptx
Train the trainer FINAL.pptx
Guhan2015
 
POSITIVE THINKING.pptx
POSITIVE THINKING.pptxPOSITIVE THINKING.pptx
POSITIVE THINKING.pptx
Guhan2015
 
ppt e-Sanshit.pptx
ppt e-Sanshit.pptxppt e-Sanshit.pptx
ppt e-Sanshit.pptx
Guhan2015
 
Knowledge of Authorized Economic Operator (AEO)
Knowledge of Authorized Economic Operator (AEO)Knowledge of Authorized Economic Operator (AEO)
Knowledge of Authorized Economic Operator (AEO)
Guhan2015
 

More from Guhan2015 (7)

Export Duty Incentives.pptx
Export Duty Incentives.pptxExport Duty Incentives.pptx
Export Duty Incentives.pptx
 
Import and Export Duty Benefit schemes and Availing procedures.pptx
Import and Export Duty Benefit schemes and Availing procedures.pptxImport and Export Duty Benefit schemes and Availing procedures.pptx
Import and Export Duty Benefit schemes and Availing procedures.pptx
 
Customs Duty benetif concepts final.pptx
Customs Duty benetif concepts final.pptxCustoms Duty benetif concepts final.pptx
Customs Duty benetif concepts final.pptx
 
Train the trainer FINAL.pptx
Train the trainer FINAL.pptxTrain the trainer FINAL.pptx
Train the trainer FINAL.pptx
 
POSITIVE THINKING.pptx
POSITIVE THINKING.pptxPOSITIVE THINKING.pptx
POSITIVE THINKING.pptx
 
ppt e-Sanshit.pptx
ppt e-Sanshit.pptxppt e-Sanshit.pptx
ppt e-Sanshit.pptx
 
Knowledge of Authorized Economic Operator (AEO)
Knowledge of Authorized Economic Operator (AEO)Knowledge of Authorized Economic Operator (AEO)
Knowledge of Authorized Economic Operator (AEO)
 

Recently uploaded

Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdf
Welcome to TechSoup   New Member Orientation and Q&A (May 2024).pdfWelcome to TechSoup   New Member Orientation and Q&A (May 2024).pdf
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdf
TechSoup
 
The Roman Empire A Historical Colossus.pdf
The Roman Empire A Historical Colossus.pdfThe Roman Empire A Historical Colossus.pdf
The Roman Empire A Historical Colossus.pdf
kaushalkr1407
 
Chapter 3 - Islamic Banking Products and Services.pptx
Chapter 3 - Islamic Banking Products and Services.pptxChapter 3 - Islamic Banking Products and Services.pptx
Chapter 3 - Islamic Banking Products and Services.pptx
Mohd Adib Abd Muin, Senior Lecturer at Universiti Utara Malaysia
 
CACJapan - GROUP Presentation 1- Wk 4.pdf
CACJapan - GROUP Presentation 1- Wk 4.pdfCACJapan - GROUP Presentation 1- Wk 4.pdf
CACJapan - GROUP Presentation 1- Wk 4.pdf
camakaiclarkmusic
 
Unit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdfUnit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdf
Thiyagu K
 
Home assignment II on Spectroscopy 2024 Answers.pdf
Home assignment II on Spectroscopy 2024 Answers.pdfHome assignment II on Spectroscopy 2024 Answers.pdf
Home assignment II on Spectroscopy 2024 Answers.pdf
Tamralipta Mahavidyalaya
 
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
MysoreMuleSoftMeetup
 
special B.ed 2nd year old paper_20240531.pdf
special B.ed 2nd year old paper_20240531.pdfspecial B.ed 2nd year old paper_20240531.pdf
special B.ed 2nd year old paper_20240531.pdf
Special education needs
 
Lapbook sobre os Regimes Totalitários.pdf
Lapbook sobre os Regimes Totalitários.pdfLapbook sobre os Regimes Totalitários.pdf
Lapbook sobre os Regimes Totalitários.pdf
Jean Carlos Nunes Paixão
 
The geography of Taylor Swift - some ideas
The geography of Taylor Swift - some ideasThe geography of Taylor Swift - some ideas
The geography of Taylor Swift - some ideas
GeoBlogs
 
The Challenger.pdf DNHS Official Publication
The Challenger.pdf DNHS Official PublicationThe Challenger.pdf DNHS Official Publication
The Challenger.pdf DNHS Official Publication
Delapenabediema
 
Unit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdfUnit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdf
Thiyagu K
 
The French Revolution Class 9 Study Material pdf free download
The French Revolution Class 9 Study Material pdf free downloadThe French Revolution Class 9 Study Material pdf free download
The French Revolution Class 9 Study Material pdf free download
Vivekanand Anglo Vedic Academy
 
Operation Blue Star - Saka Neela Tara
Operation Blue Star   -  Saka Neela TaraOperation Blue Star   -  Saka Neela Tara
Operation Blue Star - Saka Neela Tara
Balvir Singh
 
Palestine last event orientationfvgnh .pptx
Palestine last event orientationfvgnh .pptxPalestine last event orientationfvgnh .pptx
Palestine last event orientationfvgnh .pptx
RaedMohamed3
 
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
Levi Shapiro
 
Francesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptxFrancesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptx
EduSkills OECD
 
Instructions for Submissions thorugh G- Classroom.pptx
Instructions for Submissions thorugh G- Classroom.pptxInstructions for Submissions thorugh G- Classroom.pptx
Instructions for Submissions thorugh G- Classroom.pptx
Jheel Barad
 
BÀI TẬP BỔ TRỢ TIẾNG ANH GLOBAL SUCCESS LỚP 3 - CẢ NĂM (CÓ FILE NGHE VÀ ĐÁP Á...
BÀI TẬP BỔ TRỢ TIẾNG ANH GLOBAL SUCCESS LỚP 3 - CẢ NĂM (CÓ FILE NGHE VÀ ĐÁP Á...BÀI TẬP BỔ TRỢ TIẾNG ANH GLOBAL SUCCESS LỚP 3 - CẢ NĂM (CÓ FILE NGHE VÀ ĐÁP Á...
BÀI TẬP BỔ TRỢ TIẾNG ANH GLOBAL SUCCESS LỚP 3 - CẢ NĂM (CÓ FILE NGHE VÀ ĐÁP Á...
Nguyen Thanh Tu Collection
 
Language Across the Curriculm LAC B.Ed.
Language Across the  Curriculm LAC B.Ed.Language Across the  Curriculm LAC B.Ed.
Language Across the Curriculm LAC B.Ed.
Atul Kumar Singh
 

Recently uploaded (20)

Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdf
Welcome to TechSoup   New Member Orientation and Q&A (May 2024).pdfWelcome to TechSoup   New Member Orientation and Q&A (May 2024).pdf
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdf
 
The Roman Empire A Historical Colossus.pdf
The Roman Empire A Historical Colossus.pdfThe Roman Empire A Historical Colossus.pdf
The Roman Empire A Historical Colossus.pdf
 
Chapter 3 - Islamic Banking Products and Services.pptx
Chapter 3 - Islamic Banking Products and Services.pptxChapter 3 - Islamic Banking Products and Services.pptx
Chapter 3 - Islamic Banking Products and Services.pptx
 
CACJapan - GROUP Presentation 1- Wk 4.pdf
CACJapan - GROUP Presentation 1- Wk 4.pdfCACJapan - GROUP Presentation 1- Wk 4.pdf
CACJapan - GROUP Presentation 1- Wk 4.pdf
 
Unit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdfUnit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdf
 
Home assignment II on Spectroscopy 2024 Answers.pdf
Home assignment II on Spectroscopy 2024 Answers.pdfHome assignment II on Spectroscopy 2024 Answers.pdf
Home assignment II on Spectroscopy 2024 Answers.pdf
 
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
 
special B.ed 2nd year old paper_20240531.pdf
special B.ed 2nd year old paper_20240531.pdfspecial B.ed 2nd year old paper_20240531.pdf
special B.ed 2nd year old paper_20240531.pdf
 
Lapbook sobre os Regimes Totalitários.pdf
Lapbook sobre os Regimes Totalitários.pdfLapbook sobre os Regimes Totalitários.pdf
Lapbook sobre os Regimes Totalitários.pdf
 
The geography of Taylor Swift - some ideas
The geography of Taylor Swift - some ideasThe geography of Taylor Swift - some ideas
The geography of Taylor Swift - some ideas
 
The Challenger.pdf DNHS Official Publication
The Challenger.pdf DNHS Official PublicationThe Challenger.pdf DNHS Official Publication
The Challenger.pdf DNHS Official Publication
 
Unit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdfUnit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdf
 
The French Revolution Class 9 Study Material pdf free download
The French Revolution Class 9 Study Material pdf free downloadThe French Revolution Class 9 Study Material pdf free download
The French Revolution Class 9 Study Material pdf free download
 
Operation Blue Star - Saka Neela Tara
Operation Blue Star   -  Saka Neela TaraOperation Blue Star   -  Saka Neela Tara
Operation Blue Star - Saka Neela Tara
 
Palestine last event orientationfvgnh .pptx
Palestine last event orientationfvgnh .pptxPalestine last event orientationfvgnh .pptx
Palestine last event orientationfvgnh .pptx
 
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
 
Francesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptxFrancesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptx
 
Instructions for Submissions thorugh G- Classroom.pptx
Instructions for Submissions thorugh G- Classroom.pptxInstructions for Submissions thorugh G- Classroom.pptx
Instructions for Submissions thorugh G- Classroom.pptx
 
BÀI TẬP BỔ TRỢ TIẾNG ANH GLOBAL SUCCESS LỚP 3 - CẢ NĂM (CÓ FILE NGHE VÀ ĐÁP Á...
BÀI TẬP BỔ TRỢ TIẾNG ANH GLOBAL SUCCESS LỚP 3 - CẢ NĂM (CÓ FILE NGHE VÀ ĐÁP Á...BÀI TẬP BỔ TRỢ TIẾNG ANH GLOBAL SUCCESS LỚP 3 - CẢ NĂM (CÓ FILE NGHE VÀ ĐÁP Á...
BÀI TẬP BỔ TRỢ TIẾNG ANH GLOBAL SUCCESS LỚP 3 - CẢ NĂM (CÓ FILE NGHE VÀ ĐÁP Á...
 
Language Across the Curriculm LAC B.Ed.
Language Across the  Curriculm LAC B.Ed.Language Across the  Curriculm LAC B.Ed.
Language Across the Curriculm LAC B.Ed.
 

Decision Making (Final).pptx

  • 1. Decision Making Tools  There are several elements that contribute to the success of any business and one of them is making the right decisions.  There are so many decisions that must be made in running a successful organization. Main Steps of Effective Decision-making:
  • 2. Tools for Decision Making:  Market Research  Decision Matrix  Cost-Benefit Analysis  T-Chart  SWOT Analysis  Pareto Analysis  Feasibility Study
  • 3. 1) Market Research  Marketing Research is an essential tool, especially when you are gathering the information before taking a decision.  This will include analysis of the potential customers, state of the market and the competition in the market among others.  This is a strategic tool, which most entrepreneurs rely on to make the right decision.
  • 4. 2) Decision Matrix  With this tool, you will critically analyze all the available options or alternatives of a particular decision.  This allows you to look at all the options and the factors that affect each. You can use comparative analysis so that you can find the best option to help you in decision making.  This is one of the most critical tools for most organizations as it will help reveal the best strategy and decision to take.  Here is below an example of a decision matrix:
  • 5. 3) Cost-Benefit Analysis  With a cost-benefit analysis, you will take the time to assess all the costs that will be involved in the decision taken and the benefits that the organization will gain from this.  As a result, entrepreneurs will go for the decisions that will have a greater benefit, in terms of the overall net profits in the organization.  The sole objective of any company is to make profits, and as such, every decision taken should be towards that direction.
  • 6. 4) T-Chart  This is also among the best tools that can be used for comparative analysis.  The T-Chart is used to weigh the pros and cons of any option that the organization may be considering.  At the end of it all, it helps entrepreneurs to make the right decision, having weighted in all the advantages and disadvantages of all the available options.
  • 7. 5) SWOT Analysis  The SWOT analysis is commonly used for strategic planning and eventual decision making.  Using SWOT analysis, entrepreneurs are able to maximize on the strengths of the organization.  The weaknesses are also considered in view of the available opportunities.  The organization will also consider the possible threats before taking any course of action.  This is an effective tool as it allows entrepreneurs to analyze the company from all possible angles before taking a decision.
  • 9. 7) Feasibility Study  Feasibility studies are also used in the strategic planning of the business. In this case, entrepreneurs will assess the possibility of creating a specific project and if it can make profits.  This is among the tools that should be used at the very beginning of launching a new product or service.  This will help the company decide if a particular strategy is ideal or feasible for the company or not.