Question

 

1)Explain the uses of descriptive and predictive analysis.

2)Describe the components and use of a decision tree.

3)Identify the advantages/disadvantages of group decision making.

4)Describe the techniques used to guide and reach consensus.

Answer 1

1. The descriptive analysis describes what happened in the past. The uses of descriptive analysis are:

It is used to analyse and represent data in an understanding manner. If raw data is presented, it may be hard to understand.

It won't allow us to make conclusions beyond the data we have analysed or reach conclusions regarding any hypotheses we might have made.

The predictive analysis predicts what may happen in the future. The uses of predictive analysis are:

It helps to understand the future.

It helps to identify potential customers, fraudulent activities. and manufacturing problems.

2. A decision tree is used to map different outcomes of related choices.

It consists of three components.

a) It starts with the main decision.

b) Chance and decision nodes will be added.

c) The endpoint will be reached.

There are three different types of nodes: chance nodes, decision nodes, and end node. The probabilities of certain results will be showed by chance notes. A decision to be made will be showed by decision nodes and an end node shows the final outcome of a decision path.

Uses of a decision tree:

It's easy to understand.

There is a chance to add new options.

It's easy to compare and choose the best option.

3. Advantages of group decision making:

It's easy to gather more knowledge, ideas and choices.

It increases acceptance and satisfaction about a choice.

It will give different perspectives for a problem and its solution.

It increases commitment to follow up the decision.

It will induce interest of group members and improves their decision making skill.

Disadvantages of group decision making:

It requires more time to take a decision.

It is often dominated by a few people. So compromise and dissatisfaction will get increased.

Managers overly depend on the group. It will deteriorate their own skill.

Groupthink may occur. Bad decisions will be taken by groups as its members do not want to express opinions, suggest new ideas, etc. that others may disagree with.

4. Consensus means reaching an agreement between all members of a group. Techniques to guide and reach consensus are:

a) People should know about each other and build trust among themselves.

b) Go-rounds can be used to gather more information.

c) Idea storming can be used to gather ideas.

d) Groups can be split and discussed.

e) Listening in pairs is used to formulate our own ideas.

f) Questions can be thrown back to the groups and decisions can be made.

g) Equal chances should be given to all.

h) Voting can be done to take up a solution.