The development of a global marketplace with competition from non-traditional sources has and continues to increase the number and frequency of decisions required. The risk of making a poor decision has never been higher, nor has the number of required applications for analytical tools.

Analytical tools and techniques cannot provide the entire basis for every decision, but using the right tool helps to provide the discipline required when faced with complex problems.

This primer provides an overview of how professionals can add value to the decision-making process in their organisation and includes:

• Key components to a systems approach to decision-making.
• Factors which significantly influence our interpretation of data and therefore decision-making, drawing on the study of behavioural finance.
• “How to” instructions for using the following decision-tools:
  
  
  • Target costing
  • Process mapping
  • Fishbone Charts for cause and effect analysis
  • Theory of constraints (TOC)