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Table of Contents
Task 1...............................................................................................................................................3
2.3 Range of Decision-Making Approaches That Could Be Used to Identify Possible Solutions to
a Specific Issue Relating To People Practice..................................................................................9
(2.2 & 2.4) Explaining the Rationale for That Decision and Identifying the Benefits, Risks and
Financial Implications of the Suggested Solution.........................................................................10
3.1 Different Ways And Approaches That Are Used To Measure Financial And Non-Financial
Performance Within Organizations...............................................................................................11
Task 2.............................................................................................................................................14
References......................................................................................................................................20
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Task 1
Best evidence which is generally found in the clinically relevant studies that has been
conducted with the help of sound methodology
Clinical expertise is defined as the clinicians academic curriculums, experience and
clinical skills
Patient value are the concerns and unique preferences or the expectations of the patients
to the clinical encounters.
The primary purpose of EBP is to make use of best available evidences n order to make informed
decisions for patients. Majority of the best evidences results from researches however; REBP can
go beyond researches and include clinical expertise of the healthcare team and the clinicians and
along with the patient’s values and preferences.
Evidence-based practice approaches are highly used for making better decision as adequate
information is collected which helps practitioners in getting the desired results. An evidence-
based approach for decision-making is usually based on a combination of using the best available
evidence along with critical thinking (Collaborative et al., 2017). Critical thinking helps in
analysing facts in order to formulate judgement, which helps in improving decision-making
process. Through the application of EBP, the decision makers become less reliant on received
wisdom, anecdotes, and personal experiences sources that are not considered trustworthy. It is
crucial that professional actively make use of this approach because the management decision
have a huge impact on the lives and wellbeing of people in various parts of the organisations.
Applying EBP helps in improving decision making and resolving organisational issues since an
in-depth analysis of the issue is conducted based on the findings appropriate solutions are
developed. Often practitioners search for applied and well-tested solution therefore, achieving
desired results become easier.
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For example, in the nursing practices an evidence base approach for decision making plays a
crucial role as it helps in optimising the outcome for patients, helps in achieving a cost effective
nursing care, assists in enhancing clinical practices, and helps in maintain transparency and
accountability (Treweek and Littleford, 2018). The medical professionals work with objective
and scientific data regarding the health conditions of their patients.
SWOT framework: SWOT stands for strengths, weaknesses, opportunities and threats; this
framework is used by organisations in order to understand the microenvironment of the firm that
affects its performance (Nasreen and Afzal, 2020). The framework evaluates organisation’s
competitive position and helps the firm in developing strategic planning for growth and
development. This framework helps in assessing both external as well as internal factors ad helps
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in analysing the current and future potentials. Future issues and challenges can be identified
since threats and opportunities of the business are explored in this framework.
Porte’s Five Forces framework: This is another microanalysis tool use to recognise the
competitive position of the business in a market (Bruijl, 2018). It identifies five forces that
provides detailed information regarding the industry in which the business is operating and
economic growth. By analysing these forces the attractiveness of the industry can be analysed
which is strategically used to overcome future challenges.
Bargaining
Power of
suppliers
Bargaining
Threat of
Power of
Substitution
Consumers
Porter's
Five
Forces
Threat of Industry
new entrant Rivalry
Macro environment
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Pestle Analysis: Pestle analysis is a popular framework, which describe macro-environmental
factors that help in conducting environmental research for strategic management. In this
framework all, the external factors such as political, technological, economic, legal,
environmental and social factors are studied in an in-depth manner and their impact on the
industry or organisation is explored (Perera, 2017). This framework helps in understanding
different external challenges that affects the firm. Base on the analysis future growth strategies
can be formulated for the organisation.
Political
Economical
Social
Technological
Legal
Environmental
Scenario planning; scenario planning is a popular management tool which have been designed to
assist organisations in order to evaluate the efficacy or the strategies, plans and tactics, under a
range of possible future environment (Vecchiato, 2018). The five steps involved in scenario
planning are:
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3. Developing a strategic plan
All these tools of macro and microenvironment can be efficiently used for analysing future
challenges of the organisation since they play a vital role in highlighting the external and internal
forces that are affecting the decision-making and performance of the firm.
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All aspects of life must be covered by critical thinking. Whether advertising or politics or any
exciting news article, a critical attitude and demand for proof are useful in any aspect of life;
instead of simply believing, look for proof. The quantity of information now accessible with
technology and is enormous. In the future, this explosion of knowledge is expected to continue.
Students need to "expand and successfully use their academic abilities of critical thinking, the
complex challenges they encounter and the important decisions they will need to make as a
consequence of explosions in information and other fast-moving technology." As stated in this
section, critical thinking includes questioning, characteristics of critical thinking. In order to
further develop the areas that institutions teach, it is essential to educate students on how to ask
excellent questions and think critically. Wechsler et al., (2018) consider critical thinking
education to be essential for our country itself. He believes that individuals must be able to think
critically to make good choices regarding personal and civic issues in order to live effectively in
democracy. I understood that I need to think more effectively in order to understand different
factors regarding my surroundings. Critical thinking can help me become more intellectual. I can
become more effective at academics, and I will be able to solve difficult problems instantly.
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Everyone's happiness counts equally”
Under and utilizing utilitarianism can be really effective in decision making of one employee or
leader. employee or leader who follows this theory never cross the limit and always do the right
thing being in a set of rules whatever be the consequences (Luhn et al., 2017). If the person only
take decisions which promote happiness he/she will surely come out to a good person in life and
suitable for any role in an organization.
Deontology
Dentological theories are probably most prevalent in the world if it is a kind of deontological
theory that is solely due to the normative form of the theory of God's command (god dictates
what you must do and shouldn't do). Ethics focuses on correct acts rather than desirable
outcomes or virtue. Deontological theories are regarded in different circumstances theories that
make regulations compulsory to be acceptable and prohibited. The issue is whether you follow
the guidelines for the deontologist. The actions of individuals are proper and only if they meet
the moral standards laid forth by the theory in question (Dmour, Abbod, and Balqa, 2018).
Even someone could save a thousand people , they cannot kill one
Even someone could save my family from starvation , they cannot steal a loaf of bread
Deontology theories is more of like a double edged sword. It’s always been criticized for being
too restrictive .It is possible that in today’s modern world one has to go from some wrong path
for reaching the goal or destination, But deontology not allows that. As per the learners opinion
deontology theory is too good for these cruel world (Wright et al., 2019).
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Rational approach: It is a sensible and cost-effective strategy. A systematic process of
decision-making proceeds step by step. It assumes news that the organization, which is
controlled financially by decision-makers, is completely impartial and complete.
Behavioral approach: This method tries to take the rationality limit in decision making
into consideration. This method implies that decision-makers function with limited
rationality instead of the complete rationality of the rational approach (Bowen, and
Bhalla, 2021).
Practical approach: This method brings together the characteristics of rationality and
conduct. Decision-makers are trying to go above their limits and create as many options,
money and other practicalities as feasible within the specified period of time.
Low motivation and job satisfaction this common issue of people practice any is common in any
organization or company. From above said three approaches learner believes that the Rational
approach is versatile way to solve this problem. By going out of the rules of thumb, decision can
be taken to give some kind of bonus or incentive to a worker or employee whom will boost his
motivation and increase the job satisfaction, because money is the answer of almost every
problem in this world (Wright et al., 2019).
(2.2 & 2.4) Explaining the Rationale for That Decision and Identifying the Benefits, Risks
and Financial Implications of the Suggested Solution
It is reasonable and economical to use a rational approach to decision making. A systematic
process of decision-making proceeds step by step. It assumes that the company is managed and
handled economically by decision makers who are completely objective and fully approached.
The approach follows a sequential and formal path of activities. This path includes:
1. Formulating a goal(s)
2. Identifying the criteria for making the decision
3. Identifying alternatives
4. Performing analysis
5. Making a final decision.
Benefits of approach
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Forces organization to look ahead – since it is step by step and logical approach it definitely
force the manager and management to look head for the long term focus of the organization
eliminating the short term objectives
Improved fit with the environment – since a organization has planned it’s freely to fit with the
environment managers know what would be their next step
Better usage of the resources – since organizations have planned in place the goal is clear they
know what they want to achieve in the long term. So whatever resources is available it is been
used properly (Wright et al., 2019).
Provides a direction / vision- in this approach the direction or vision of organizations remains
very clear about the employees it’s been fixed from earlier what role one is playing in the
organization and what’s their target in the long term.
Risks of approach
Can be time consuming and expensive – it can be time consuming and expensive as the goal is
predetermined but there can be some hurdles in getting the goals and any in changes or fall in the
industry or business is absolutely possible. In that scenario the project will consume more time,
and be more expensive (Bovenkerk, 2020).
May be difficult in rapidly changing markets – the organization has a settle objective and plan,
but the business environment is not settling at that time it can be difficult to go on with this
approach
Chances of becoming bureaucratic – As the power of decisions is mostly centralized within few
hands and decision made by them is to be implemented in to complete organization there is a
chance of high bureaucracy here
3.1 Different Ways And Approaches That Are Used To Measure Financial And Non-
Financial Performance Within Organizations
Financial performance of an organization is principally measured on income statement or
balance sheet components, and may also report changes in sales growth. Someway or approaches
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to measure financial performance of an organization are total earnings, profit margin, average
order value, and return on assets (Bowen, and Bhalla, 2021).
Total earnings: Total earnings is overall sum of money gained by a company or organization by
selling their product or services without deducting any expenses or taxes.
Profit margin: the amount left to company after spending all the money on manufacturing, paying all
the wages, salaries and interest on loans and payment of tax is regarded as profit margin of the company.
it can be calculated on a single item produced or the profit of whole year (Wright et al., 2019).
Average order value: Average Order Value (AOV) is a metric that is used to calculate the total
number of orders placed by every single consumer in a particular time.
Return on assets: This is an indicator that how much profit company is earning by using is net
total assets.
Other metrics used to evaluate the activities that a company views as essential to its
accomplishment of strategic goals are not always related to financial success. Measures that
focus on relationships with customers, workers, operations, quality, cycle time, and the
organization's supply chain or pipeline are some of the most common non-financial strategies.
Other individuals call these ‘non-financial metrics ‘extra-financial to stress that all organizational
achievements come with an additional cost.
Customer
Conversion Rate: In this method it is checked that how many people a company can reach and
successfully convert them into their customer and convince them to buy their products or
services in a particular time ‘
Retention Rate: the number of customers successfully retained by the organization. This thing
shows the trust of a consumer on the organization or their products.
Internal Processes
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Product Defect Percentage: higher the number of defective products, greater the loss for business
because neither the product they can be sold or it can be used in any other way, in addition
defective products in company can seriously affects brands goodwill (Bowen, and Bhalla, 2021).
Efficiency Measure: In every business Efficiency can be measured differently, so this common
KPI will vary. For example, the manufacturing industry can measure efficiency by analyzing
how many units are produced every hour and the plant’s uptime percentage
Employee Productivity Rate: Workforce efficiency measured over time. Total Revenue of the
company divided by the Total Number of Employees = Employee Productivity Rate.
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Task 2
Based on the consumer feedback collected it is noted that there is a mixed positive and negative
review provided by the consumers regarding the services of department A. around 101
consumers agreed that services and good for value for money. Majority of the consumers
mentioned that that quality and packaging of the services and goods were acceptable and that
they would recommend the services to friends. On the hand, 100 consumers complained that
products were not delivered on time. 111 consumers stated customer services were not
responsive on call. It can be seen that customer service like handling of queries and complaints,
and range of product services needs to be improved to gain customer satisfaction.
Both the reviews suggests that proper improvement in the management style and method is
needed so that employees can be encouraged and provide with adequate guidance that will help
in improving the service provided by the department A. Improving service satisfaction will help
in increasing customer satisfaction rate and overall the outcome of the department will improve.
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3.3 Graphical representation
Chart Title
300
250
200
150
100
50
0
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Chart Title
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160 Chart Title
140
120
100
80
60
40
20
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Apart from these employees, also make use of self-evaluation process in which they
systematically observe, analyse and value their professional actions as well as results this system
assist employee in improving their skills and help them in enhancing their confidence
(Philippakos, 2017). Often managers make use of checklist system in order to analyse work
performance. The list is prepared be keeping the objectives and activities as the activities are
completed the checks are corrected.
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practice methods used in the organisation. Rating scales are also used for reviewing
performances.
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