The Tool of The Decision Making Which is Available to Support The Strategic Position

The SWOT analysis:

For supporting the strategic decision one of the available techniques is SWOT analysis. This is simple analysis method. This method is used widely because it is used to know about the business activity or project strengths, weakness, threats and the opportunities.

When using this SWOT analysis, the following are statement should be ensured. Those are:

  • Use verifiable statement only
  • The time will be specified on the factors which are most significant, for that the factors are prioritized whether they may be external or internal.
  • This analysis should be done at the project or business activity level.
  • In exclusivity it is not used.

The critical success factor:

In this mainly there are four types. Those are:

Industry critical success factor: this is used to know about the specific characteristics of the industry

Strategy critical factor: this is coming from the one of the business competitive strategy

Environmental critical success factor: this is coming from the changes of either technical or economical

Temporal critical success factor: this is from the changes and the needs of the internal organization.

The five key resources of the critical success factor are

  • Industry
  • Industry position and the competitive strategy
  • Environmental factor
  • Temporal factor
  • Managerial position (from the individual point of view)

Model driven DSS:

From various areas such as financial model, accounting model, optimization model and the representation model the DSS is driven by the underlying model. The main emphasize of this model is accessing and the manipulation of the model when compare to the data. In the situation Analyzation this method is using the parameters and the data for assist the decision makers.  It is not data intensive usually and it also not linked with the large data base.

Data driven DSS:

The data analysis systems, file drawer systems, analysis information systems are hard by this system and the main emphasize of this is data warehouse access to the large data base manipulation, this is done for the structured data.

Data mining:

In the private and the public sectors the data mining is the main aspect. The reason for this usage is to achieve the cost at low, the research is increasing and it also increases the sales of the products. So this is used presently in many industries such as insurance, banking, retailing and medicine. Firstly it uses in the public sector; the reason for this is avoiding the waste and the fraud. But the days are passed it also uses in the program performance measuring and the improving. In the data analyzing scope and the quantity this data mining shows the significant expansion. 

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