Write a comment/summary about the article below in 1 - 2 paragraphs. Resource Al

Question

Write a comment/summary about the article below in 1 - 2 paragraphs.

Resource Allocation Using the Decision Lens Suite

Duration: 3-4 Weeks Prep Meetings: 2-3 Team Meetings: 2-3 Participants: 10-20 Resource Allocation 2) Subject matter experts with a specific understanding of the organization's strategy, goals and objectives Overview: Our belief is that organizations will instantly realize the value of using our solution as a framework for improving results through better decision making and will invest in making Decision Lens a permanent part of the way they do business. 3) Representatives who can define what is considered to be a project, initiative, or investment alternative The purpose of this document is to help decision makers understand what they will be going through as they use Decision Lens in their resource allocation decision. 4) Cost experts who can provide reasonable cost estimates for proposed investment alternatives. A sample pre- meeting interview is included as Appendix 1 to this document. The Value of Smart Decision Making Below we describe the 5 phases of our solution for a resource allocation decision. Decision Making is the most critical ingredient in determining whether an organization succeeds or fails, yet it receives less attention than many less important processes. Phase I: Decision Preparation Prior to making any critical decision, it is important to prepare for the actual meetings where prioritization and the allocation of resources will occur. Structured decision processes enable organizations to create a baseline for continuously improving decisions over time because the logic of the decision is explicit The key objective of the Decision Preparation phase is to gather the critical data needed to make the decision while setting expectations with the key participants about how the decision process is going to occur. Decision Lens enables managers to synthesize strategic priorities with relevant performance data to make better decisions Our Decision Lens experts administer several pre-meeting interviews with key participants including: Phase II: Criteria Development (Facilitated) The criteria development process is critical to framing the entire decision. It is also one of the key components of building understanding and effective consensus among decision makers. Our Decision Lens facilitators will 1) The people responsible for the successful implementation of the decision

Explanation / Answer

This is a decision making tool provided by a company named Decision Lens. The USP of the product is to facilitate better and effective decision making by corporate entities using Decision Lens in their resource allocation decisions.

As per the framework, there are 5 phases to arrive at a decision. They are

Phase 1 Decision Preparation

This is a phase where all the key stakeholders and decision makers will go through a pre-meeting interview, wherein critical data will be gathered and also how the decision process will take place, will be apprised.

Phase 2 Criteria Development

In this phase, business objectives and evaluation criteria are structured into a hierarchical model. Objectives and sub-objectives are then compared pair-wise at each level of hierarchy for their importance. Decision makers then develop rating scales to rate projects against weighted criteria.

Phase 3 Assessment of Alternatives

In this phase, using a bar chart sensitivity tool, “what-ifs” of the decisions are tested

Phase 4 Define Budget Rules

Here the various projects are allocated prioritization rules

Phase 5 Budget Allocation

Here, the RoI is optimized by delivering maximum value from the project

Added feature include sensitivity analysis wherein budget rules can be altered to see the impact instantaneously.

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.