Week 1 Discussion
Data Analysis in Decision Making
[Name of the Writer]
[Name of the Institution]
Data Analysis in Decision Making
Reducing Transportation Costs for Fleet of Delivery Trucks
One of the key value prepositions for the businesses these days is that how they are going to make sure that they tend to look at the value prospects in a proper manner, and based on the data they are able to make the right decision. Keeping this aspect in mind, when one talks about the fleet of delivery trucks, there are variety of ways through which they are going to be making sure that the eventual transportation costs is brought down (Wesley et al, 2017). Using the data to the advantage, it can be made sure that the broader narrative of the cost cutting can be taken care off. The first thing that CEO can do is that they should have an insight about the touch points that are prevalent in the journey and the routes that are taken by the vehicles. This insight is very important as it goes to show them what are the routes that are followed by them when they are taking any destination (Wesley et al, 2017). At the same time, the other thing that has to be done is the load that is going to be there in the trucks coupled with the fuel cost that goes into it. The final determinant is the mileage (Wesley et al, 2017). Based on this information, the CEO is going to be able to make sure that they take the right decisions with regards to the way overall cost narrative is going to be taken care off at the given point of time. The key aspect of the whole thing is to ensure that the data driven approach is needed to be adopted when it comes to the broader scheme of things. All these key variables are going to be utilized to make sure that what are some of the leakages in the cost and what is the subsequent strategy that can be used to bring the cost down (Wesley et al, 2017).
In this day and age, it is imperative for all the business stakeholders to make sure what direction that they want to give to their business. In order for that to happen, it is very important that the decision making that is being done on their part is carried out in the manner that is well informed (Andersen & Petersen, 2016). Without informed decision making and not having clear insight of what is expected from them, it is quite hard for them to make sure that they are able to take the right decision that eventually benefits all the stakeholders who are part of the organization (Provost & Fawcett, 2013). One of the key things that is needed to be done by the businesses these days is that they need to have an insight about how they are going to be taking decisions based on the plethora of information that they have at their disposal these days (Albright et al, 2018). More organized the information is going to be, the more easier and clarity is going to be there as far as the broader organizational decision making is supposed to be carried out at the given point of time (Andersen & Petersen, 2016).
Albright, S. C., Winston, W., & Zappe, C. (2018). Data analysis and decision making. Cengage Learning.
Andersen, P., & Petersen, N. C. (2016). A procedure for ranking efficient units in data envelopment analysis. Management science, 39(10), 1261-1264.
Provost, F., & Fawcett, T. (2013). Data science and its relationship to big data and data-driven decision making. Big data, 1(1), 51-59.
Wesley, S., LeHew, M., & Woodside, A. G. (2017). Consumer decision-making styles and mall shopping behavior: Building theory using exploratory data analysis and the comparative method. Journal of Business Research, 59(5), 535-548.
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