Tools Used in Financial Decision Making
In the current age, there are so many tools that are being promulgated to help the managers to make good decisions. One of the most significant ways that makes positive impact on the decisions that have gotten stale is by developing so many options of decision making tools. With this at hand, one is able to make better decisions with the many alternatives at your disposal. Here are three tools which are very popular and very easy to be adopted. Learn more on Investormint.
The first tool is the random input and involves the creative thinking. This tool is widely used in the current generation by agencies that advertise, the new product teams as well as the playwrights just to mention but a few. The tool was developed long ago in 1968 but because of evolution, it has been borrowed and plagiarized by the individuals who do not know how to make use of it. The tool is used by compiling 60 words and in the event that one needs a random word, they have to look at the watch and count the seconds then one has to use the number received to get the word. This tool is the simplest and it assists individuals to have their minds opened up to brand new lines of creative thinking immediately. Read more here.
The second tool is the thinking hats which is a very powerful technique despite its simplicity. This tool helps alleviate the western tradition that involves arguments with so many disagreements. The six hats include white hat for carrying data and information; red hat for emotions, feelings and intuitions; black hat for critical judgment; yellow hat for feasibility, optimism and shows how things could be done; green hat for creative thinking, development of new ideas, and other alternatives, and finally the last hat is the blue hat that is basically for setting agenda for thing, summarizing, controlling the process, over viewing and conclusions. Click https://en.wikipedia.org/wiki/Decision_support_system for more.
The final tool for decision making is the S.C.A.M.P.E.R which is applied to all the problems that need to be solved and in any kind of a specific situation. Each letter has a specific meaning which includes the following; substitution for something else, combining, adapting to any modification, modifying, put the decision to other uses, eliminating elements that might not be very useful, and finally rearranging, redefining, and reversing.
These three tools are the most popular but there are so many tools that are available when you search the internet.