Explain the limitations of using heuristics to carry out decision making with multiple objectives.

The LOs for this module are as follows.
1. Identify and select sources of data and information
2. Analyse and present information to support decision making
3. Communicate results of information analysis and decision
4. Comprehend the range of tools and techniques available as support for managerial decision making

This assignment should be completed with reference to the WM Pressings Case Study and the OIL Project, as and where directed to do so (the OIL project is an Online Learning activity carried out in conjunction with a partner called TARUC in Malaysia).

This assignment requires you to write a 2,000 word assignment submission answering the following questions:
1. Explain the limitations of using heuristics to carry out decision making with multiple objectives. (20 marks)
2. Using the SMART process for decision making with multiple objectives, carry out an analysis on the information given in the case about the press refurbishment and identify which of the four companies lie on the efficient frontier. (30 marks)
3. Based on your answer to (2) above, provide your recommendation on which of the four companies should be chosen to carry out the work, providing justification for your decision. There is no need to carry out sensitivity analysis. (15 marks)
4. Using relevant information from the WM Pressings Case Study and other sources, critically analyse the role that making decisions in an ethical manner can play in enabling businesses to be successful. (25 marks)
5. Using relevant examples from the OIL project, reflect on your learning of various tools and objectives used for decision making. (10 marks)

WM Pressings Case Study
WM Pressings1 is a manufacturing company based in Coventry in England. The company makes small pressed steel and aluminum parts for customers in the automotive industry.
The company has recently experienced a marked deterioration in its quality performance, with a significant rise in the number of defective components being returned to the company from its customers. As a result, an in-depth investigation has been carried out, which has led to the identification of the main root cause of the issue, which is now known to lie with one of the presses that the company uses to manufacture its components. The company has ten presses in all, and it is Press No2 that has been found to be responsible for the largest proportion of the defective components being made.
A multi-functional team (comprising company experts from the production, quality and maintenance departments) has been looking at solutions to the issue and has concluded that Press No.2 does not need to be replaced, however it does need to be given a complete refurbishment. It is outside the scope of the expertise of the staff at WM Pressings to carry out this work, so an external refurbishment company will need to be appointed.

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