Essay on Business Decision Making

Please note that this Assessment document has 8 pages and is made up of 7 Sections.

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Employees have a responsibility to be aware of the companies’ health and safety at work protocol to be able to use machinery and equipment for its proper use and not to misuse said items in compliance with the act

Candidates will need to conduct individual research of available materials and local resources, show initiative and

I interviewed a friend of mine - Amanda Chen - a female shopper about her experiences and

Underlying issues such as high federal and consumer debt may threaten long-term health of the U.S. economy

To thoroughly execute the decision making process, Cindy would need to do the following; “classify and define the problems and opportunities”, set objectives and criteria”, generate creative and innovative alternatives”, “analyze alternatives and select the most feasible”, plan and implement the decision”, and then follow through to “control the decision” (p.92). After going through the first three steps and developing solutions, each alternative should be researched and analyzed. Risk and

Strategic decisions require careful and purposeful skills of analysis, creativity, and informed problem solving. The best practice for decision making is identification, inventory, and intervention (Davenport, 2009). Identify the decision to be made for the organization, identify the factors that influence that decision (who, what, etc), and apply purposeful action to implement that decision. Decision-making tools can assist with the decision making process. Tools such as, Case-Based Decision Analysis, Information Aggregation Tools, cost-benefit analysis, gap analysis, or SWOT analysis. can help to evaluate the current state of the company and how to proceed with a decision for the future. Case-Based Decision Analysis tool focuses on data collection of past experiences, situations, and solutions. By tracking past results it can help to make more informed decisions in the future. Information Aggregation Tools uses external data that relates to a specific issue at hand, evaluates data that has served as solutions to such issues, selects supported alternatives, and, lastly, rates the compatibility of such proposed solutions to the issue at hand. A cost-benefit analysis is a type of strategic decision-making tool that assesses the cost and potential benefit associated with different courses of action and choosing

As stated by Prasad (2008), the managers should identify the different choices available in order to get most acceptable outcome of a decision. From searching different alternatives the managers can evade blocks in operations as choices are suitable if a particular idea goes wrong. Khanka (2000) expresses the view that selections can developed from in many ways such as can get from sources like experience, do training other organizations, and take others ideas and suggestions related in problems. Furthermore to improve alternatives solution the managers may investigation the signs of a problem for clues or fall back on intuition or result that stated by Griffin and Moorhead (2010). For an example in marketing department a non-programmed decision is compulsory the manager have to produce alternatives for raise market share. As McShane and Von Glinow (2000) pointed out that in a programmed decision is a standard operations is not to generate choice but can take out from the documented that already saved. Next an organizer should search the mission of a decision. In other words they need to define what is to be accomplished by it (Quick & Nelson, 2013). The decision criteria are important as mentioned by Dubrin (2002). The several criteria are consumers must aware of varies in quality of products, there not happen inflation, workers must consider the quality of improvements and lastly job satisfaction should not be reduce.

“Decision making is a complex cognitive process influenced by a number of factors” (Johnson & Kruse, 2009, p. 33). A leader is called on to make numerous decisions each day to meet the needs of their organization. The individuals associated with an organization look to the leader to have the answers to the many problems that present themselves. The challenge for the leader to is to make the “right” decision, but what the right decision is varies and is not always clear. The decision-making approach a leader takes can greatly impact the success of an organization, and a leader must always weigh their decisions carefully. The high stakes and complexity of decision making for

The decision making process can also be divided into seven steps, where the first step will basically involve defining the problem. These steps allow for the main issue to be identified, and therefore the manager should make sure that it has been done correctly. After the problem identification stage, we can move forward and identify the limiting factors, and in this the manager should make use of all resources available to do it the best way. Some of the resources include information, time, personnel, equipment and supplies. Using this, managers can be able to identify the factors that might hinder them from achieving their goals.

Business Administration The idea of studying business administration has appealed to me greatly and has encouraged me to further develop my education following this path. I have a keen enthusiasm to pursue a degree in Business Administration as I enjoy the challenges it sets and find the many different areas of business you are able to branch out into, very exciting! From research about the subject I'm expecting to greatly further my learning of how businesses operate and be able to then put my knowledge into practice. I am confident within myself and find communication with others easy.

As a business decision maker it is vital to evaluate your research resources. There are many resources available ranging from free resources to paid subscription resources, research libraries available in certain locations only, blogs, and business publications. Another alternative would be to research the company on its own website. While doing the research the researcher must be aware of the validity and unbiased research available. Free resources are a general starting point in research.

Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By satisfying the needs and wants people cannot satisfy themselves, businesses improve the quality of life for people and create a higher standard of living.

When people argue with decision analysis and its achievements they usually mention the story of DuPont, an American chemical company. It managed to successfully integrate risk and decision analysis functions to both operational and strategic levels. The company claimed that Desciison and Risk Analysis not only brought tangible benefits to the company, but also intangible, such as increased attention and commitment to actions (Krumm et Roll, 1992).