Impress Teachers with Professional Quality Business Decision Making Projects
For a successful business, regardless how big or small, decision making plays a crucial role. Sound reasoning and profound knowledge based decisions can lead a company to the zenith of success and prosperity. On the other hand, if decisions are emotional, incomplete and illogical, it can cause serious and long-term damages for a business. Hence, management students are always taught how to make decisions in business. If, as a student, you are facing trouble in learning this, we, at myhomeworkhelp.com have come up with our business decision making homework help services for your benefit.
What is decision making in business?
It is the thought process that is used in the selection of a logical choice from amongst a number of options. In selecting the best option, a person must –
- Analyse pros and cons of each available option
- Consider the situation
- Forecast its outcome.
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Elements of business decision making:
A number of factors or elements are there that must be clearly understood while making a business decision. These are –
- Problem Context:
Three levels of problem context are there. These are –
- Macrocontext: Law, culture, exchange rate etc. national and global issues.
- Mesocontext: Structure and culture of organization.
- Microcontext: Environment of decision including that of board, office, employees.
These contexts must be taken into consideration, when making a decision.
- Problem Finding:
Most businesses have to “find” a problem, only when it has already occurred and then “react” accordingly.
- Agenda setting:
Based on the found problem and its contexts, the agenda has to be set. At myhomeworkhelp.com, we help students to understand this process through our business decision making homework help services.
Factors that affect problem solving:
Business decision making has two parts – the process and the decision itself. Many factors need to be taken into consideration in these processes, such as –
- Rationales – Every business decision must be dependent on acuteness of problem, market competitiveness along with business owner personality.
- Setting – Home based businesses and entrepreneurs and large scale businesses will have different settings. Therefore, approach of decision making will be different.
- Scope and Level – Depending on scope and level of problem, decisions must be made.
- Technical and Procedural Aids – Software, inventory control or budget marketing etc. are some aids that are nowadays used by businesses.
- Outcome – Professionals must analyse outcome of a decision.
- Implementation – It is the final step, where decision is taken.
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