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Business decision making assignments are meant to test student's analytical and managerial skills. A business decision usually involves a number of complex variables relevant to decision making; therefore, it is important that each and every variable is taken into consideration while coming up with a solution.
This assignment requires students to apply their analytical reasoning skills when choosing one or more courses of action for implementation from among the several alternatives available in any situation involving managerial decisions. It also tests the determination of whether different values are given to certain alternative courses of actions selected for evaluation.
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Decision making in business is the thought process and subsequent actions that determines what a firm or individual will do next. The decisions are based on current facts, future probabilities, implications and impacts. How firms make decisions can be influenced by cultural factors such as trust beliefs.
Marketing also plays an important role in decision making, especially for companies selling products where uncertainty exists regarding consumer preferences. For example, when a product has few competitors and no dominant brand leader the final choice between brands may come down to personal preference of the buyer or likelihood of switching products by one consumer. Here there is high uncertainty in terms of which brand will win, so the decision is made based on what each consumer views as the most influential factor. This means that a firm's marketing strategy plays a crucial role.
Marketing strategies can vary from simple appeal for brand loyalty to complex strategies aimed at creating a new market or category with low competition. Businesses have become increasingly aware of the need for specific marketing strategies in order to compete with other firms within their industry and create demand for their goods/services. For example, if a company has little choice but to enter the same field as its competitors then it may decide on either differentiation or imitation as its marketing strategy. A third option could be focusing on something else entirely, such as changing business objectives altogether. This could be because the company has decided that its resources are not sufficient to compete in a particular area, and therefore it should reconsider its business goals.
To tackle issues of uncertainty, businesses tend to follow one of two approaches. One is to avoid or minimize risk and thus focus on playing low-risk strategies, while the other is analogous to gambling - taking risks for high returns. However, this approach only pays off when there is a reasonable chance of success.
Business decision analysis is all about helping project teams to make better decisions by understanding the effects of various decision on the whole project and outcomes.
Business decisions are analyzed in a structured way, where every step is standardized. Business decisions should be taken considering all possible alternatives to decide which one will lead to maximum profit. It is an important part of business management that helps businesses improve the quality of their decisions while avoiding dysfunctional practices such as groupthink. Therefore, this helps them maintain their competitive advantage over other organizations within their industry for a long time.
Business decision analysis assignment requires students to apply knowledge from economics when analyzing situations involving multiple variables relevant to decision analysis or choosing one of the many solutions available in any problem where decision making techniques are applied.
Businesses need information in order to make decisions about their future direction. Information can be classified as internal or external and facts or opinions.
Internal information is gained by using firms own resources, such as conducting surveys of employees or external market research.
External information can be another company's experience with a similar strategy, for example.
The main sources of external information are secondary data that has already been processed and assembled in a number of ways.
A good example would be a database containing industry-specific financial reports from different companies comparing their stock performance over a period of time, which can then be used to gain valuable insights into the future direction based on previous events and trends. However, it is important to question the accuracy or reliability of this information before making any decisions.
Information is for example crucial when external uncertainty is high, and how a firm reacts to uncertainty depends on its marketing strategy. A low-risk strategy is less impulsive and therefore takes more time, and the decision process tends to be more complex. This means that managers have to evaluate lots of information before making their decisions. However, businesses tend to make these kinds of decisions in an environment where information changes rapidly.
There are many reasons why businesses don't want to take risks regarding risky strategies that require them to make big financial commitments with uncertain outcomes. One reason could be because they simply do not have enough resources needed for a particular strategy due to unexpected costs or severe competition which results in a decrease in expected profit.
Another reason could be that they fear that their competitors might use similar strategies or take measures to ensure that it does not happen - for example by changing the rules of a particular industry. In this way, firms can affect each other's actions and create uncertainty regarding others' reactions. Thus, managers are forced to wait, respond late and make decisions based on limited information which is further complicated by external uncertainties.
There are many ways a firm can adopt in order to have an impact on its future strategy:
Firms should keep track of all new developments in technology as this will enable them to evolve with the changes in their industry. Researching and understanding new trends will also ensure that firms remain abreast of potential opportunities or threats. They can for example use the results of surveys to check out how changing technologies affect consumer preferences.
Strategy refers to a firm's plans for dealing with its environment or situation, while operations refer to the day-to-day activities which support achieving these strategies - i.e., corporate culture, employee selection process and quality control procedures among others. Strategy is important but it does not guarantee success, because it depends on many factors including products' features, customer service strategy and price sensitivity among other things. Firms with more advanced technology tend to perform better than those whose technology is out-of-date or lacking. In addition, the way strategy and operations are put together into what makes up a business tends to differ from industry to industry.
For example, it has been shown in various studies that firms who mostly use internal information have less risk taking behavior due to the fact that they recognize their own advantages. It is important for firms to consider how big an impact a change of strategies will have on its existing resources and capabilities before making decisions regarding internal changes. Thus, managers need to keep track of new technology which would enable them as well as the firm's employees to keep ahead of competitors: "Business process reengineering often enables companies to eliminate duplicative tasks and systems, thus freeing up resources for more productive investments".
The concept of business decision making returns the focus to individuals in organizations. The term is now used to emphasize that it is not so much decisions but rather how decisions are made that influence a firm’s strategic performance. It has been recognized that firms' success depends on critical thinking ability, problem solving skills, problem finding skills and intelligence among other personal traits, although there is some discussion about which specific traits matter most. People with better decision making skills tend to be more proactive and better able to promote a firm's interests by responding quickly and effectively, having a strong commitment to their organization as well as being motivated and optimistic.
Decision making is an individual phenomenon which implies that there are no infallible decision-making methods. Managers need to acknowledge their beliefs and biases when reaching decisions in order for them not to influence the outcome of such process in an improper way. They also require effective ways of handling conflicting information, gaining knowledge about other stakeholders' perspectives while also being mindful about the future implications of their actions. There is currently much focus on studying how people can develop their decision-making skills and knowledge. For instance, training programs have been developed to help employees recognize the psychological traps that can cloud a person's reasoning and emotionally charged decisions.
The term "Business Decision Making" has come into the use in many business organizations aiming at maximizing the profits of an organization. Business decisions are made by analyzing all possible alternatives available for a specific action. First, initial research is carried out regarding possibilities of growing with other companies which may involve merger or acquisition(s). After this phase, then comes the implementation of given plans. This process involves putting together company resources required for achievement of goals set in previous phases. Lastly, any further work on expanding abilities within a firm requires gathering new strategies.
See also: Data driven decision making.
decision making process involves gathering information from all possible sources, gathering the facts and then coming to a conclusion. A very important part of this is carrying out an analysis of your business environment which involves creating a SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats).
When writing a business decision making process assignment, the most important thing to do it is prepare yourself for the task. To write a good business decision making process assignment, pay attention to the following:
How are you going to start? How will you structure your work and what methods will you be using to carry out analyses of material? Will you simply present facts or will you provide reasons why one option is better than another? Usually students like to start with presenting their arguments in favor of one approach and then providing an overview of weaknesses. However, this can become very repetitive and boring for readers. They would want to move on quickly even if they agree with your point - this approach might not necessarily be very effective.
For a good decision making process assignment, the most common problems that you may face are:
Over-reliance on secondary sources of information - information from various newspaper and magazines may be interesting to read but not always reliable. In some cases, they might even make your work look unoriginal as a lot of people may have used this same source before for their own assignments. To avoid any plagiarism issues, avoid using such sources.
Do not forget about presenting counter arguments if necessary - to keep your audience interested, you should provide arguments against main proposal presented in your business decision making assignment. This will allow your readers to appreciate opposing viewpoints and be more engaged in what is going on in your work.
Using a good decision making process assignment example will help you to present ideas more quickly and clearly and will also show your instructor that you are capable of writing very well on this given topic. Using other students' examples is not recommended as these can be very different from what you need or what has been asked for in assignment instructions.
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