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Business Decision Making - Assignment Example

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This paper 'Business Decision Making" focuses on the fact that decision making can be defined as the process of developing a solution to a problem. In addition, decision making can also be termed as the process of selecting the best alternative courses of actions from all the available options. …
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Download file to see previous pages The overall process of decision making needs to be executed in a logical and systematic manner that will allow the evaluation of all relevant elements before adopting one of the available alternative courses of actions. Therefore, decision making has to be carried out with an organized approach that will facilitate the consideration of all factors. This is according to Baker (2010). Williams (2007) agrees that academic experts in the business sector have devised models that can be employed when developing a decision. These models advocates for the adoption of various requisite steps in building the decision. The essential steps applied in making decisions at all contexts start from the definition of a problem, identification of the alternative, evaluation of the available options, selecting the best alternative, appraising the feasibility of the decision and presenting the proposed decision for approval by the relevant authorities. All major decisions are carried out systematically using these steps without omitting even one. In the business context, once the underlying problem has been defined rationally, the next step will entail the identification of the available solutions. The first two steps of decision making require the application of information concerning the problem situation. The third step on the evaluation of the options also needs the appraisal of the situation’s information. At this juncture, one should be in a position to interpret the collected information appropriately using a suitable interpretation technique. Upon interpreting, the decision maker will pick the best alternative course of action, based on the validity of the findings depicted by the interpretation. This is according to Williams (2007). Baker (2010) asserts that information on a situation needs to be acquired before initiating a decision making process. The data collected from the sources will supplement the values needed to develop a body of information concerning a situation. At this juncture, it is logical to state that the practical part of a decision-making process begins from the collected data on the concept under consideration. Data collection can be carried out using suitable methods. The data can be obtained from either the primary or secondary sources. Primary sources data collection entails the process of obtaining information from first-hand respondents especially in the field by exercises like surveys and administration of questioners. In our discussion, the decision-making process concerning Exchange Partnership Team (EPT) will start from the development of an outline illustrating the data collection exercise. Question 1 In the context of the West London Exchange company, the Exchange Partnership Team (EPT), data can be obtained with respect to the outline below; 1) Primary Data sources a) Administering Questionnaires b) Observations c) Case studies d) Portfolios e) Interviews f) Evaluation of critical incidences 2) Secondary Sources a) Internet Databases b) Internal business records c) Government agencies records d) Business directories Question 2 Questionnaire According to Baker (2010), the most appropriate research methodology in this context should comprise both the qualitative and the quantitative aspects of data collection.  ...Download file to see next pagesRead More
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