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Business Decision Making Process - Essay Example

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Decision making is one of the most critical aspects of doing business because it involves complex chain of steps which one needs to follow in order to successfully perform the process of decision making. Organizations often follow a systematic process to make decisions and than…
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Business Decision Making Process
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Download file to see previous pages It is because of this reason that it is often important for the higher management to improve upon the decision making process by learning tools and techniques which contribute towards improving the overall effectiveness of the decisions made. It is important to note that decision making and problem solving are often considered as the same however, there are certain subtle differences which need to be taken into account for decision making and problem solving. It is important to understand that decision making takes place at every level of the organization i.e. from top management of the organization to the operational level and as such magnitude, nature and importance of decision making at each different level differs from each other.
This paper will apply the analyses and techniques of business decision making in planning and delivery of the Ashes Test to be played at Cardiff during 2009 providing at least three illustrations or examples.
Business decision making process is quite complex process as it draws upon data from different sources and utilizes them in different manner in order to achieve the desired results. In order to make better and more effective decisions, it is therefore important that almost every possible aspect of decision making shall be taken into consideration. Cost and benefit analysis is the major criteria based on which most of the business decisions are made and as such there are different tools and techniques which are used to make decisions more effective.
Over the period of time the general theoretical thrust behind the business decision making has been based on finding the quantitative aspects of the decision making whereas on the other hand qualitative aspects of decision making were not taken into consideration. (Baker,1981). This focus on the quantitative aspects of decision making has greatly improved the capability of ...Download file to see next pagesRead More
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