Essay on Business Decision Making - 794 Words

Introduction Thinking critically and making decisions are important parts of today’s business environment. It is important to understand how the decision making process works and the steps involved. The nine steps of the decision making process are: identifying the problem, defining criteria, setting goals and objectives, evaluating the effect of the problem, identifying the causes of the problem, framing alternatives, evaluating impacts of the alternatives, making the decision, implementing the decision, and measuring the impacts. (Decision, 2007.) By using various methods and tools to assist in making important business decisions an individual can ensure the decisions they make will be as successful as possible. In this paper it†¦show more content†¦When we came up with a decision to fix a problem the stimulation had a visual graph to use that examined different metrics of how our choices affected sales, workers, the cost and the company and whether the decisions would be su ccessful or unsuccessful. This visually allowed us to see the outcomes to our decisions and gives us more experience for the future decisions and way to succeed in our goals. All the techniques assisted in following the decision making steps including measuring the impact which is easily forgotten. It is very important to ensure our decision was effective and if it was not. Understanding why the decision was not effective and re evaluating the alternatives and the issues that come into play will help us identify what was missed or overlooked so the problem can get fixed. This also helps ensure the same mistakes are minimized, if not identified so the same issues do not reoccur and something can be learned for the future. The techniques of the stimulation measured the success of change and it provided feedback as to which measures. The simulation provided a usefulShow MoreRelatedBusiness Decision Making2235 Words   |  9 Pagesdata Task (2) 7-11 * Analysing data for business purposes Task (3) 11-14 * Information in appropriate formats for decision making Task (4) 14-18 * Using software-generated information for making decisions Conclusion 18 References 18 Introduction In business, making good decisions requires the effective use of information. Business Decision Making provides the opportunity of learning a variety of sourcesRead MoreBusiness Planning And Decision Making879 Words   |  4 Pagesare constantly making plans or making decisions. In morden business world, a plan has to be made if a new project been assigned, or there is going to have a major change in the direction of where the business will be reroute. 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