The process of decision-making in the business context allows professionals in various industries to solve problems by analyzing alternatives, looking for opportunities, and choosing more effective paths.
There are numerous methods to make decisions described in the literature. In an essay on decision-making, you can discuss them in detail and derive more valuable practices. Another option is to assess the role of effective decision-making in the corporate world. You might also want to look at the rationales in decision-making.
Keep reading to see a collection of decision-making essay samples shared by high-achieving students. Take a look and get motivated to write your paper.
Consumer behavior is an essential aspect of sales planning and marketing for any company. The focus of this observation was the behavior of people in a supermarket. The objective was to determine what affects the decision of a person to purchase a particular product. The primary aim of a supermarket...
What are the primary considerations for corporate financial decision-making? Suggestion guideline Corporate financial decisions depend on guidelines that aim at maximizing the value of the firm. Such guidelines concentrate on investment, dividends, and financing principles. At the center of every corporate theory for a decision is an objective to maximize...
Abstract The creative thinking process is responsible for unorthodox solutions to normal solutions. This thinking process mainly goes beyond what is known in order to explore what is unknown. There are various methods that have been identified as being part of creative thinking. These include; evolution, synthesis, revolution, changing direction...
Date: To: Production Manager From: RE: Assessment of Plant Operations Purpose of Memo The purpose of this assessment is to achieve the following: Recommend the best method to be used by Shuzworld in sneakerās manufacture. The options available are: Use of reconditioned equipment Purchasing new equipment in Shanghai Plant. Outsourcing...
Problem statement Entrepreneurship may be a highly risky endeavor, which requires not only the knowledge of business processes and market players but also the ability to make balanced choices. The latter, however, may be quite complex due to various biases and pitfalls awaiting senior managers and business owners daily. The...
Introduction Decision-making is vital for any sphere of human activity, which makes it a topic of serious debates. Practitioners tend to rely on their past experience and the narrow collection of evidence related to the particular problem of interest. Conversely, scholars develop theories that summarize human experience and mass evidence....
The Vulnerability of the Process to the Traps and Biases of Decision Making The idea of implementing a remote working system is not new in the context of the coronavirus crisis. However, many companies and their leaders know that decision-making can be a challenging task under the best conditions, which...
Introduction Any decision to purchase a product requires the buyer to take into consideration several factors including marginal costs, marginal benefits, interest rates and the general economy among others. According to Mankiw, people make decisions all the time and these decisions are dependent on the general economy which is dependent...
Decision-making is a fundamental process within any organisation that wants to realise success. Therefore, most businesses strive to use the best strategies in making decisions. The strategies involve the use of modern technologies, which offer many choices that are beneficial to the organisation. Thus, the use of information systems and...
Abstract Information and Communications Technologies (ICTs) have had a great impact in the way business is conducted in the modern world. Several companies in different sectors have incorporated technology in their operational and strategic management. The research paper discusses extranets customer care service, a form of technology that continues to...
Introduction Compensation Compensation reflects the relative importance an organization attaches to an employee. It is a tangible expression of the perceived value of an individual with respect to the role he/she holds within the organization. It influences an individualās lifestyle, position within society, and the stature held among peers, family...
Introduction Decision-making and problem solving are undeniable aspects of life which individuals are faced with at every stage of adulthood. A systemic approach to this process that analyzes the problem, considers various options, and engages in a decision based on available information ā is a competent method for critical thinking...
Introduction This is a reflective report on a group project undertaken by a group tasked to develop a response on how to take the team to the peak of Mount Everest successfully. The report will explore the experience, reflections, learning and possible alternative cause of actions from the teamās project....
Introduction It cannot be argued that the essence of management is about decision-making. Although other functions might be attributable to managers, it can be stated that decision-making might lie within the core of such functions. The exception might be seen in such functions as motivation, inspiration and leadership. Such factors...
Introduction Decision-making is a central activity in individual life, organizations, institution or government. It is commonly agreed that making decisions is one of the qualities that are unique with human being. Basically, decision-making involves making choices from a number of alternatives and working towards the chosen choices. More objective definition...
Introduction The climate ahead signals change for all businesses regardless of their size. It is one under pressure by the constantly shifting economic trends, human demographics and markets. The end result is expected to shake even the smallest of the business unit and threaten the existence of many. Businesses must...
Critical thinking is one of the tools that are used by companies and business organizations to come up with business strategies. In every human or business setting in the world, one of the main and consistent features that keep and maintain the organizations are the plans that have involved critical...
Introduction Consumersā preferences are constantly changing and it is therefore important that marketers understand how their consumers make their purchase decisions, what is likely to impact their choices and what the important criteria are in their decision making. Consumers follow a certain process when purchasing a product (Blackwell, D’Souza, Taghian,...
Introduction Decision-making is a process that individuals as well as groups encounter on a daily basis. However, making decisions is not a smooth process but one with many impediments, errors, biases and entrapment. The process is even more challenging for groups because of the pressure that exists in members to...
Outline Business always involves a bunch of decision. A decision making may change the course of business. It may lead to success or failure of a business. A wrong decision may bring financial losses and a right decision may make the company to top of the corporate ladder. A business...
Introduction Automobile industry has gone through turmoil in North America and Europe as the recession took a hit at the global economy. The countries worst hit were the US and the major European nations where automakers have seen a slump in auto sales in 2008 through 2009 (Crain 2009). Consequently,...
Introduction Personal Skills Development (PSD) is a very integral part of development of personal and professional skill sets. Through PSD it is possible to chart out oneās professional career development over the short, medium and long term period and also ensure that all impediments and obstacles to career and personal...
Introduction When a company seeks to undergo change ā external or internal ā it becomes imperative that it understand the changes that take place in the environment of the company. In other words, it becomes important to understand the forces that drive the industry. Scenario analysis provides a process through...
In modern business, decisions have been classified in many ways. A common classification distinguishes between decisions related to objectives and those that pertain to more specific goals. The latter can be judged based on efficiency; the former depends on normative values. Strategic decisions regarding major directions of an organization are...
Introduction In the business world the levels of the demand of goods and services as well as the supply keep on responding to changes in prices. The degree to which they react is known as the elasticity of the curve. Itās a fact that some goods and services are of...
Executive Summary The aim of the report is to evaluate the strategies of change in the organizational environment and, as a consequence, in corporate strategies. In order to compete in modern world, the consumer company should create high performance team systems able to perform all activities and coordinate all areas...
Introduction The company of Apple Inc was started during the early years of 1970s. It was initially named as Apple computer inc. with its establishment in state of California. Its main purpose of it establishment was to design and manufacture consumer electronics as well as software products. It is thus...
Introduction The hospitality and tourism industry is influenced by environmental changes and new customer demands. In order to meet these challenges, hospitality and tourism operators introduce effective methods and techniques of decision-making and problem-solving. The management process has always made a distinction between vertical and horizontal relationships. Under the earlier...
Amongst the various key activities for running a successful business, taking decisions occupies a central position. Taking a decision in the modern competitive world is a complex affair which requires the decision maker to have a wide range of qualities, knowledge and attributes to deliver a successful decision. On the...
Introduction One of the main jobs of any manager irrespective of the level that he or she is managing is to make a decision. Deciding in this modern wired world of breakneck competition has become a complex affair that requires the manager to have a wide range of qualities, knowledge,...
Outline This study has been undertaken to study the present consumer behaviour in automobile purchase in UK. At the beginning the decision making process and buying instinct of potential buyers are seen and analysed. Next the criteria for purchase, taking illustrations of both first hand, and second hand cars have...
To provide the financial information needed, accounting forms a basic priority for decision-makers. Developing a new technology in an industry is to depends on the accounting information, particularly decisions of investment, products introduced, money depts. from banks, At every customer contact, the quality of a decision makes the success of...
Decision-making style, tools, and techniques The most prevalent decision-making style in my organization is the collective Participative decision-making style. This style is also known as shared leadership, employee empowerment, or employee involvement. As the leader, I give the stakeholders a chance to air their views, but I ultimately make the...
Decision-making is one of the main concepts and practices used by organizations to grow and develop their strategic position. Good managers do much more than make good decisions, a broad view of the decision-making process provides a useful starting point from which to understand what groups must do. As managers...
What are the major steps to the consumer (buying) decision process? Explain how a consumer may use these steps differently for a āconvenienceā purchase versus an important or large purchase (such as a car) Behind the observable act of buying, there is an invisible five-stage procedure that customers follow when...
Introduction This paper is about critical thinking, which is an important attribute of aptitude that employees should have. First the paper considers, in depth, what critical thinking is. Further, an example from personal experience illustrated how critical thinking can apply in the work place is given. Finally, the paper considers...
Steps in either a customer or staff feedback process There are three steps in a customer or staff feedback process including input, transmission, and report. The input involves gathering and processing the relevant information to make it meaningful to the end-user. The transmission involves collecting and interpreting the information into...
Introduction The problem of choice in the decision-making process is present in all the spheres of life. The desire to improve the optimality of the choices made has led to the emergence of specialized automated support systems. Their essence is to help the participants of some processes to make the...
Time Constrained activity Main stages of the purchase decision making process It is important to understand the main stages of decision-making process for customers when planning to purchase an item. This will help in planning how to influence the decision in favour of the companyās products. The figure below shows...
Differences between Data and Information Data refers to raw facts or observations such as values or measurements. Data is considered to have little or no value until it has been processed and transformed into information. Examples of data include a series of symbols not obtained randomly, numbers and words, a...
Decisions in the workplace Strategic and operational decisions observed in the workplace According to Buhler (2001), strategic decisions are uncertain and involve high risks because they are concerned with the business’s future. Moreover, they entail harmonizing a firm’s resources and capabilities with external threats and opportunities (Buhler, 2001). An example...
Introduction Soft System Methodology (SSM) is a methodological process of analyzing āReal Worldā problems. Notably, SSM was established by Peter Checkland in the UK (Checkland & Scholes 1990, p. 63). According to Wilson (2001, p. 235), SSM has turned out to be a learning and development tool. The models being...
Executive Summary This paper focuses on the identification of key aspects that are associated with information systems (IS). In particular, the report begins with the definition of IS and how it is used and managed within an organization. It is clearly explained that IS plays an integral role in the...
Executive Information Systems Introduction In all organizations, it is the prerogative of the Executive (top) Managers to make monumental decisions that can make or break the organization. It is therefore imperative that these executive managers have access to information that enables them to make reliable decisions that will enable them...
Discuss the role and appropriateness of group decision making in relation to individual decision making. Identify the disadvantages of group decision making over individual decision-making, and specify some techniques that can be used to overcome these disadvantages. An organization can be defined as an institute, group or an association which...
Introduction Background This study concerns the role of business intelligence (BI) output in the process of making decisions in modern organizations. Information Technology enthusiasts and specialists in the modern context state that data and facts lead to better decisions in organizations. Undeniably, the data revolution has evolved significantly over the...
Introduction The development and application of management information systems in the formulation of company decisions has become a crucial facet of every organization, especially in the face of the ever-changing technological and demographic patterns in the twenty-first century. This discussion identifies various effects of management information systems on decision-making in...
Executive Summary In the past, managers were looking for any information that can support them in decision-making. However, today the volume of information that managers receive to utilize in decision-making is large, which creates an information overload. While data quality helps make the final decision, its quantity allows decision-makers to...
Abstract The consensus-style decision-making process is the foundation stone of Whole Foods Market. Ben Bernanke believes in the power of a consensus-style decision-making framework. It is a mechanism that a leader can use to gather pertinent information before making a decision. In a complicated scenario, it is important to know...
Executive Summary The 21st century business environment is very competitive and hence the need for organizations to make decisions in a timely and accurate manner. The availability of vast amounts of data and information amid time constraints within which a decision is required means that the information technology systems play...
The discovery of the internet has empowered the modern customer to be flexible, refined, and adventurous. The modern customers know exactly what they want and how it should be delivered by businesses. It is, therefore, the responsibility of an interesting business to shift from the traditional retail model to the...
Individuals engage in the process of decision making in their daily lives without necessarily thinking, hesitating, worrying, or backtracking. In case the desired interests are not being achieved, the chances are high that panic, uncertainty, self-doubt, and anxiety come in to disrupt the process. Decision-making entails going through various existing...
Abstract Whilst the primary objective of most business organizations is the making and maximization of profits, it is always good for companies and other business organizations to uphold ethics in their operations and generally be socially responsible. Despite this fact, some companies have faced insurmountable problems due to their failure...
The process of making economic decisions is based on several principles. The principles define the circumstances under which the decisions take place and also the thought processes which guide persons as they engage in economic transactions. The most important principles include the need to make trade-offs: the existence of opportunity...
Popularity of online shopping activities among consumers is a result of the progress of the Internet in a modern society. The online decision-making process includes stages which are typical for the general buying process, but the character of these stages is different. The consumer who prefers online purchasing activities concentrates...
Introduction Organizations always entrust managers with the responsibility of leading the employees based on effective decisions. However, to be an effective leaders, it is necessary for a manager to perform certain interpersonal roles such as being a leader, informational, and motivational roles. In addition, an organisation can perform effectively if...
