Case Study on Business Decision Making:
Business decision making is a complicated process, because an entrepreneur has to evaluate his financial potential objectively if he wants to found a successful and productive company.
Business decision making is closely connected with the creation of a business plan. A business leader is expected to be able to evaluate his finance, professionalism of his employees, quality of his equipment, popularity of his goods on the market, etc. if he wants to develop his firm successfully. When one wants to compose a good business plan, he should think whether his product is demanded on the market. He has to carry out a few surveys in order to study the actual situation on the market.
Consequently, he will know whether there is a risk of bankrupting or whether his business activity can bring him solid profit. Moreover, he has to be able to select the right employees who can cope with their duties effectively.
Business decision making is associated with solution of numerous problems. To begin with, one should be able to identify his business problem objectively. He should realize its cause and effect and its danger to his business. Secondly, he should think about several solutions of this problem. One ought to have well-developed critical thinking skills if he wants to analyze all alternative solutions professionally. Thirdly, the leader will have to choose the most appropriate solution that brings the biggest profit and the lowest expenditure. Obviously, it is impossible to generate an ideal decision, so one should be able to set priorities and decide what is more important to him. Decision-making is based on experience and logical thinking, though sometimes one should also listen to his intuition.
Business decision making is a relevant topic to all students who study business and management. They have to trains their analytical thinking skills if they want to learn to make the right decisions in short terms. A case study about business decision making will be very useful in this occasion. Young people have to analyze their case, get to know about the problem under research, think about its cause and effect and solve it professionally. They need to generate a few solutions simultaneously in order to find several alternative ways out and to demonstrate their creativity and intelligence to their teacher.
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