BUSINESS RESEARCH FOR DECISION MAKING

January 24, 2023

BUSINESS RESEARCH FOR DECISION MAKING

Order Number	65435645765445
Type of Project	ESSAY/DISERTATION
Writer Level	PHD/MASTERS CERTIFIED
Format	APA/MLA/HARVARD/OXFORD
Academic Sources	10 -20
Page Count	4-8 PAGES

Instructions/Descriptions

BUSINESS RESEARCH FOR DECISION MAKING

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A decision-making process is a series of steps taken by an individual to determine the best option or course of action to meet their needs. In a business context, it is a set of steps taken by managers in an enterprise to determine the planned path for business initiatives and to set specific actions in motion. Ideally, business decisions are based on an analysis of objective facts, aided by the use of business intelligence and analytics tools. In any business situation there are multiple directions in which to take a strategy or an initiative. The variety of alternatives to weigh and the volume of decisions that must be made on an ongoing basis, especially in large organizations that makes the implementation of an effective decision-making process a crucial element of managing successful business operations. The five steps decision-making methodologies include: Identifying a business problem. Seeking information about different possible decisions and their likely effect. Evaluating the alternatives and choosing one of them. Implementing the decision in business operations. Monitoring the situation, gathering data about the decision’s impact and making changes if necessary. Traditionally, decisions were made by business managers or corporate executives using their intuitive understanding of the situation at hand. However, intuitive decision-making has several drawbacks. If designed properly, a systematic decision-making process reduces the possibility that the biases and blind spots of individuals will result in sub-optimal decisions. On the other hand, data isn’t infallible, which makes observing the business impact of decisions a crucial step in case things go in the wrong direction. The potential for humans to choose the wrong data also highlights the need for monitoring the analytics and decision-making stages, as opposed to blindly going where the data is pointing. A decision-making model is a system or process which individuals can follow or imitate to ensure they make the best choice among various options. A model makes the decision-making process easier by providing guidelines to help businesses reach a beneficial conclusion. Decision models also make the decision-making process visible and easily communicable for everyone involved, including all managers, stakeholders and employees. They can be used for a wide variety of purposes across departments, businesses and industries, but they are especially useful when selecting software vendors or new tools, choosing new courses of action or when implementing changes that effect large amounts of people. Every business as I earlier mentioned has its own decision-making process. The process is partly shaped by the environment: Macrocontext. This is the big-picture stuff, such as what the laws or regulations require. If the law says a decision has to be made by the board of directors, that’s the way it has to be. Mesocontext. What’s the organization’s culture? Some companies want employee feedback for decisions that affect them. In other organizations, upper management hands down its decision from on high. Microcontext. This is the immediate environment. The decision-making process changes depending on whether you’re in a meeting with investors, employees or customers, for instance. Decisions with bigger potential impact require a better decision-making process. If you’re not sure how to weigh the options, there are several systems you might consider. Decision tree. List each option as one branch of the tree. Then have the options branch out into the possible outcomes. Then analyze them. Decision matrix. The matrix shows the list of options and how they interact with the various factors in play. By scoring the different possibilities, you come out with the best choice. Cost-benefit analysis. How much will the different alternatives cost to carry out? How much will choosing them boost your bottom line afterward? Voting. Even if you don’t want to pick the winning decision by majority vote, you can weed out some of the options by asking your team members for a vote. DACI decision-making model. This divides up decision-making roles between the Driver who gathers information; the Approver who makes the final call; the Contributors who weigh in but don’t vote; and Informing everyone who needs to know the outcome. Finally, after you have made the decision, evaluate your performance and your team’s. Did you handle the process as well as you could? Is the process what you want it to be or does it need tinkering? Does the process work the way you think? For example, you may imagine you let everyone offer opinions when in reality you dominate the discussion. Did the decision-making process produce a satisfactory outcome? If not, figure out whether the problem was unreasonable optimism, lack of information, a rush to judgment or that you were in a bad position with no good outcome. Whatever problems you spot, work to fix them the next time you have to make a decision. Reference https://www.techtarget.com/searchbusinessanalytics/definition/decision-making-process?amp=1 https://bizfluent.com/facts-6831439-role-decision-making-business.html

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BUSINESS RESEARCH FOR DECISION MAKING

RUBRIC

Excellent Quality

95-100%

Introduction

45-41 points

The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed.

Literature Support

91-84 points

The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed.

Methodology

58-53 points

With titles for each slide as well as bulleted sections to group relevant information as required, the content is well-organized. Excellent use of typeface, color, images, effects, and so on to improve readability and presenting content. The minimum length criterion of 10 slides/pages is reached.

Average Score

50-85%

40-38 points

More depth/information is required for the context and importance, otherwise the study detail will be unclear. There is no search history information supplied.

83-76 points

There is a review of important theoretical literature, however there is limited integration of research into problem-related ideas. The review is just partly focused and arranged. There is research that both supports and opposes. A summary of the material given is provided. The conclusion may or may not include a biblical integration.

52-49 points

The content is somewhat ordered, but there is no discernible organization. The use of typeface, color, graphics, effects, and so on may sometimes distract from the presenting substance. It is possible that the length criteria will not be reached.

Poor Quality

0-45%

37-1 points

The context and/or importance are lacking. There is no search history information supplied.

75-1 points

There has been an examination of relevant theoretical literature, but still no research concerning problem-related concepts has been synthesized. The review is just somewhat focused and organized. The provided overview of content does not include any supporting or opposing research. The conclusion has no scriptural references.

48-1 points

There is no logical or apparent organizational structure. There is no discernible logical sequence. The use of typeface, color, graphics, effects, and so on often detracts from the presenting substance. It is possible that the length criteria will not be reached.