Decision-Making Process Evaluation and Infographic
A decision is a conclusion or a resolution someone reaches after considering several things. Some decisions may lead to a positive effect while others may lead to a negative one especially in a business situation. When making a business decision one needs to leave behind their personal stress and other outside forces that may lead to a poor decision making.
I had worked with a computer distribution company. For a while we have been distributing within the United States. A few years ago a suggestion from inside sales came up that we should increase our market share through exporting computers outside our country. This issue was taken before the board to be discussed where it resulted to a lot of questions and arguments. Some members were supporting it, but others opposed saying that it may lead to a loss as the company will have to incur lot in paying taxes and employing new workers.
This issue was given to me to give out the final say on it. I thought about it for some time I decided on behalf of the board that our company should enter in an export business. We started exporting different kinds of computers in Africa and India. At first the company was giving out a lot than it was receiving due to the hiring of new employees and lending shops in different countries. But at the moment our company have grown much bigger due to its entry into the export business.
This process of us entering into an international trade has been a benefit to our company as it has grown much bigger in terms of the number of the employees we have and the premises too. Our company also have been recognized worldwide as it has several branches in different countries. Before reaching where we are right now, there was several challenges, for example, deciding on the prices which we will be selling our products in different countries was a challenge due to different taxation. Managing the delocalized shops and workers in different countries was not easy at first place. Also dealing with different governments was a big challenge to.
Identifying the problem.
You need to know what challenge is facing you first before you can make a choice about it.
Analyze the problem.
After identifying, you have to analyze the problem so that you can understand it better. This is the most crucial part of decision making.
You need to have some options of just in case your decision fails you can switch to easily.
Select the best solution.
After you have several alternatives, go for the one you see to be the best for the company.
Converting the decision into action.
You need to decide on one thing on make it work not just to decide on it.
The final thing is that you will need to keep a trace on what you decided on.
Simon, H. A. (1979). Rational decision making in business organizations.The American economic review, 69(4), 493-513.
Remus, W. (1986). Graduate students as surrogates for managers in experiments on business decision making. Journal of Business Research,14(1), 19-25.
Zeleny, M., & Cochrane, J. L. (1973). Multiple criteria decision making. University of South Carolina Press.
DAVIS, D., & Cosenza, R. M. (2005). BUSINESS RESEARCH FOR DECISION MAKING/DUANE DAVIS AND ROBERT M. COSENZA (No. HD30. 4. D38 1988.).
Click following link to download this document
PHL 320 Decision-Making Process Evaluation and Infographic Presentation.docx