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Business Administration Introduction to Decision Making

   

Added on  2020-12-09

13 Pages4386 Words444 Views
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BusinessAdministration
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Table of ContentsINTRODUCTION ..........................................................................................................................4MAIN BODY...................................................................................................................................41.1 Explain the importance of defining the objectives, scope and success criteria of thedecisions to be taken...................................................................................................................42.1 Assess the importance of analysing the potential impact of decision making......................51.3 Explain the importance of obtaining sufficient valid information to enable effectivedecision making..........................................................................................................................51. 4 Explain the importance of aligning decisions with business objectives, values and policies.....................................................................................................................................................51 . 5 Explain how to validate information used in the decision making process........................61. 6 Explain how to address issues that hamper the achievement of targets and qualitystandards......................................................................................................................................62 .1 Explain the difference in the influence of managers and leaders on their teams ................62 .2 Evaluate the suitability and impact of different leadership styles in different contexts......62.3 Analyse theories and models of motivation and their application in the workplace.............73.1 Analyse a manager's responsibilities for planning, coordinating and controlling work.......73.2 Explain how managers ensure that team objectives are met.................................................83.3 Explain how a manager's role contributes to the achievement of an organisation’s vision,mission and objectives................................................................................................................83.4 Analyse theories and models of management ......................................................................83.5 Application of management theories guide a manager's actions..........................................93.6 Operational constraints imposed by budgets........................................................................94.1 Explain the relationship between business objectives and performance measures...............94.2 Features of a performance measurement system................................................................104.3 Explain how to set key performance indicators (KPIs)......................................................104.4 Explain the tools, processes and timetable for monitoring and reporting on businessperformance...............................................................................................................................104.5 Use of management accounts and management information systems in performancemanagement..............................................................................................................................10
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4.6 Explain the distinction between outcomes and outputs.....................................................11CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTION Business administration refers to the process of managing and controlling the company's operations effectively and efficiently. It involves rules, policies and regulations which are neededto be follow so that so that business administration can be improve in the organisation. In this report chosen organisation is Tesco which is a British multinational groceries and general merchandise retailer. There are various topics which are covered in the report such as : Importance, objectives, scope and success criteria of the decisions, importance of aligning decisions with business objectives, values and policies, difference in influence of manager and leaders on their team, theories and models of motivation, manager responsibility for planning, coordinating and controlling, theories and models of management and contribution to achieve theorganisation vision, mission and objectives. Apart from this report discuss about KPI, tools, processes and timetable for monitoring and reporting on business performance and management accounts and management information systems in performance management. MAIN BODY1.1 Explain the importance of defining the objectives, scope and success criteria of the decisionsto be takenTo achieve the organisational objectives it is very essential to take effective decisions so that targets can be fulfil as per the desired manner. The main objectives of decisions is to accomplish the goal of Tesco and its manager perform this role. It has a tremendous scope because it help the company to perform efficiently and effective decisions helps to make future strategics and planning in better manner. So that corporation can expand its business operations which help it to maximize the profits. For example, Tesco takes the decision that it will use mobile application to maximize its sales so that people can place order online and food can be deliver at their home. If there are more than one objectives than its essential to rank to objectives so that most important objectives can be achieve first. High priority objectives should have decisions made against them first and knowing the risk & priorities will allow managers to make effective and more informed decisions. Success can be measure in that case when all employees perform their roles and duties effectively and accomplish their targets on time than than success can be achieve by the organisation. To achieve the success company should take decisions and
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