Business decision analytics

This report discusses decision-making preferences, processes and tools used for personal and business decision making. It also highlights the importance of effective decision-making skills for managers.

Running head: BUSINESS DECISION ANALYSIS
Business decision analytics
Name of the Student
Name of the University
Author Note

1BUSINESS DECISION ANALYSIS
Introduction
Decision making refers to the act of making an effective choice among the available
alternatives. In our day to day life decisions, innumerable decisions are taken by us that help us
to gain control over the same. When it comes to management, managerial functions like
organizing, planning, staffing, directing as well as coordinating are carried through effective
decision making. Effective decision-making skills are highly crucial for managers since it
enables them to solve critical issues both within and outside the organization and enhance the
revenue of the same. In this report, I will discuss my decision-making preferences, processes and
tools that are used by me on a daily basis for both personal as well as business decision making.
Discussion
When it comes to the decision that I have made during the one-week period, it includes
decisions made on the basis of intuition and rationality. Intuition can be defined as the ability
that helps an individual to grasp on specific information as well as a situation without the
requirement for reasoning. The exact scenario and issue faced by me at a specific moment help
me to decide whether I will make a decision based on my intuition or rationality. For instance, in
case of emotional decision making, I prefer to make a decision based on my intuition. However,
while making a decision based on some professional reason, I generally prefer to make decision
rationality. I personally believe that decisions that are made rationally help the managers to
demonstrate ethics in the workplace which in turn prevent employee dissatisfaction and conflict
within the organization. According to Bazerman & Moore, (2014), managers who make use of
rational processing of data make sure that emotions and feelings are discounted. Decision made
by me rationally helps me to prevent any kinds of partiality in the organization. One of the major

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decisions that I had made based on my Intuition is the decision that I want to pursue Masters in
Management in future. For my childhood, I wanted to become a manager and hence based on my
intuition I selected management to be the academic field I wanted to continue with. Another
instance, while I had made a decision based on my decision-making skills, is when a conflict
took place in the organization I worked in. One of my subordinates is found to be accused of
demonstrating inappropriate behaviour and language based on the race of another employee. I
decided to conduct a meeting with each of the parties separately. After understanding the
scenario, I asked both of them how they are planning to overcome the situation and conflict. I
investigated the scenario and scrutinized the statements given by the eyewitnesses. After
gathering sufficient proof along with the clips from the surveillance camera, I took a step against
the accused employee. The employee was suspended for 2 days. Along with this, I also
emphasized on making strict policies and procedures in order to prevent discriminatory acts
based on age, gender or race.
When it comes to my personality style, initially, before joining the course I was an
introvert and preferred to keep things to myself instead of sharing with others. This, in turn,
hampered the process of gaining external knowledge which often helps an individual to think
rationally and make an effective decision on the basis of the same. However, from the
knowledge gained through this course, I learned how to open up in front of individuals and gain
crucial information. One of my major strength is that I have learned to think rationally which
helps me to make an effective decision. However, as a leader, I need to work more on my control
over emotions in order to maintain my emotional stability while making a decision. According to
two of my peers, I sometimes demonstrate overconfidence on my intuition while making a
personal decision. I totally agree with my peer and in order to eradicate the issue, I am currently

3BUSINESS DECISION ANALYSIS
watching videos on how to eradicate overconfidence from one's personality. Another peer of
mine has stated my lack of confidence while making a professional decision. In spite of the fact
that I believe I have come a long way where I am able to make decision confidently, I will still
consider the constructive feedback of my peer and will definitely work on the same in future.
During my professional decision making, I chiefly use decision-making tools like SWOT
Analysis tool and the Porter's Five Forces Model for understanding the internal and external
environment of the organization and making a decision on the basis of the information collected.
Along with this, I also used a rational analysis tool for resolving organizational issues like team
conflicts (Professor Bertels, 2016). As per my opinion, the SWOT analysis tools is one of the
best decision-making tools for the manager to assess the strengths weaknesses, opportunities as
well as threats faced by the organization. Porter’s five forces, on the other hand, helped me to
understand the market condition and how my organization will be able to compete in the
industry. When it comes to the rational analysis tool, it helps me to make a decision without
giving importance to my personal preferences as well as emotions (Pinder, 2017; Psychology
Says, 2017). It also helps me to make an in-depth analysis of the scenario and aspects before
making a decision. This decision-making tools help me particularly to make the decision of
taking up business deals and solving conflicts.
Majority of my personal decisions are taken on the basis of intuition. While such
decisions help me to follow my gut and provide me with a comfort emotionally, several times I
get deceived or proved wrong during decision making. I have understood that emotional
involvement is necessary but must be followed by wisdom.
Visual interpretation

4BUSINESS DECISION ANALYSIS
Table 1: Trends in decision making
Source (Shah, 2016)
Conclusion
From the above discussion, it can be concluded that decision making is a highly crucial
aspect of management and managers needs to have the skill of efficient decision making in order
to enhance the revenue as well as the reputation of an organization. Through this course, I found
out that while my decision-making style is effective in a professional level, I still need to work
on my emotional stability and confidence in order to enhance my efficiency in decision making
in the long run.

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Reference
Bazerman, M & Moore, A. (2014). Judgements in management decision making. Retrieved
from https://lesa.on.worldcat.org/oclc/154800238
Klein, G, A. (2009). Streetlights and Shadows. Cengage Learning. ProQuest eBook central.
Retrieved from:
https://laureate-au.blackboard.com/webapps/blackboard/content/listContent.jsp?
course_id=_68285_1&content_id=_7231970_1&mode=reset
Phillips, W. J., Fletcher, J. M., Marks, A. D., & Hine, D. W. (2016). Thinking styles and decision
making: A meta-analysis. Psychological Bulletin, 142(3), 260. Retrieved from:
https://psycnet.apa.org/record/2015-45470-001
Pinder, M. (2017). 16 Cognitive Biases that could kill your decision making. The Innovation
Blog. Retrieved from https://www.boardofinnovation.com/blog/2017/08/02/16-cognitive-
biases-that-kill-innovative-thinking/
Professor Bertels. (2016). Decision Making Biases. YouTube. Retrieved
from https://www.youtube.com/watch?v=0ocW1RfENzU
Psychology Says. (2017). Group decision making versus individual decision making. YouTube.
Retrieved from https://www.youtube.com/watch?v=3ewr3yja7pA
Shah, J. (2016). How to use psychology to overcome your biases. Retrieved
from https://www.forbes.com/sites/theyec/2016/12/01/how-to-use-psychology-to-
overcome-your-biases/#7a72a09e6d9f