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Effective Decision Making - Sample Assignment

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Added on  2021-03-17

Effective Decision Making - Sample Assignment

   Added on 2021-03-17

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Effective Decision MakingNameDaniel PlescaUnit 1Effective Decision MakingWord count2000Date19-01-2021CONTENTSS. No.Description Page No1.Review relevant issues that are important to making business decision.31.1: Outline the relevant issues that are important to making business decisions, withparticular reference to stakeholder needs and expectations. 31.2: Review the relevant information of the business issues where decisions areneeded.42.Explore approaches to the decision-making process and how to improveapproaches.52.1: Evaluate processes for obtaining relevant information on business issues andidentify where any strengths or weaknesses in approach exists.5Your Name Assignment 1
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2.2: Make decisions based upon information gained; provide justifications for thesedecisions and explain how the decisions should be disseminated.63.Recommend approaches to improve decision making.73.1: Make recommendations for improvements to the decision-making process, ensuring there is relevant participation in the process. 83.2: Plan for, communicate and oversee new approaches to decision making. 8Your Name Assignment 2
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1.Review relevant issues that are important to making business decision. 1.1: Outline the relevant issues that are important to making business decisions,with particular reference to stakeholder needs and expectations.The need to make decisions is determined by the existence of problems concerning the activity of the organization, i.e., complex theoretical problems or practical situations that characterize the gap between what is and what should be. Referring to the decision-making process, J. Forester considered that: "to decide means to turn information into action”. The cause-effect analysis is based on the presence of undesirable results obtained as a result of carrying out some activities and highlighting the most probable causes that generated the respective deviation. The decision-making process aims to solve a problem, an action in which the manager is aware that there is a problem and tosolve it must identify and analyze alternatives.A competent management assumes responsibility for the effects of each decision and will strive to optimize one decision or another, depending on the situation of the company, the information available, combining judgment and economic calculation with truthful experience and even the intuition of experienced leaders. The starting point of the entire rational decision-making process is the establishment of a single objective: for example, maximizing profit in case of certainty, or, in conditions ofrisk, maximizing the expected value.Even if at the beginning of the shareholders' activity, in general, they agree on making business decisions and corporate governance, over time and simply by intervening in new circumstances or personal disagreements, it can be difficult to fall agreement on crucial business issues. Such a situation not only causes problems for shareholders, butoften has serious effects on the business.The list of issues that can be addressed in the Shareholders' Agreement is unlimited:- Scope and business objectives;Your Name Assignment 3
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