GSB014 Business Decision Making and Analysis

   

Added on  2020-04-15

17 Pages4361 Words118 Views
Running head: BUSINESS DECISION MAKINGBUSINESS DECISION MAKINGName of the studentName of the universityAuthor note
GSB014 Business Decision Making and Analysis_1
1BUSINESS DECISION MAKINGExecutive summaryThe main purpose of undertaking this report is to understand the steps that are being involved inthe process of decision-making. It is based on the weekly lessons that are being given to thestudents for the better understanding of the steps that the organization undertakes whileundertaking a decision. The report also helps in understanding the application of the strategicdecision making in bringing about progress in the organizational structure.
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2BUSINESS DECISION MAKINGTable of ContentsPart 1................................................................................................................................................3Week 1 - The Decision Making...................................................................................................3Week 2 - Making Decisions Involving Multiple Objectives.......................................................4Week 3 - People Negotiating and Making Decisions..................................................................4Week 4 - Introduction to Probability and Uncertainty................................................................5Week 5 - Decision Trees and Simulations...................................................................................6Week 6 - Heuristics, Biases and Methods for Eliciting Probabilities..........................................7Week 7 - Risk, Uncertainty and Judgment Revision...................................................................8Week 8 - Scenario Planning........................................................................................................9Week 9 - Decision Framing.......................................................................................................10Week 10 - Decision Support Mechanisms.................................................................................11Part 2..............................................................................................................................................12Implementation of the sessions..................................................................................................12References......................................................................................................................................14
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3BUSINESS DECISION MAKINGPart 1Week 1 - The Decision Making Decision-making is the most important step that is required to be undertaken whilemanaging the organizational growth. The decisions that are being taken in the planning processhelp the organization in fixing goals based on the requirements of the organization. The basiccriteria of the decision making programs helped in understanding the importance of the conceptsof taking the rightful decisions (Hartman, DesJardins and MacDonald 2014). Decisions that arebeing undertaken by the organization ensures the improvement of the organizational situation,which is based on the common goal. The theories of the management are applied to the practicalenvironments in order to make the students understand the ethics of the proper decision-making.The evaluation of the issues faced by the organizational system is an important step that must beundertaken by the manager before undertaking a decision. The session helped in understanding the values of proper decision-making and theimpacts of the decisions taken by the organization on its progress. The progress of theorganization is a basic requirement in order to make the organization sustainable (Popovičb et al.2012). Therefore, decision-making helps in the organizational progress and thereby supportssustainability. The approach of the organization is again an important step that must beconsidered in order to measure the improvements undertaken by the organization. Theimportance of decision making in the management of the organization is being portrayed in thefirst week of the session. It also emphasized on the situations that involves the effective decisionmaking programs in order to undertake the effective organizational progress.
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