The importance of decision making for a successful business
THE IMPORTANCE OF DECISION MAKING FOR A SUCCESSFUL BUSINESS
City and State
Statement of the Research Question
This proposal aims to show the importance of decision making in a successful business. The process of decision-making is done by the management of the company. There are factors which are considered when making any decision with the view of making the enterprise successful. A company in an emerging industry or venturing into new geographic markets and that invests in technology are the ones most likely to face this challenges in the process of making viable decisions. When deciding to venture into technology business or enter new geographical areas, the company can only estimate a wide range of potential costs and performances of their technology or of the new markets. The overall profitability of investing greatly depends on these attributes.
Before any decision is made, extensive market research needs to be done in order to determine how much of the market the competitor controls, their operation costs and determine the objective of the new entrant so that the organisation will know how to respond to any of the competitor’s strategic moves (Provost, 2013, 40). The business environments here are quite predictable, and most organizations here are mainly adapters not shapers. The purpose of the analysis here is to be able to make predictions concerning the future landscape of the industry. The strategy employed entails choices that answer questions like where and how the company should compete (Ferrell, 2015, 30). These strategies result in sure moves, those that won’t bring any regrets in the future, provided that the market analysis was done right.
Even after the best analysis of the current trends in market demographics and those that are unknown but can be clearly identified in the future, it is impossible to eliminate uncertainties totally. Whatever remains is referred to as residual uncertainty. There are four levels of uncertainties that anyone needs to recognize in the strategic development of an organization.
For example, an organization facing a new competitor into the market whose main competition tool is low prices would be faced with a few decision making dilemmas on how to face the competitor. The options would include lowering their products prices lower or to the level exerted by the competitor, leaving the low prices market areas to the competitor or lowering the prices all together to drive the new competitor out of the market.
An example of challenge in decision making is with oligopoly markets where the primary uncertainty is the plan of the competitor for expanding capacity (Hwang, 2012, 30). The decision of any single company to expand its capacity is contingent on the decisions of its competitors.
Ferrell, O.C., and Fraedrich (2015) discuss the decision-making skills and the practice of a strategist. They outline the decision-making skills activities that a strategist should engage in order to nurture the strategic management qualities of a successful company. The article is important in my research about decision making because it reveals the level of knowledge that is required by a strategist in order to bring up morally upright workers who will fit in the society. The article explains the extent to which the strategist should relate to the workers in matters relating to the upbringing of that employees by passing the necessary skills and knowledge to the workers. They outline how strategists make decision making during challenges in the workplaces by making them more effective.
The article is important in the research of strategist strategic management in workplaces because it explains the role of instructional decision-making skills, the strategist collaboration with the fellow strategists and the workers, and also the collective efficacy beliefs in support of employee learning. It explains how the strategists pass knowledge in different forms to the employees on that the workers can become intelligent people and useful people in the society. Strategists strengthen the effectiveness of decision-making skills in the workplace through encouraging performance by the workers in academic work.
Hwang, C.L., and Masud, A.S.M. (2012) outline the theoretical and empirical basis of decision-making skills and outline the strategic management skills that should be possessed by managers. The article is important in the discussion of expertise in making decisions for the success of business because it examines the definition of strategic management in the context of a workplace setting and identified ways that should be used by a strategist in improving the decision-making skills that will be helpful to the workers when the strategists pass the knowledge and skills about strategic management to them. Decision-making skills in the workplace context are demonstrated in many different ways for example when one strategist leads the others in performing a task.
They discuss the support of strategists in gaining the decision-making skills is important. The researchers outline the ways which can be used to reform the education system through providing skills and knowledge that are involved in decision making skills and this, makes the article very relevant to the research of decision maker in workplaces and how they interact with the workers to help in passing of this knowledge and skills through different methods of learning. The article discusses how the implementation process of the strategist’s support in decision-making skills programs that involve training of strategists is made in order to enhance effectiveness. The teaching of decision-making skills critically discusses how the managers should be able to get the new skills and knowledge about strategic management through training.
The article is important in the research of decision-making skills because it describes the various methods of training that can be used by managers in order to acquire the new skills and knowledge about strategic management that comes up as time progresses (Zikmund, 2013, 50). Gaining the new skills enables the strategists to pass only the relevant skills to the workers, and this helps in nurturing their strategic management skills in various ways. The skills can be obtained through various ways for example training.
The research about the importance of decision making in a successful business will involve the collection of data and application of the best techniques to analyze the data. The research will be qualitative because it will investigate the extent to which the decisions affect the success of the company.
The Methods of Data Collection
The methods which will be used to collect the data include personal interviews with the managers and use of questionnaires. The interviews will involve the managers of certain successful businesses. The managers will be expected to give the expertise and skill used in the process of making the key decision. Again, the researcher will investigate the businesses which used to be at the top, but they have faded due to bad management which affects the decision-making process. The managers are expected to highlight the key decisions which made the business to decrease its performance.
A Sample of the Interview Questions
What key decisions led to the success of the business?
What aspects did you consider to make such a decision?What were the challenges in the implementation of the decision?
What was the alternative decision perhaps it failed to increase the performance of the business?
The questionnaire will involve a form to fill. The workers of a certain successful business will be provided with the form and given time to fill the details required. The questionnaire will focus on the major decisions made by the company which resulted in the increase of the performance. The questions will be open for the respondent to give the comments.
Sample of Questionnaire
Did the managers consult the subordinate staff in making the decision?
How many managers made the decision?
Were the workers trained on the new approach of production chosen?
Did the company award the decision makers after the success of the decision adopted?
Analysis of the Data
The method which will be used in the analysis of the data is framework analysis method. The interview responses and the questionnaires should be interpreted according to the responses given. The method responses might be coded to group the similar responses in the same group. The table generated is then represented in a chart to give a visual presentation of the data.
Confidentiality Issue to Be Encountered
An organization facing a new competitor in the market whose main competition tool is low prices would be faced with a few decision making dilemmas on how to meet the competitor. Most of the organizations do not reveal their key decisions which led to success in the business environment over their competitors.
Task done week 1 week 2 week 3 week 4 week 4 week 6 week 7 week 8
presenting the proposal
Designing the interview questions and the questionnaire
Conducting the interview in the organization selected
Collecting data using Questionnaires
Analysis of the data
Interpretation of the data
Writing the Final report
Ferrell, O.C., and Friedrich, J., 2015. Business ethics: Ethical decision making & cases. Nelson Education.
Hwang, C.L., and Masud, A.S.M., 2012. Multiple objective decision making—methods and applications: a state-of-the-art survey (Vol. 164). Springer Science & Business Media.
Provost, F. and Fawcett, T., 2013. Data science and its relationship to big data and data-driven decision making. Big data, 1(1), pp.51-59.
Zikmund, W.G., Babin, B.J., Carr, J.C. and Griffin, M., 2013. Business research methods. Cengage Learning.
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