Business Decision Making Coursework Example | Topics and Well Written Essays - 1500 words

Business Decision Making - Coursework ExampleDecisions work from smaller and simple atomic number 53s to complex ones which require great effort to facilitate the arrival to a trusty conclusion. The overall process of finish making needs to be executed in a consistent and systematic manner that will allow the evaluation of all applicable elements before adopting one of the procurable alternative courses of actions. Therefore, decision making has to be carried out with an organized approach that will facilitate the reflexion of all factors. This is according to Baker (2010). Williams (2007) agrees that academic experts in the backing sector have devised models that tin be employed when developing a decision. These models advocates for the adoption of various requisite steps in building the decision. The meaty steps applied in making decisions at all contexts starts from then definition of a problem, appointment of the alternative, evaluation of the on hand(predicate) opti ons, selecting the best alternative, appraising the feasibility of the decision and presenting the proposed decision for approval by the relevant authorities. All major decisions are carried out systematically using these steps without omitting even one. In the business context, once the underlying problem has been defined rationally, the next step will entail the identification of the available solutions. The first two steps of decision making require the application of schooling concerning the problem touch. The troika step on evaluation of the options also needs the appraisal of the situations information. At this juncture, one should be in a position to interpret the collected information appropriately using a suitable interpretation technique. Upon interpreting, the decision maker will pick the best alternative course of action, found on the validity of the findings depicted by the interpretation. This is according to Williams (2007). Baker (2010) asserts that information o n a situation needs to be acquired before initiating a decision making process. The information collected from the sources will appendage the values needed to develop a body of information concerning a situation. At this juncture, it is logical to body politic that the practical part of a decision making process begins from the collection data on the pattern under consideration. Data collection can be carried out using the suitable methods. The data can be obtained from either the primary or the secondary sources. Primary sources data collection entails the process of obtaining information from first hand respondents especially in the field by exercises like surveys and administration of questioners. In our discussion, the decision making process concerning Exchange fusion Team (EPT) will start from the development of an outline illustrating the data collection exercise. Question 1 In the context of the West London Exchange company, the Exchange Partnership Team (EPT), data can be obtained with respect to the outline below 1) Primary Data sources a) Administering Questionnaires b) Observations c) moorage studies d) Portfolios e) Interviews f) Evaluation of critical incidences 2) Secondary Sources a) Internet Databases b) Internal business records c) Government agencies records d) Business directories Question 2 Questionnaire According to Baker (2010), the most appropriate research methodology