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Business Decision Making

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  1. Introduction
  2. Rationale of Decision Making in Complex Investments
  3. Evaluating the Decision Making Process
  4. Conclusion

Factually, every moment of life presents a set of choices with a multitude of competing possibilities on each course from available alternatives. However, given the scarcity of resources one can only choose a few of the alternatives on the basis of one judgement which culminates in life as a series of decisions and consequences. Particularly, organizational decision making has immense importance as entity performance exists as consequences of past management choices made by on behalf of the firm. Importantly, the fate of any venture rests on the ability to navigate through the facts surrounding the situation to steer the business operation ship to the desired destination. Maximizing business profitability demands timing and exploiting every opportunity window appearing in the business environment without mulling over the situation, despite obstacles.

[...] Importantly, taking turns considering one idea at a time under an inclusive and consensus-oriented approach creates the safety and focused attention required to discern the merits of any particular idea (Hartnett p. 4). To begin with, the abandoned mining site of Old Colliery, present a vast land to house the complex owing to less congestion in the area. Initiating such a project within the community is openly accepted by the immediate population to save face from the agonizing perception of acute and concentrated deprivation. [...]

[...] In particular, locating the investment in the Old Colliery is openly received by the community around the Eastern region and aligned to the retiring politician issues. However, investing in the region may be a disastrous avenue on an account of factors including the huge outlay incurred during site preparation and sterilization, scarcity of personnel with the available few migrating and inaccessibility. Discarding such an alternative is made possible through the rational decision theory asserting that decision makers should generate various strategies and follow specific procedures to resolve problems according to the nature of the problem, timing, and decision environment (Lin p. [...]

[...] L., & Jain, L. C. (2010). Handbook on Decision Making: Techniques and Applications (Vol. 4). Berlin; Heidelberg: Springer-Verlag. Hargitay, S. E., & Yu, S.-M. (2013). Property Investment Decisions: A Quantitative Approach. London: Routledge. [...]

[...] Empirically, no decision is perfect in the sense of attaining success, therefore demanding choosing the best course of action that has the highest chance of success backed by logic and confidence in your own judgement (Phatak Para 14). Arriving at the final capital decision pertaining huge investment in new environment involves evaluating all existing opportunities and their viability in presence of present and emerging hindrances. In practice, investment in the broadest sense, means creating additional value-generating capacity: by starting or growing a self-sustaining system and making it more effective and more efficient. (Noorani p. 123). [...]

[...] Interdisciplinary Descritption of Complex Systems, 54-64. Moon, J. A. (2013). Reflection in Learning and Professional Development: Theory and Practice. London: Routledge. Noorani, H. (2010). Rational Decision-Making. Xlibris Corporation. Panos, M., Nadia, B., Kerasia, M., Yorgos, P. [...]

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