Importance Of Decision Making In Business

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Ans. Introduction Decision making is the process which needs to be started by identifying the problem and analyzing the solution to the problem and arranging the same to an organized format for delivering the solution to the organization or in real life In an organization n number of decisions has to be taken in our day to day basis related to it work processes, employees, technology, finance, sales and production. Thus the decision taken by one should be in such a way that employees in the organization are benefited irrespective of the hierarchy. These decisions taken should be taken in such a way that it benefits the business performance. A decision remains effective if the decision making was in time and has helped many judicially.…show more content…
Is the staff able to navigate the Internet -- how quickly can they navigate around the millions of documents, broken links, and the reality of slow modems? Perhaps they will need training to help them get used to the system; but who will pay for it? What about the most important stakeholders in the scenario, the public? Will they be able to function without help from a staff member? We cannot and should not assume that everyone knows how to use computers or have even heard of the Internet. Still, these people may be in desperate need of the government information located on sites. How will they access it? Will they receive training? Who will pay for it? Many more questions can come to mind, but the point is, no decision is an easy one, yet, someone has to have the fortitude to decide definitively about certain things, and live with the…show more content…
Generally, people have a propensity to omit information perceived as risky; and confirmation bias, in which people observe what they expect in observations Some individual differences may also influence decision making. This indicates that age, socioeconomic status (SES), and cognitive abilities influences decision making Decision making performance may decline as well. In addition, older people may be more overconfident regarding their ability to make decisions, which inhibits their ability to apply strategies Finally, with respect to age, there is evidence to support the notion that older adults prefer fewer choices than younger adults Age is only one individual difference that influences decision making. People in lower SES groups may have less access to education and resources, which may make them more susceptible to experiencing negative life events, often beyond their control; as a result, low SES individuals may make poorer decisions, based on past

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