Importance of Decision Making in Business

Decision Making and the Effects

BUS 600 Management Communications with Technology Tools

Abstract

The goal of this paper is to identify decision making. In the research done, we can explore the key components in decision making and the factors that make good decisions. There is not a right business decision but good decision that went bad. Many organizations needed to make a decision during the time an organization is not profiting. We can explore why the organizations did not profit and the effects of the organization on it employees.

Decision making is a key component to life; everyone has choices and with each choice, there is a decision needed, and with each decision made, there is an outcome, which is either positive or negative, so in order for people or organizations to sustain change, decisions need to be made. Decisions can be anything; from what type of product an organization need to sell; to the prices of the products; to what a person is going to wear when going to work. Life is filled with choices, and an individual is responsible for deciding on those choices. Over the last few years, many people had to make choices because the United States suffered through a recession, resulting in millions of Americans losing their jobs. Many organizations laid off its employees to maximum profits and eliminate unneeded cost during the time of a recession. CEOs and executives of large organizations had to make a decision based on the needs of the overall organization.

This has been a difficult time for me. Laying off those three thousand workers was the hardest decision I’ve had to make in thirty years of business….But I have to put my personal feelings aside. As CEO I have a duty to do what’s best for the shareholders. (Wornall, 1991)

The aim and purpose of the paper is to explore the role of decision making by organizations and individuals and how it affects the overall goal of the organization. According to...