It and It's Implemtations in Today's Business Scenarios

Answer 2.1:

Every phase of our life depends on the decision we make. Decision making is an important process even in the business. To take a right decision at a right time, we need to have to ability to think depending on the information provided. For instance, when we think of starting a new business, we might need to think on many grounds and make a decision. To arrive at a decision on what business to start, we need data like the resources, investment capital, and experience, availability of the material, marketing and distribution. Firstly, to decide on the nature of the business we have to check our skills, experience and the interest in the field. Secondly, we have to do a market survey and research about the investment and the resources needed for the business. The data collected in the research about the investment, availability of resources and the nature of business, would guide us to take appropriate decision and move further in our endeavors. Our business intelligence depends on the way we gather data, analyze the data and take the decisions depending on the data. Adequate information would help us to derive the correct decision. For example, if we do not have the data about the capital required for the investment on the infrastructure, we might have ambiguous thoughts and may not be able to take correct decision on the financial aspects. Another example of importance of data in the decision making process could be selecting a suitable candidate for a position. Firstly, the interviewer would have the information about the eligible candidates, their academic qualifications, experience, and then checks the ability of the candidate to handle the operations. This information would help him to take correct decision and choose the right person.

Answer 2.4:

Everything in the world is subjected to change, and change is an integral part of every phase of life. Even the organizations and the technology are subjected to change. The idea of implementing new...