DECISION MAKING

Decision Making is Effective Amongst Group rather Individual Decisions

Abstract

Decision Making is a phenomenon that is used in everyday life as a very important issue. However, decision making is very important in the business world, and the following paper first creates an understanding of the concept and then provides an analysis of decision making in terms of the business environment. Decision making is either individual based, or it is made in the form of groups. We came to a conclusion that, at different scenarios, we need to apply to the situation accordingly. However, the research showed that group based decision making is much more appropriate. Furthermore, there are also the cases of Apple and coca cola to provide a stronger understanding about the concept of decision making.

Contents

Introduction3

Decision Making Process4

Individual Decision Making6

Advantages7

Disadvantages7

Group Decision Making8

Advantages9

Disadvantages10

Real Cases10

Conclusion11

Decision Making is Effective Amongst Group rather Individual Decisions

Introduction

What comes to your mind when we hear the word Decision making? Everyone will have a different approach and relate decision making with totally different words. Some might say it's a collective approach, on the contrary, other may say that the word comes in their mind after listening the word decision making is the boss. However, I may say that generally people may associate the word power or authority with decision making, as the person in power or with the authority have the right to make the decision. Moreover, people may get amused that this paper will highlight some of the facts that old school thoughts will be proven wrong. The concept recognized by the most believes that a smart man makes a wise decision, and known by others for his decision making abilities. However, this is not the case at all. On everyday routine life, it is fairly possible that a clever man is likely to make more blunders in decision making than a group of moderate clever people.

In this research paper, I will be creating an argument that will support the argument of group decision making in a business environment has a greater probability of success than of the decisions made by individuals. Furthermore, various concepts related to decision making will also be highlighted along with their advantages and disadvantages. With the help, of relevant real life examples of decision making, and business cases will provide a further depth to the argument. However, first we need to create an understanding about the subject and then let the argumentative scenario rise.

There are few important notions in the businesses that are of immense importance and lay a significance role in the success of a business. Amongst, those notions comes decision making as well which will assist the business in its success. However, a business may not survive if there is no decision making in a business. If, we talk about it in the greater context than one can say that making the correct decision at the correct times can do wonders for any business.

Decision making is the process of recognizing and selecting the best option among different ...