Making a decision is always a strenuous task. There are innumerable things that need to be taken into consideration. All the factors that affect the options and alternatives must be analyzed before making the final decision. In Business Management, we learn to understand the aspects of different businesses and how certain decisions are made.
We learned about numerous tools that can be used to ease the decision-making process for businesses. Some tools we acquired include the SWOT analysis, STEEPLE analysis, Ansoff matrix, fishbone analysis, and the Decision-making tree.
These tools aid us to analyze the qualitative and quantitative factors that affect the decision making and make it facile to obtain the final choice.
In addition to that, we also use these tools to analyze different businesses and how the decisions could be made, based on the different factors such as social, technological, political, economic, and more.
We discussed some recent business activities, such as the ban of PubG and hundreds of other Chinese apps which were stealing data and amazon’s new employment strategies, and used these tools to understand how the final decision could have been made.
By:Jyothirmayee B, DP 1 student