Free Decision Making Essay Sample
Why it is an interesting topic
Decision making can be termed as the cognitive process leading to selection of a course of action among several alternatives. Every decision making process produces a final choice which should be correct and efficient, and most importantly practical to implement with a set of coordinated ways. The choice selected is directed towards organizational objectives.
Decision making forms an integral part of all branches of business such as strategic management and business administration. Strategic management entails, among others, developing policies and plans, usually in form of projects and programs, which are designed to achieve organizations' objectives. Resources then are allocated to implement the policies and plan, projects and programs. Strategic management is a continuous process that evaluates and controls the business in which a company is involved. This means that decision making is also continuous because every step in the process of strategic management will require making of rational decisions. Business administration involves carrying out or management of business operations and hence the making or implementing critical decisions. The administrators are tasked with responsibilities such as planning which involves deciding before hand what to do, how to do it, when to it, and who should do it.
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Having seen the practicality of Decision making in the field of business, it can therefore be concluded that it is an interesting topic in business degree. It equips the student with knowledge and skills on how to make rational decisions. Since the final choice made has intended and unintended consequences, proper knowledge and skills on decision making would significantly reduce incidents of wrong decisions. This in turn leads to reduce number of businesses shut down due to poor planning.
Biases in decision making
A bias that may occur during decision making process is one aspect I like to know learn more about. This is because bias can lead to inability to achieve the intended result. There are several categories of biases such as cognitive bias and emotional bias. Cognitive bias is a pattern of deviation in judgement that occurs in some situations. It is a general term that is used to describe several distortions in the human mind that are difficult to eliminate and leads to distortion of perception, wrong judgement, or illogical interpretation. Emotional bias is a distortion in cognition and decision making due to emotional factors. The factors can either be self-centred and individual, or linked to interpersonal relationships and group influence.
The way people perceive risks plays a role in decision making. Risk perception is a subjective judgement about characteristics and severity of a risk. Several theories have been developed to explain why different people estimate severity of risks differently. They include: cultural theory, psychological approaches and social amplification of risk framework. Psychology approach points out many factors that influence individual perceptions of risk including stigma, newness, and dread.
Research methods for data collection
Qualitative research gives in-depth understanding off human behaviour and reasons that govern such behaviour. It investigates the how and why of decision making thus smaller but focussed samples are required instead of large samples. Qualitative research can be used as a method of inquiry for market research. It employs different methods in collecting data such as participant observation, non-participant observation, field notes, structured- interviews, and semi-structured interviews. Data collected can include observations, group discussions and interviews among others. Qualitative research usually categorizes information collected into patterns as the primary basis of organizing and reporting results. Methods of collecting data in qualitative research include participant observation
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In summary, the aspect of decision making is fundamental for good strategic management and business administration. Availability of information, which can be generated using qualitative research, is vital in making rational decisions and overcoming bias. The effectiveness of a business largely depends on ability to make rational decisions involving the business. Market research gives important information on market information like pricing, market trends, and market segmentation, important for stating up a business. Decision making topic is therefore important as well as interesting in business degree.