Unit 6 Business Decision Making Assignment Help
Decision making is necessary for every organization and for proper decision making, certain things are needed such as information and knowledge, without which decisions cannot be made. Collecting information for decisions making system is not a difficult job but managing that information is considered a tough one. Therefore, various tools are used such as IT systems which helps in collecting, storing, and accessing information technology and knowledge. After the collection of information, the next step is to provide that information to every department of the organization so that they can make decisions, and hence for that purpose, the proper communication process is required.
As per the assignment, SPL Limited is being taken into consideration. Star Printers London Private Limited is a London based printing company that prints local magazines, business stationery (such as memos, letterheads, and business cards) with a range of diversified commercial interests. The report includes various strategies adopted by the company to survive in the competitive market. As competition is growing in the market so what step the company will take to improve communication, knowledge, information, and the use of IT system within the organization. Apart from that, the report also includes the strategy that the company will take to assess its internal and external information requirements and how it can be fulfilled in order to have effective decision making.
The range of decisions
Business, in order to carry out its operation, is required to make decisions at every level of the organization. For example- as competition has increased in the market for SPL ltd, so the company is required to take some necessary decisions in order to keep its brand image in the mindset of the customers.
But in order to take appropriate and effective decisions, planning is essential as it enables the managers to make decisions in a more intelligent way. Even planning makes the decision easier by providing necessary guidance to it (Welch, 2002). Planning also provides aim to the decisions. Some benefits of planning are discussed below:-
Planning helps in transforming values into action by providing guidance to the decisions. At the time of emergency, the decision-maker can take decisions by looking into the overall plan.
As resources are limited so as budget and time therefore, planning helps in utilizing the scarce resource in an effective manner thus providing more benefits to the company.
Planning can also be used as a measurement tool as it showswhether we are on the right track or not and if not then necessary actions can be taken against it.
Range of decision
The range of decisions that are needed to be taken includes strategic decisions followed by tactical decisions which later splits into operational decisions.
Strategic decision: –These decisions are long-term decisions and are taken by senior managers of the company. These decisions are made by keeping in mind about the organizational objectives. It involves large sum of money and helps the managers to solve various strategic issues thus providing growth to the business. These decisions are related to the environment in which the company exists (Nutt and Wilson, 2010).
Tactical decision: –These decisions are taken by senior or middle managers of the company and it can have a medium-term impact on the business. It involves limited resources and here, the manager’s monitors collects, and takes decisions and administrative activities. These decisions are made taking into consideration the welfare of the employees of the company. SPL Limited can use these decisions to stop its employees from leaving the company (Nutt and Wilson, 2010).
Operational decision: –These decisions are taken by middle or first line managers of the company and it can have a short-term impact on the business. It involves more limited resources and here, the managers keep a record of elementary activities and transaction which are taking place in the organization for decisions making system. These decisions are made taking into consideration the company’s production and growth. These decisions are made on a daily basis relating to its day to day operations. SPL Limited can use these decisions to adopt various strategies to get its position back in the market (Nutt and Wilson, 2010).