Decision Making

Paper Summary:

This paper examines the decision making process in business environments. Paying attention to external forces such as political, economic and technological changes that might result in change, the paper explains the need for companies to constantly develop and adapt to the requirements of the market. In addition, by stressing the need for company officials to implement these changes, the author explains how informed decisions should be made and why every decision should be analyzed before any change is implemented.

From the Paper:

"The business community of the twenty-first century is more dynamic that ever foreseen and this is due to numerous forces belonging to both external as well as internal environments. The external forces are generally more responsible for generating change and they could refer to any phenomenon, including the strategies implemented by the competition, changing behaviors of the customers, political changes (such as the introduction of new regulations on tariffs or increased laws that promote recycling and pollution reduction), economic changes or technological changes. A most important source for change resides in the international context and materializes in the liberalization of markets and the globalization of the world's economies. These meant increased living standards for the population but they also brought along increased competition, more quality standards to which the merchandize and services must subject to, more pretentious customers, but also more financial opportunities."

Sample of Sources Used:

• Brousseau, K.R., Driver, M.J., Hourihan, G., Larsson, R., The Seasoned Executive's Decision-Making Style, Harvard Business Review, Online Version, Retrieved from http://www.hbsp.harvard.edu/hbsp/hbr/articles/article.jsp?articleID=R0602F&ml_action=get-article&print=true on March 26, 2008
• Buchanan, L., O'Connell, A., 2006, A Brief History of Decision Making, Harvard Business Review, Volume 84, Issue 1, pp. 32-41
• Kotter, J.P., 1996, Leading Change, Harvard Business School Press, 1st edition

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