Business Reference Guide: Decision Making & Crisis Management

ebook

By The Editors of Salem Press

cover image of Business Reference Guide: Decision Making & Crisis Management

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This volume begins with an essay that discusses the fundamental concepts of decision making in business environments. It also provides detailed descriptions of the different decisions that employees at various levels of the corporate hierarchy have to make. As some of these corporate decisions become more complicated, so too does the decision making process. According to Marlanda English, it is fortunate for decision-makers that “technological advances in information systems provide large amounts of data to support decision making as well as tools to analyze data in the context of special problems and ‘what-if’ scenarios.” These recent advances have caused organizations to invest increasingly large amounts of capital into improved information technology and decision support systems, which can in turn help managers choose from a variety of viable options. Ruth A. Wienclaw lists the primary types of support systems as model-driven, data-driven, and knowledge-driven. There are also many models available for quantitative analysis; the goal of these models, as suggested by Wienclaw, is to accurately depict real-world solutions and the probabilities of various outcomes.
Business Reference Guide: Decision Making & Crisis Management