About This Chapter
Individual Decision Making in Business - Chapter Summary
Although business professionals often make decisions in groups, there are moments when individuals must make on-the-spot decisions. This chapter has been designed to help you get a better grasp on how the decision making process works for individuals in business.
Whether you need to brush up on every lesson in the chapter, or if you only need to review a few lessons, our site is ready to accommodate your study needs. Each of our lessons can stand on their own, so you can watch these business lessons in any order, and you can skip around without a problem. Your user dashboard also keeps track of the lessons you have reviewed, so you won't lose your place. When you complete this chapter, you should possess the know-how to:
- Describe the purpose and steps of the rational decision making model
- Identify how management and businesses use intuitive decision making
- Analyze how the Vroom-Yetton Leader Participation Model challenges traditional methods
- Define four of the major decision making styles
1. The Rational Decision Making Model: Steps and Purpose in Organizations
Managers often rely on fact-based analytical decision making. Rational decision making can be very beneficial in the business world and differs from intuitive processes in several ways. Learn more about both decision-making tools, and find out which process provides the best solutions.
2. Using SWOT Analysis to Define Current Competitive Position
Using SWOT analysis helps a company determine their competitive position in their industry. In this lesson, we'll discuss the evaluation of strengths, weaknesses, opportunities, and threats relating to a business.
3. Applying SWOT Analysis: Case Study
In this lesson, we will define the SWOT analysis (strengths, weaknesses, opportunities, threats) and explain how it relates to businesses today. The lesson will also make suggestions and recommendations for entering a new market.
4. Creativity in Decision Making: Importance & Examples
Creativity can take many forms, including the way that decisions are made for business success. Understanding the process of making creative decisions - and implementing some steps to improve your creativity - can help you make better decisions.
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