The process of verifying and identifying the effects of the actions that are alternative to the techniques and providing an alternative decision on assignment during the times and situations of crisis is called Business & Economic Decision Techniques.No1AssignmentHelp.Com provides excellent academic assignment writing services on business and economics decision techniques homework.
The process of “Business and economic decision making” will be undertaken using two steps:
- The process of verifying and identifying the courses of actions and measures for coming out with a solution and answer that is much suitable and applicable for the current situation or for the case which is not capable of being identified or recognized.
- The process of selecting and pointing out the correct alternative that should be implied for the most significant number of times as the alternatives so that the other options that are not suitable for the situation could be rejected, evaluated and removed.
The way of choosing or picking out the right factor is considered as an act of implicit on the accordance to the definition that is put forth by the experts on Business & Economic Decision Techniques Assignment topics. The alternative methods, actions, and solutions that are being implied and applied to “Business and economic decision making” is mostly not accepted and liked by the experts or the researchers. However, there are no other choices based on this, and hence it is gets taken at most of the costs. By the way, it gets accepted and valued only at rare and seldom cases of the situation.
The Rewards Obtained, and Sacrifices Involved in the Business and Economic Decision Making Assignment
Generally, the target, goal, and aim of the decisions that have been decided and taken is a kind of result or reward that could be considered as personal or economic kind. The central part and point to be noted here are “to achieve a great and valuable reward, the greatest number of sacrifices should be made.” This is the only mantra that could help you in making good decisions and sacrifices. Sacrifices should be ignored as it will result in a good choice which will lead us in the path of success, fulfilment, refreshment, achievement, etc. For example, when you make a decision to select a course in your college, after completing your schooling you are required to make some sacrifices like choosing a path on the basis of the current scope, moving to another city from your family for good and quality education, moving away from your childhood friends, etc. By making these sacrifices, you’ll be able to make good decisions which will provide and result in a great future with outstanding results.
Various Types in the Field Of Business and Economic Decision Making
Economic decision making can be categorized into two as internal decision makers and external decision makers. Domestic decision makers are those who are responsible for making decisions within the limits and level of the company and the decisions taken by this type of decision makers are considered as the decisions that were taken on behalf of the particular and respective company. On the contrary to the internal decision makers, the external decision makers are individuals who are responsible for making decisions that could exclude the company or the organization. Most of the decisions taken by the different decision makers have no bounds and limits. Now let’s see a detailed explanation of internal decision makers and international decision makers.
Internal Decision Makers:
The responsibilities and duties of a domestic decision maker are to choose between two methods of the company or the organization. One is to determine whether the company or the organization should be selling the item, or the product manufactured by them within a particular market, region, residential area or a global or international level. The other duty of the internal decision maker is to choose the employees to be hired and fired from the company or the organization.
The critical fact to be noted herein Business & Economic Decision Techniques Assignment is that, in any of the company or the organization the internal decision maker works, the individual is solely and mainly responsible for their cause and situation than the company’s or the organization’s status. The capacity and level of accessing the company or the organization for the internal decision maker depend solely by the position that is acquired by them. They possess the power to make changes and control the functioning of the company or the organization at a high level. However, the internal decision maker does not have all the information and details that are related to the company or the organization but still is capable of making drastic changes and controlling the functioning areas of the company or the organization.
External Decision Makers:
The responsibilities and duties of a different decision maker are to make decisions that are outside the limits of the company or the organization. The individuals under the functioning area of external decision making are capable of making decisions outside the boundaries of the company or the organization that has no limits and bounds. This power and position of external decision making are considered a vast area with sensitive responsibilities. Here the word “sensitive “is mentioned because the decisions taken in a company or an organization plays an active role in impacting and affecting it at the larger scale. Hence, the word sensitive- Business & Economic Decision Techniques Assignment has been mentioned here so that it could stress the importance and value of the functional area of an external decision maker. The primary function and responsibility of a different decision maker are to make decisions on the investment areas and procedures of the company.
For instance, the external decision maker should be responsible for deciding and choose whether the company or the organization should make deals, buy from or sell to a particular company or organization of an individual. The individual in the position of the external decision maker is also responsible for deciding whether the company or the organization should or could lend money, goods or power to the other company or organization of an individual. From the above explanations, points, and examples it is simple and easy to analyze the role of an active external decision maker in the particular or respective company or organization of an individual. The individual at the position of external decision-maker has high powers in modifying the functional areas of a company or an organization.
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