Business Decision Making

Originally published in 1981. Risk is a problem which all business decision makers have to cope with. The problem is not insurmountable, however, as there now exist well-established techniques for minimising risk and for calculating which of various available options is the optimal one to pursue. This book outlines and discusses these techniques and the theories behind them. Unlike many economic theories which only rarely have any practical applications, the techniques put forward in this book can be used by real businessmen to solve real business problems. The book concentrates on decision-making in two main areas: the allocation of a firm’s resources and the selection of new investments; and the techniques and theories discussed fall into three broad groups: linear programming, decision theory and capital market theory. Intended as an advanced undergraduate textbook for students taking business economics or managerial economics courses, this valuable book will interest specialists and students involved in management studies, microeconomics, strategic planning, operational research, accounting and MBA programmes.

How do executives make decisions? Are their decisions conscious or unconscious? Can they explain each decision they make? What tools can they use to improve their decision-making process? These are some of the questions this book addresses. During the past 35 years, as an entrepreneur and senior executive of several medium-sized Canadian hi-tech businesses, the author noticed that his decision-making processes were often based either on experience or on advice received from colleagues. Seldom were the decisions based on formal or informal academic-based methods. There is no substitute for years of experience in any human endeavor. However, tapping into some of the methods and lessons learned from personal experience can result in useful principles for others to follow. These principles are very useful, especially for entrepreneurs interested in building their businesses or executives looking for some additional help in acquiring a better decision-making mousetrap.

Data Science for Business and Decision Making covers both statistics and operations research while most competing textbooks focus on one or the other. As a result, the book more clearly defines the principles of business analytics for those who want to apply quantitative methods in their work. Its emphasis reflects the importance of regression, optimization and simulation for practitioners of business analytics. Each chapter uses a didactic format that is followed by exercises and answers. Freely-accessible datasets enable students and professionals to work with Excel, Stata Statistical Software®, and IBM SPSS Statistics Software®. Combines statistics and operations research modeling to teach the principles of business analytics Written for students who want to apply statistics, optimization and multivariate modeling to gain competitive advantages in business Shows how powerful software packages, such as SPSS and Stata, can create graphical and numerical outputs

Decision Making in Business is a versatile casebook for business and management courses. It features 34 realistic, functional business situations portrayed by 16 business professionals. The cases are short and varied, allowing instructors maximum flexibility. Each case is set up independently, so that the cases may be completed in any sequence. Students are exposed to a much broader spectrum of topics than is available in the cases that accompany most introductory business texts. The Third Edition has been completely revised and updated. Objective questions now follow each case, which facilitates instructor evaluation of student comprehension. There are also additional applications-oriented discussion questions. In addition to gaining early exposure to case analysis, students actually enjoy doing the problem solving necessary for each business situation. The book eases the job of teaching by stimulating classroom interaction and promoting active learning. Students learn to think about actual, real-world situations and how to make business decisions for themselves. Decision Making in Business stands alone or can be used to supplement another text. A comparative matrix enables instructors to integrate the case book into the course with a minimal amount of effort. It correlates the cases with appropriate chapters in the most commonly used introductory business texts. Instructors will find comprehensive pedagogical support in the accompanying Instructor's Manual/Testing Program which features: * Case objectives * Key terms * Additional points for consideration * Major and minor case issues * Test bank of additional objective questions * Answer thrusts to discussion questions * Answer keys for the objective questions

Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.

Presenting essential readings concerned with the importance of clear decisions, the processes of decision making and the implications of flawed practice, this textbook reveals patterns of decision making and a range of theories.

Hackman (social and organizational psychology, Harvard U.) identifies the factors of being a team leader that will enable a team to work together efficiently to achieve organizational goals. He suggests that five conditions are necessary: having a real team, a compelling direction, an enabling team structure, a supportive organizational context, and expert team coaching. He integrates insights from interviews with team leaders with concepts from the social sciences. Annotation copyrighted by Book News, Inc., Portland, OR

Business Decision Making is not just about sharpening the manager's tools and techniques in defining, evaluating and making decisions. It is also about stretching the mind to think better. That means being able to tap into the brain's patterns of thought, sequencing of ideas and creation of insights. That means being able to see both the big picture by zooming out and the small picture by zooming in. That means being able to ferret out what is relevant, important, urgent, doable, and big enough to matter. That means being able to imagine many different ways of solving problems, finding opportunities and crafting strategies. That means being able to diverge into countless possibilities but converge into one powerful solution or direction. That means being able to program a series of action steps that would convert ideas into reality.