Business economy Essay Example | Topics and Well Written Essays - 3000 words

backup economy - Essay Example..............4 Nature and processes of business termination do..................................................4 London Olympics illustrating the application of business decision making..................5 newspaper publisher one- The way we do business.........................................................................5 Theme two- Individual responsibility........................................................................5 Theme three- Recruitment, development and transition...........................................6 Theme four- Involvement and Engagement..............................................................6 Theme five- Catalyst for Legacy...............................................................................6 Theme 3 Recruitment........................................................................................................7 Theme 4 Sustainability................................................................... ..................................10 Theme 5 Procurement......................................................................................................11 Conclusion..........................................................................................................................14 References..........................................................................................................................15 Introduction Business is acquiring all the more complex, uncertain and globalized. The mantra for success today is planned activities and selection of best option amongst options presented. This travail is undertaken and simplified by management practice termed as decision making. Decision making is resorted to by managers in all situations where they get stuck as to which course of action to choose from. This paper addresses the significance of decision making and highlights its importance in the context of London Olympics. Being the mega event of the year 2012, London Olympics presents plethora of band and opportunities to base decision upon. This is the point where managers need to use their intuition, intellect and knowledge to arrive at the about reliable, sound and fruitful decision. Various processes and techniques covered under decision making are elaborated upon by making use of three strategic decisions- recruitment, procurement and sustainable operations. Decision making process utilize in each of these and subsequent benefits and limitations of each decision are also highlighted to identify any gaps and root on solutions for them. Snap shot of business decision making Decision making in layman cost refer to selecting a course of action which is the most suitable and is capable of delivering the coveted results, from a attend of available alternatives. In business scenarios, managers are presented with plethora of situations where they are supposed to take rational and valid decisions. These may be taken purely on th e basis of intuition or prior experience, and such dimensions for decision making can neither be transferred nor can ensure the achievement of desired results. Hence, decisions in business parlance are ought to be taken by carefully analyzing the situation, the pros and cons of each alternative and prioritizing the factors which favour the acceptance or rejection of a particular alternative. Especially in businesses, every alterative has to be contrasted against factors like cost effectiveness, strategic disposition, value addition, responsiveness, et cetera and then zeroing in on one of the alternatives which