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

Business economy - Essay Example ..............4 Nature and processes of business decision making..................................................4 London Olympics illustrating the application of business decision making..................5 Theme 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 getting all the more complex, uncertain and globalized. The mantra for success today is planned activities and selection of best option amongst alternatives presented. This task 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 cir cumstances and opportunities to base decision upon. This is the point where managers need to use their intuition, intellect and knowledge to arrive at the most reliable, valid 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 applied in each of these and subsequent benefits and limitations of each decision are also highlighted to identify any gaps and recommend solutions for them. Snap shot of business decision making Decision making in layman terms refer to selecting a course of action which is the most suitable and is capable of delivering the desired results, from a list 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 the basis of intuition or prior experience, but 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