Business Decision Making offer great career opportunities to students who wish to become Strategists and Business Analysts in future. Business Decision Making is a very challenging subject involving frequent use of facts, data, graphs and various other presentation skills that are essential to take effective business decisions at all level of the organization.
Business Decision Making is an integral process associated with any business entity. There is a high demand in strategy development, updates of business environment and organization of task processes in order to make sure its similarity with the changing needs and situation. An effective business entity is the one that is independent of time and provides an efficient delivery of services as per the consumers’ requirements.
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The type of decisions that are taken again and again increases the possibility of learning and enhancing the decisions taken earlier. Thus, there is a requirement of the process that can review, effectively record and produce feedback on the decision results. This process is known as “adaptive management” and mainly finds applications in the uncertain and ever-changing environment.
An approach to risk management is required in Robust Decision – Making to take particular decisions. This is achieved by analyzing the uncertainty level of a situation, i.e; risk type that is being dealt. Following are the characteristics of Robust Decision – Making:
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