This blog aims at equipping individuals with business and finance tools in simplistic terms. It convers both business finance and personal finance. It also looks at the actions that can help you run a business successfully. It has some juicy flavour in it. It also aims at getting individuals closer to Allah (SWT) Enjoy!
Monday, 30 November 2015
The decision making process
Image courtesy of 89studio at FreeDigitalPhotos.net
As a business owner or manager you are going to be making decisions. The process of making decisions involves planning, implementing decisions and putting controls in place to enhance decisions. Before any business action can be carried out a plan has to be made. This plan will stipulate the objectives of the business and strategies that will be used to achieve the objectives. For a plan to be more realistic, it is always good to look at the performances of the past so as to be able to predict what can be achieved in future. Long term plans must be made and broken into short term plans.
After objectives of a business have been stipulated, a business owner or manager will have to evaluate various possible medium (strategies) of achieving the objectives of the organisation. Reliable information should be used, so that the best option is chosen. After the strategy needed to achieve the business objective has been chosen (a decision has been made) then the strategy should be implemented, thus you will be implementing the decision you made. In terms of control, the actual result is compared with the expected result to observe variances periodically, thus enabling a business to revise its objectives accordingly. Keep checking my blog regularly. Cheers!