The benefits of researching a business decision rather that making an intuitive or "gut"
decision is the amount of critical information gained to assist in the decision process. It
is important to have a broad spectrum of information regarding all of the variables in any
given situation. In order to make informed rational decisions one should be aware of the
pros, the cons, the cost, and the consequence before jumping into a committed contract
or decision. Researching also helps the decision maker see history or previous
performance of the organization or topic that he or she is researching. Viewing the
history of a situation can sometimes help to predict the future or future needs.
Business decisions, much like business relationships, are different from those in our
personal lives. In our personal lives, we rely heavily on instincts and emotions, but
business relationships and decisions must remove those types of natural reactions.
Decision Making Chart
English: The figure shows three levels of the PERA...
Simplyfied example: Decision Trees can improve inv...Business is something that is conducted with people that you do not necessarily choose,
and the decisions that are made in that environment must be made with an educated
foundation on the subject. Reactionary decision making is a dangerous approach,
because if wrong, often times something is lost, be it a customer, or a business
relationship. Business research ensures that the decision maker has taken the
appropriate steps to investigate the subject matter, and in turn make a decision based on
facts, and hopefully with that information, the correct decision is made.
By researching, you are gaining insight and knowledge. You are educating yourself with
the pros and the cons and therefore, taking the "emotional" side out of making a
decision. You can make a decision based on sound facts and if you decide to let the
emotional side step, at least you know the facts.
To achieve...