Business Decision Making
The criteria that I would use to evaluate my business decision is by, first, pinpointing the issue that needs a decision. This is identifying what needs to be addressed. Secondly, it is determining various solutions to the problem. It involves evaluating many choices available and coming up with the one that is the best to solve the issue. Thirdly is implementing the decision. This involves putting down in place the well thought out decision (Wooldridge & Cowden, 2020). This might affect business operations and activities. To ensure that everyone is put in line with the decision, employees will be briefed about the decisions, and the customers who are affected will be sent notices to inform them of the changes. Lastly, the decision will be evaluated for effectiveness. This means that surveys and many assessments will be carried out to ensure that the decision promotes the success of the business.
I can determine if the decision is ethical by first establishing the facts of the particular issue that brought about the decision. Secondly is deciding whether the decision that I undertake involves any legal or moral repercussions. Thirdly is having mechanisms to take if the decision had any consequence. Fourthly is evaluating my options to identify the pros and cons of the decision (Heyler et al., 2016). Fifthly is reflecting on the option and decision that is best in the prevailing circumstances. Lastly, is assessment of the decision on whether its implementation considered various issues such as; the path to implementing it, how the consequences of the decision will be managed, whether the decision may cause harm to anyone, what the people will say about the decision and how the decision will lead to the success of the business.
In conclusion, business decision making involves ensuring that the best decisions are implemented for the continuity and operations of the business.
References
Heyler, S. G., Armenakis, A. A., Walker, A. G., & Collier, D. Y. (2016). A qualitative study investigating the ethical decision-making process: A proposed model. The Leadership Quarterly, 27(5), 788-801.
Wooldridge, B., & Cowden, B. (2020). Strategic Decision-Making in Business. In Oxford Research Encyclopedia of Business and Management.