Report (3000 words):
As a business consultant you are required to assess the market and apply business decision making theories, concepts and relevant models, such as the 5 or 7 step decision making process. Market research should point the way for the company and its decision making by providing information that helps to reduce the uncertainty surrounding the decisions to be made.
You are required to make a decision concerning the specified project regarding viability and practicability, and then produce a report that recommends feasible solutions.
DESCRIPTION OF THE TASK – WHAT YOU ARE BEING ASKED TO DO?
Scenario: Business decision making is an important concept which requires full consideration. Effective research is essential as a basis for decision making. In this Report, you will undertake business decision making in relation to the scenario below using research findings and analysis.
This report will focus on the business decision making for ‘Space for Rent’, a company specialising in acquiring buildings at a reasonable price, refurbishing them to an acceptable professional standard and then renting out a space at a desk in a room, or whole rooms. The company will be a new start-up company that plans to enter the UK market within one year. Understand the context of business decision making and characteristics of decision-making problems
You are required to:
1.1 Select and justify an appropriate business decision-making model that would enable the business to make and take key decisions (e.g., the 5,6, or 7-step decision making process; MCDA; utilization of critical thinking, etc.).
1.2 Create a plan for the collection of primary and secondary data for the above business issue and discuss the issues involved in making complex business decisions. Note that an outline plan is required rather than an actual carrying out of a survey(s).
1.3 Select and justify an appropriate decision-making framework that you could use? Logically, it must be one which most appropriately suits the business you have chosen to set-up, e.g., AARRR; OKR; Market Opportunity Navigator.
2.1 Identify competitors and undertake a SWOT analysis (strengths, weaknesses, opportunities and threats) of the business in relation to these competitors.
2.2 Select and justify one problem-solving technique most appropriate for your choice of business from the following: Rational Decision-Making Model; Intuitive Decision-Making Model; Creative Decision-Making Model; or Recognition-Primed Decision-Making Model.
You must demonstrate evidence of wider research, real world application and reading of core textbooks, learning materials on Moodle and academic scholarly work through Harvard referencing.
The word count excludes the cover page, table of contents, financials, references, and appendices.
Akdere, M. 2011, "An analysis of decision-making process in organizations: Implications for quality management and systematic practice", Total Quality Management & Business Excellence, vol. 22, no. 12, pp. 1317-1330.
Drummond, H. & Hodgson, J. 2011;2012; 2016; Escalation in Decision-Making: Behavioural Economics in Business, Gower, GB.
Fox, M., Tost, L.P. & Wade-Benzoni, K.A. 2010, "The Legacy Motive: A Catalyst for Sustainable Decision Making in Organizations", Business Ethics Quarterly, vol. 20, no. 2, pp. 153-185.
Iqbal, J., Shahi, A. & Khan, A. 2012, "DECISION MAKING IN ORGANIZATIONS: A REVIEW OF NINE YEARS", Interdisciplinary Journal of Contemporary Research in Business, vol. 4, no. 3, pp. 660.
Jackson, R.W., Wood, C.M. & Zboja, J.J. 2013, "The Dissolution of Ethical Decision-Making in Organizations: A Comprehensive Review and Model", Journal of Business Ethics, vol. 116, no. 2.
You must reference all information used in the report, using the Harvard Referencing Guide.
See attached grid for grade descriptors.