Case Discussions: Business Decision Analysis

Case Discussions: Business Decision Analysis
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Case Discussions: Business Decision Analysis
Discussion 1
Decision making is the managerial function that involves the process of choosing an option between or among two or more (respectively) alternatives. Knowing whether someone made a good decision focuses on relating the results to the expectations (Hermann, 2019). Moreover, an individual can assess the desirability and the acceptability of how the goal will be achievable, which ties to its compliance with the guiding values and principles.
In making a good decision, the important factor and consideration for decision-making are whether the chosen alternative solves the prevailing problem or issue. It should be the best option among the presented choices, and its outcome should be excellent. If it meets the requirement, there are limited chances of regret because there will be a positive outcome with higher satisfaction. In contrast, we identify bad decisions by evaluating the subsequent consequences of the prevailing situation. It is a wrong decision if there are significant deviations in the outcomes from expected results, which makes them not solve the existing problem (Vordermark II, 2019). Certainly, the outcome should matter in judging whether a decision was bad or good because the whole process depends on the desired results and expectations. However, it is important to note that a decision that produces good results may not necessarily be the best since the best decisions have resulted in an undesired outcome.
Recently, made a good decision that produced a bad outcome. When I wanted to buy the best shoes for my volleyball match, I settled on a prominent brand after fulfilling my criteria based on-trend, quality, and affordability. However, I realized they were not suitable for me whenever I tried to move swiftly or jump to aerial spikes. Notably, the shoes lasted two years, and I could put them on during the weekend while hanging out to watch games. Here, the decision was good but yielded bad outcomes considering that I had specifically bought them for use in sport as a player.
On the other hand, I recently made an investment decision without conducting a critical analysis of the company of interest regarding its credibility. Later, the share prices rose, and I rushed to sell them at a higher price. While the decision was inefficient because of failure to analyze and scrutinize all the necessary information, its outcome was favorable and good. Next time, I would concentrate on outcome estimation using various criteria to avoid having higher expectations due to cognitive dissonance.
Discussion 2
Companies use forecasts for the vast advantages that it bears, which may drive success. A forecast is relevant and appropriate at the base level when it maximizes financial management, development, and operating cash flow. Information from past activities come in handy when making a prediction. For instance, salespersons forecast to know sales and use the information to ensure a certain production level that will meet the market demand. Given this comprehension, forecasting is vital to brace future uncertainties using future e...