A Review and Analysis of Current Decision Making Theory

A Review and Analysis of Current Decision-Making Theory Research Paper
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A Review and Analysis of Current Decision-Making Theory Research Paper
Decision-making plays a crucial role in every aspect of people's lives. It impacts individuals' lives, companies, professional experiences, and even the country. As a result, people's life outcomes are influenced by the decisions they make that are more influential than issues like people's region of birth, demographics, and socioeconomic status. The decision-making process comprises assessing the alternatives and chances available for grabs, listing them, and taking the most significant action. Usually, individuals are motivated to make decisions that comprise different significance levels every single day of people's lives. Part of these decisions may include tiny, innocuous, and domestic concerns, while others cause bigger influence or magnitude, impacting other people's livelihoods, wellness, and lives. It is thus vital to ensure the entire decision-making process is effectively and efficiently undertaken to alleviate the likely errors.
Inconsistent decision-making can cause unwanted and annoying effects on the lives of people, companies, and the country. As a result, people embrace more consideration and time when intending to make a decision. Normally, it is infrequent to find a person making a life-changing decision faster. In most instances, many people take their time to evaluate available options and potential implications and the results which could rise from the choices made in the long term. This similar instance is also right for an organization that involves its management and elite team's collective efforts to evaluate the directions a company should embrace by effectively considering the options available.
Unsurprisingly, even intelligent company leaders can make inconsistent decisions irrespective of their best intentions and the data provided. Thus, it is important to consider an in-depth analysis of the decision-making process before making final choices. The articles available in the KU online library reflect on several decision theories that management applies when making decisions. The discussions in this work concentrate on identifying scholarly articles responsible for addressing the issue of current decision-making approaches in a company. The paper will pay attention to business-associated items which describe the decision-making process and approaches.
Responsibility of Fiscal Aspects in The process of Making Decision
The article focuses on the responsibilities of fiscal policies in financial decision-making. This phase comprises investment decisions like investing in new production facilities, acquiring new firms, and financing decisions (Kothari, 2017). In most cases, fiscal policies are the government's tools to influence the country's economy. These undertakings mainly include alteration to government spending and levels of taxation. To stimulate growth, taxes are decreased, and spending is surged, mainly comprising borrowing through offering government debts. The effects of fiscal policies are different for every person.
Based on the political...