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Fundamentals Of Business

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Business

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kwantlen polytechnic university

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Running Head: FUNDAMENTALS OF BUSINESS

Fundamentals of Business

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FUNDAMENTALS OF BUSINESS 2

Question 1

In business, according to Ebert, Griffin, Starke, and Dracopoulos (2020), making

decisions encompass a core skill of management since it influences all management functions. In

the near future, I will need to decide on an area of business that I would focus on as I further my

education after attaining the current degree. It implies that I will need to select one field that I

can focus on during my Master's program. This is an example of a rational decision and, as

elaborated by Ebert et al. (2020), is a process of decision making comprising several steps.

The first step is to recognize and define the decision situation. As per Ebert et al. (2020),

while there must be a spark or stimulus to initiate the process, recognizing that a decision is

necessary is the first step in rational decision making. As such, the need to further my skills and

knowledge will be the spark that will initiate my decision-making process. However, thoughtful

consideration and careful analysis of the situation will determine whether I precisely understand

the opportunity or problem.

Identifying alternatives is the second step. Ebert et al. (2020) observe that identifying

possible alternative direction of efficient action is the second step in the process, and more

attention is focused on formulating alternatives based on the importance of a decision and vice

versa. This means that I will require identifying suitable and relevant fields that I could focus on

in my advanced study program. Creating a list would give me several alternatives that I can

select from.

The third step entails evaluating alternatives. Ebert et al. (2020) explain that to enhance

the ability of a given alternative to produce the desired outcome, alternatives must be thoroughly

evaluated following their identification. Accordingly, this implies that it will require me to

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Running Head: FUNDAMENTALS OF BUSINESS Fundamentals of Business Student’s Name Institution’s Affiliation 2 FUNDAMENTALS OF BUSINESS Question 1 In business, according to Ebert, Griffin, Starke, and Dracopoulos (2020), making decisions encompass a core skill of management since it influences all management functions. In the near future, I will need to decide on an area of business that I would focus on as I further my education after attaining the current degree. It implies that I will need to select one field that I can focus on during my Master's program. This is an example of a rational decision and, as elaborated by Ebert et al. (2020), is a process of decision making comprising several steps. The first step is to recognize and define the decision situation. As per Ebert et al. (2020), while there must be a spark or stimulus to initiate the process, recognizing that a decision is necessary is the first step in rational decision making. As such, the need to further my skills and knowledge will be the spark that will initiate my decision-making process. However, thoughtful consideration and careful analysis of the situation will determine whether I precisely understand the opportunity or problem. Identifying alternatives is the second step. Ebert et al. (2020) observe that identifying possible alternative direction of efficient action is the second step in the process, and more attention is focused on formulating alternatives based on the importance of a decision and ...
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Tags: organizational performance corporate culture decision situation Identifying alternatives Corporate culture