Definition Of Business Decision
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We ll use the following data.
Definition of business decision. The process of decision making is to recognize and define the nature of a decision situation and select the best possible alternative from among the available alternatives and put it into practice usually a decision is expressed as a policy or as a rule or as an order or as a directive of the business enterprise. It follows then that business logic itself is intellectual in nature because it represents business thinking about the way important decisions are to be made. The term business decision is frequently used by executives and managers at corporations to describe a poor decision while either saving face or avoiding laughing uncontrollably. Decision making involves two or more alternatives because if there is only one alternative there is no decision to be made.
Therefore a business decision is defined as a conclusion that a business arrives at through business logic and which the business is interested in managing. Decision tree may be understood as the logical tree is a range of conditions premises and actions conclusions which are depicted as nodes and the branches of the tree which link the premises with conclusions it is a decision support tool having a tree like representation of decisions and the consequences thereof. Don t forget that there is always an option. In this sense managerial economics is an applied economics.
Wikipedia lexilogos oxford cambridge chambers harrap wordreference collins lexibase dictionaries merriam webster. A decision represents a course of behaviour chosen from a number of possible alternatives. A decision tree is a mathematical model used to help managers make decisions. We made a business decision to use a service that is offered by a key business partner at ten times the price of an effective alternative from a different supplier.
A decision can be defined as a course of action purposely chosen from a set of alternatives to achieve organizational or managerial objectives or goals. A decision making process is a series of steps taken by an individual to determine the best option or course of action to meet their needs. Cultivation of this art is made through economic principles. Search business decision and thousands of other words in english cobuild dictionary from reverso.
You can complete the definition of business decision given by the english cobuild dictionary with other english dictionaries. In a business context it is a set of steps taken by managers in an enterprise to determine the planned path for business initiatives and to set specific actions in motion. Decision making process is continuous and indispensable component of managing any organization or business activities. It is concerned with the application of economic concepts and analytical tools to the process of decision making of a business enterprise.
Let s look at an example of how a decision tree is constructed.
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