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The best business decisions are always based on hard facts. Discuss.

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Introduction

THE BEST BUSINESS DECISIONS ARE ALWAYS BASED ON HARD FACTS. DISCUS Scientific decision making, using the marketing model, is a good way to plan how to make a decision. Setting objectives, gathering and analysing data and then developing and implementing a strategy is important when making decisions. However, by just using the marketing model to make a decision may not be the best way to go about making decisions. There are a number of different factors which need to be looked at to benefit the most from making a certain decision and instinct and also be used. By using the marketing model the business is reducing risk in the making the decision. ...read more.

Middle

If, however, the decision to be made has a much larger time scale, such as development of a product, then the marketing model can be used. When the marketing model is used it forces managers to investigate a number of issues. If, for example, a company is trying to decide whether or not to make a product it may have to take into account whether the company has the facilities to make the product and if not how much it will cost to make the machinery to make the product. The manager may well have to see whether the different sections within the company are ready for the decision to be made, for instance the personnel department may need to recruit more people or the marketing department may need more time to research the problem. ...read more.

Conclusion

When a manager has to make a decision, whether it is best to use only hard facts or rely on instinct, it depends of the particular situation. If the nature of the decision makes it less important then obviously less time should be taken on it and instinct may be a more appropriate means to come to a decisions about it. However, when making an important decision then hard facts may be more useful. In my opinion, however, a balance can be met where hard facts are used along side initiative and instinct. This provides the best of both worlds as the decision is based on data yet there is still a degree of flexibility because at the end of the day it's a manager making the decision, not the data. - 1 - Pete Harries ...read more.

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