Business Management Assignment on Decision-Making Process

Business Management Assignment on Decision-Making Process Annotated Bibliography Introduction Business organizations function in a highly dynamic and unpredictable environment.

The decision-making process and overall performance of a concern depend on a wide range of factors that come into play in the environmental setting of the organization. This annotated bibliography on business management assignment captures some of the most crucial contextual factors namely the organizational structure, environmental forces, risks confronting an organization, the organizational and business practices and the functions of diverse organisations. These elements play a vital role and influence the decision-making process of a business entity. The most relevant articles have been identified and the contextual factors have been identified. The findings have been critically discussed.

Ultimately the findings have been presented which can be of great value for the managers who operate in the prevailing organizational setting.

The contextual factor that has been highlighted in the journal article is ‘organizational structure’. According to Eucman Lee, the organizational structure has a vital link on the organizational performance. The focus is on the reporting structure that is implemented in the business setting and how it influences the decision-making process. The organizational structure and the role of the Chief Executive Officer are extremely vital to mould the strategic model of the business concern. The structure that is observed in a business organization has a key impact across multiple layers of the business undertaking and the segments of the organizational hierarchy. The organizational structure is a key contextual element that shapes the behaviour of the organizational personnel and influences the business environment to a

2

significant extent. The findings of the journal article reveal that the macro-structure of a business entity and the micro-structure of a business entity can have a major implication on the performance and productivity of an organization. These factors play a vital role to mould the strategic approach that is adopted by a business organisation. In the current era, the managers and leaders that function in business organizations need to be well aware of the organizational structure and design as these factors shape their behaviour and actions in the organizational setting. The proper understanding of the structure of the concern can help them to take careful decisions and strategic plans.

In the journal article by Thomas A Fotiadis and Paul Christodoulides, the vital contextual facto that has been identified is the environmental elements. According to the journal, business undertakings need to carefully take into consideration the various factors and elements that exist in the dynamic environment. It is because these environmental factors influence the strategic model of the organization along with the overall decision-making process. The management team of a business entity must carefully assess the environmental factors so that they can design a robust environmental friendly organisational strategic framework. The findings of the journal shed light on the fact that both internal and external factors play a vital role to mould the business strategy and its sustainability.

Some of the major internal factors that have been identified in the journal are the organizational green culture and the sensitivity of the top management towards the green idea. The external environmental factors that have been identified in the journal are the competitive intensity and the concern of the public towards foreign environmental setting. In the current times, the managers, decision-makers and leaders that functioning the business setting need to carefully identify and evaluate the different environmental factors that might affect the internal processes and overall performance of the entity. The proper knowledge will help them to create effective strategic approaches for the firm.

3

According to the journal by Lotte Glaser and Wouter Stam, the risks that arise before a business entity need to be carefully managed so that the performance can be strengthened.

The risk that has been primarily captured here relates to the risk that arises due to the proactive behaviour in the organizational context. The managers need to carefully assess the situations in which they function and accordingly take the business decisions. The lack of proper assessment and evaluation of the dynamic business setting can give rise to challenges that can adversely affect the organizational decision-making process and its performance in the market setting. As per the findings of the journal, the management bodies of business entities try to promote the personal initiatives in the workplace setting but this increases the level of risk and uncertainty in the business setting. In the present times, when there is a high level of complexity and competition in the business setting, it is necessary for the leaders and managers to carefully assess the business setting and responds so that the level of risk and uncertainty can be mitigated in the best possible manner.

The contextual factor that has been captured in the journal is the organizational practices that are implemented by a business undertaking for the purpose of operating in the unpredictable and dynamic business setting. According to the journal article by Ning Wu and Nick Bacon, the high-performance work practices that are adopted by a business entity can have a direct implication on the performance of the organizational personnel and the entire business entity. The work processes and practices that are implemented in the business setting shape the contribution that is made by the employees in the workplace setting. The findings of the journal suggest that the employment practices that are adopted in small business concerns play a vital role to strengthen their approach towards work. The writers have stated that the management must try to encourage the organisations to strengthen the internal work networks as it can positively influence the organizational and work practices. Such an approach can have a major impact on the decision-making process and the strategies that are

4

adopted by the business concerns to operate in the dynamic business setting. In the current times when there is intense competition in the marketplace, there is the need for the managers and leaders to shape robust and effective organizational practices so that the firms can adapt in the evolving market environment. Such an approach can constructively influence the survival and sustainability of business organisations.

One of the most vital contextual factors that impact business entities is the ‘diverse’ element. This factor has been captured in the journal by Stewart R Miller and Dovev Lavie is diversity. In the times when globalization plays a key role to mould the business setting, diversity is a common element that affects almost each business entity that intends to expand and grow in the market setting. Diversity can arise due to the difference in the background, culture, religion and nationality of the employees. The diversity in the organisational setting is a crucial factor that can have a major impact on the overall operations and decision-making process of a business concern. The findings of the journal study indicate that the diversity and international distance is bound to have a major impact on the organizational approach and its performance in the dynamic market environment. The multidisciplinary approach has been adopted by the writers to get an insight into the diversity factor and its impact on the workplace. In the present times, people from different corners of the world, come under a safe roof in the organisational setting and try to work towards the common and shared goal of the entity. It is highly vital for the top management assignment of an entity to respect the diversity and uniqueness that exists in the business setting and exploit it in a productive and constructive manner. The managers of the 21st century need to make the best possible use of the diversity factors in the business context so that it can be used to expand the creativity horizon. This is a vital element that can have a major impact on the decision-making approach that is adopted in the business setting. Thus it can also mould the performance and the strategic direction in which the business undertaking is going forward.

5

Conclusion The annotated bibliography has captured some of the most crucial factors that come into the picture and impact the decision-making process in the business setting. All the factors that have been identified here play a vital role for each and every business as they influence the decision-making process and the strategy that they adopt in order to function in the dynamic work setting.

For CQUniversity’s organizational performance and

sustainability, the most vital contextual factor is the level of risk that confronts it. In the highly competitive times, the organization and the managers need to thoroughly assess the industry in which it functions and take careful decisions so that it can create value for itself as well as the stakeholders whom it serves. A careful and calculated approach is necessary on part of the University so that effectively function against its industry rivals and strengthen its position in the highly competitive industrial setting. The poor management of the risks and uncertainties can have a detrimental impact on CQUniversity’s survival and sustainability.

Thus this specific contextual actor has been identified as the most important element that can influence its decision-making process and overall performance in the dynamic market environment.