Appreciate The Need For Approaching Business Problem

Business Decision Making

Assignment task

You must, utilising appropriate methodology and secondary data, produce a report which provides an analysis of a specific market related challenge faced by a business, and based on your analysis, propose recommendations to deal with the challenge. The report must also include relevant models, theories and concepts.

Learning outcome 1: Understand the context of business decision making and characteristics of decision-making problems;

Learning outcome 2: Identify issues involved in making complex business decisions, including relevant ethical aspects and compare various quantitative and qualitative decision-making models;

Learning outcome 3: Appreciate the need for approaching business problem solving as an integrated critical analysis as well as more specialist, functional approach;

Learning outcome 4: Be able to select and use appropriate methodologies, tools and techniques to analyse data and present a professional report.

Task requirements

OVERVIEW

Report (3000 words):
As a business consultant you are required to assess the market and apply business decision making theories, concepts and relevant models, such as the 5 or 7 step decision making process. Market research should point the way for the company and its decision making by providing information that helps to reduce the uncertainty surrounding the decisions to be made.

You are required to make adecision concerning the specified project regarding viability and practicability, andthen produce a report that recommends feasible solutions.

DESCRIPTION OF THE TASK – WHAT YOU ARE BEING ASKED TO DO?

Scenario:Business decision making is an important concept which requires full consideration. Effective research is essential as a basis for decision making. In this Report, you will undertake business decision making in relation to the scenario belowusing research findings and analysis.

This report will focus on the business decision making for ‘Space for Rent’, acompany specialising in acquiring buildings at a reasonable price, refurbishing them to an acceptable professional standard and then renting out a space at a desk in a room, or whole rooms. The company will be a new start-up company that plans to enter the UK market within one year.

You are required to:

Report Tasks

Task 1

Question 1 Select and justify anappropriate business decision-making model that would enable the business to make and take key decisions (e.g., the 5,6, or 7-step decision making process; MCDA; utilization of critical thinking, etc.).

Question 2 Create a plan for the collection of primary and secondary data for the above business issue and discuss the issues involved in making complex business decisions. Note thatan outlineplan is required rather than an actual carrying out of a survey(s).

Question 3 Select and justify an appropriate decision-making framework that you could use? Logically, it must be one which most appropriately suits the business you have chosen to set-up, e.g., AARRR; OKR; Market Opportunity Navigator.

Task 2

Question 1 Identify competitors and undertake a SWOT analysis (strengths, weaknesses, opportunities and threats) of the business in relation to these competitors.

Question 2 Select and justify one problem-solving techniquemost appropriate for your choice of business from the following: Rational Decision-Making Model; Intuitive Decision-Making Model; Creative Decision-Making Model; or Recognition-Primed Decision-Making Model.

You must demonstrate evidence of wider research, real world application and reading of core textbooks, learning materials on Moodle and academic scholarly work through Harvard referencing.

The word count excludes the cover page, table of contents, financials, references, and appendices.

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