Definition Of Decision Making Commerce Essay

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Singapore barbecued meat old bee Cheng hiang founded in 1933, founder Zhang Ruiyi old man standing on his mobile stalls by peddling on the streets of Chinatown. The barbecued meat flavor aroma overflowing, laid the good word of mouth.

The man finally opened its first store. With the entrepreneurial spirit of assiduousness, bee Cheng hiang continued expansion of business, and successfully to open up overseas markets. Bee Cheng hiang with as many as 70 retail stores, as Asia's leading food group.

Production has evolved from a traditionally labour intensive modus operandi to our very own automated production facilities. The company is able to preserve the traditional flavor whilst employing advance technology.

The company has housed in a 50,000 square feet factories. The company success rests on our exacting production of our quality product and high standards of hygiene. Bakkwa earns its immense popularity because we are able to preserve the traditional flavor whilst employing advance technology. The company production process has been awarded the ISO9001 certificate and we are HACCP certified.

The company main product is barbecued pork. Pork made ​​different style. For example,(Sliced pork, Minced pork, Chilli pork, Golden Coin, Gourmet Bakkwa, Gourmet Fusion).

The company barbecued pork Very popular in Singapore. So the team is tasked with making a decision on moving the barbecued pork to either Malaysia or China.

Decision making concepts

Definition of decision-making

Definition of decision making is thinking in the process of selecting a logical selection of available options. For effective decision making, a person must be able to predict the outcome of each option, based on all these projects, determine what options are best for a particular situation. Good decisions to make a remarkable impact the success of your organization.

Four elements of decision- making:

Process

Decision-making is a process with several phases. These produce valid results.

Options

Any decision should ensure that sufficient options enabling the decision making process.

Choices

Choose difficult to do. Making a decision you may rely on extensive experience, knowledge, common sense and judgment, and possibly other people's participation in decision-making.

Actions

A decision, without action is meaningless. Therefore key considerations of positive and negative effects may be due to your decision.

Individual decision-making

Individual decision making model can be divided into three parts.

Rational decision- making

Rational decision-making model is usually referred to as the scientific decision making model. Because this theory have come up with an absolute standard of decision-making regarding human behavior, is maximization principle followed by the people in decision-making, for best choice if the choice programs, choose the best programs from many programs.

Six-step decision-making process

Define the problem

Identify the decision criteria

Allocate weights to the criteria

Develop the alternatives

Evaluate the alternatives

Select the best alternative

Bounded reality

Bounded reality is a process of making decisions by constructing simplified models that extract the essential features from problems without capturing all their complexity.

Intuition

Intuitive decision making is an unconscious process created from distilled experience.

Group decision-making

Group decision-making is a participatory process, a number of individuals acting collectively, analysis of problems or situations consider and assess selected course of action, and select a solution or solutions. Members of this group may diversify a population similar to.

Group decision-making phenomena about group think (situations where group pressures for conformity deter the group from critically appraising, unpopular views) and group shift (when discussing a given set of alternatives and arriving at a solution, group members tend to exaggerate the initial positions that they hold.)

Role perception is an individual's view of how he or she is supposed to act in a given situation.

Perception

Perception is a process by which individuals organize and interpret their sensory impressions in order to give meaning to their environment. People's behavior is based on their perception of what reality is, not on reality itself and the world as it is perceived is the world that is behaviorally important.

Bias

Common biases have overconfidence bias, anchoring bias, confirmation bias and availability bias.

Overconfidence bias

The about the overconfidence personal knowledge and interpersonal skills weakest are most likely to overestimate their performance and capabilities. So as managers and employees, they are the less likely to display overconfidence. Conceit is most likely to surface when members are considering issues or problems beyond their areas of expertise.

Anchoring bias

Using early, first received information as the basis for making subsequent judgments.

Confirmation bias

The information we collect is usually tend to support the views we already hold. The confirmation bias misunderstanding affects us to collect evidence. Select and use only the facts support our decision.

Availability bias

Availability bias may also explain why managers often pay more attention to the behavior of a staff than those, six or nine months ago, when doing an annual performance evaluation.

Factors influencing decision making

There are several important factors that influence decision making.

3.1 Environmental impact

(1) Characteristics of the environment affecting the activity of the organization and can be divided into internal influence and external influence. For internal effects, the expansion of demand in the market, internal production conditions can be improved, expansion of production scale and production costs lowered. For enterprise external influence market competitors, therefore, needs to be closely watched competitors, has introduced a new product to improve marketing.

(2) Habits of environmental response pattern also affect the organization's activity. In the same environment, one is the environmental threat posed by, another opportunity is the environment. For our company, threats to the environment are a new product to enter the international market, there is a competitor. Chinese tastes and the Singapore people taste differences, on threats to enterprises ' profit. Environmental opportunities, for China is a material power, both in terms of population, geography is a good development.

3.2 Impacts of past decisions

Decision is approved by policymakers and decision makers are usually on their own choice of management responsibility and consequences. Therefore policy makers generally reluctant to significant adjustments to the organization activities tend to devote most of its resources to the part in the implementation of the programs. If current policy makers and past the main decision-making, there is a deep relationship between the willingness to accept the changes. The company is a brand of history. Company managers change past decisions tend to affect the decision-making now.

3.3 Effects of decision maker's attitude to risk

The decision is to determine the direction of future activities, content and objectives of the action, and limited awareness of future capacity. Organizations and their different attitudes of policy makers take a risk will affect the selection of decisions. The organization willing to take risks is usually forced to respond to the environment before taking offensive action; rather than risk organization, usually only passive response to the environment. Bee Cheng hiang barbecued pork is a new product to enter the international market there is a risk. Attitudes of policy makers are an important factor.

3.4 Effects of organizational culture

Culture is a historical phenomenon. Every society has adapted to the culture and to the development of social material production and development. The company will be from the effects of their cultural identity. Enterprise management personnel should grasp the cultural identity of the organization. When significant changes in the business environment and organizational culture of enterprises also require significant changes in circumstances, enterprises should take into account its own long-term interests.

3.5 Time to influence decision-making

Decisions are often subject to the conditions of time. As time changes, changes in the conditions of decision-making must also change the truth. For example, at the time of the global financial crisis, the company barbecued pork to enter the international market and make adjustments before, with the change of time, decision-making is also different. Time sensitive decision-making will vary.

3.6 Knowledge of decision makers

A correct decision with the knowledge and ability of decision makers are inseparable. Improve their thinking Sensitivity. Only own a complete knowledge system in order to solve the problem. In order to be able to have a good development, it is necessary to constantly improve them.

Evaluation of influences on decision making

The following factors are decisive evaluation.

4.1 Environment

(1) Internal environment

The company group resource is rich. Analysis of the management, a professional management team, and the company for systematic training will use the mode of operation and management of professional knowledge, regular updates on employee training programs, new equipment and new products. The company has a strong research and development team, fully embodies the innovation and quality assurance. The company also has advanced equipment, in order to be able to adapt their productivity. Capital operation is very powerful, able to adapt to the new market research and development.

(2) External environment

China's rapid economic development space for the development of the world economy.China is the largest exporter of low labor costs, but it is also a large importer of manufactured goods with high added value. High-end retail market in China has been increasingly attractive.

Malaysia is a relatively open market economy country, the State, through macro-economic planning plays an important role in guiding the process of economic development, in General, national importance in guiding the economic decline, the private economy as a new pillar of economic growth.

Through the analysis of the internal and external environmental assessment can know, the company barbecued pork there are competitors in the international market, from economic development considerations, external environment more conducive to the development of new products for the Chinese market.

4.2 Organizational cultures

Organizational culture is influenced by the social and cultural, respectively, from the two markets in China and Malaysia's food culture, so you can analyze. Chinese food culture is related to the operation and management of the development and utilization of food sources, the use of food innovation, production and consumption of food, food service and hospitality, catering and food industry. Characteristics of food flavor variety.

Food culture of Malaya, Malaysia pluralistic society, also found in foods such as diversity.Malaysian food is spicy main, with the food of various nationalities. Islam did not eat pork. The company barbecued pork to enter the international market in Singapore its organizational culture with the local food culture is inseparable.

Through the food culture of the two countries can understand China more pay attention to diet. So China is more conducive to the research and development of new products in the market.

Other Considerations affecting decisions

Regional (geographic location)

Bee Cheng Hiang barbecued meat to enter the international market, the region is also one of the affect the decision-making factors.

(1) China's wide geographic distribution, there are differences over the economy, not the same level of consumption. Population is distributed more widely, so that there is diversity. Bee Cheng Hiang Group can be more selective.

(2) Inequities are obvious on the spatial distribution of the population of Malaysia. The country's population is concentrated on the Malay Peninsula and the capital. Malaysia, the gap between rich and poor continued to expand.

5.2 The financial condition of the enterprise

In order to break into the international market, must be protection of internal funds. The company should first determine the powers and responsibilities of the foreign investment sector, the establishment of the system of foreign investment. Second, must reasonable estimates of the investment in the international market, at the financial level. Only rationalization of financial systems, have barbecued pork to either international markets.

Conclusion

There are many factors that affect decision-making, environment, culture and internal reasons. The company barbecued pork entering the international market, through an evaluation of the impact of these factors, the company barbecued pork into China that has some prospects in the international market.

The company barbecued pork in Singapore markets is very popular. It has a long history of the Singapore model of food culture. The company has advanced equipment and excellent management team, makes companies more strength. Bee Cheng hiang barbecued meat to drive the economic development of the two countries to enter the international market.

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