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Decision making tools for micro companies

InnolocalSupp - specific resources for mirco enterprises.
This article was written by Stefan Krustev and Ivan Manolov, Agraren Universitet (Plovdiv, Bulgaria). Agraren Universitet is a member of the InnoLocalSupp project consortium.
We all have to rely on information, and techniques or tools, to help us in our daily lives. When we go out to eat, the restaurant menu is the tool that provides us with the information needed to decide what to purchase and how much to spend. Operating a business also requires making decisions using information and techniques - how much inventory to maintain, what price to sell it at, what credit arrangements to offer, how many people to hire.
How do you make good decisions, particularly if you are overworked and have limited time? Decision-making is not a separate function of management. In fact, decision-making is intertwined with other functions, such as Planning, Coordinating, and Controlling. These functions all require that decisions be made. Decision making is a vital component of small business success.
Decisions that are based on knowledge and sound reasoning can lead the company into long-term prosperity; conversely, decisions that are made on the basis of flawed logic, emotionalism, or incomplete information can quickly put a small business out of commission (indeed, bad decisions can cripple even big, capital-rich corporations over time). Ultimately, what drives business success is the quality of decisions, and their implementation. Good decisions mean good business.
Read more about the issue and download the PDF document listed right hand side.
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Decision_making_for_micro_companies.pdf (File type: application, Size: 200 bytes) — 6055 downloads
Editha Tegler
registered since: 29.05.2009
Posts: 10
Written on: 26. 01. 2011 [10:02]