Essays on Business Decision Making

What is statistics?

Statistics is a scientific approach that deals with a range of procedures for collecting, gathering, organizing, summarizing, presenting, and analyzing data and making inferences to aid in finding solutions to problems (Jani, 2014).

Contrast between qualitative and quantitative data

Quantitative data is that which can be measured and reported numerically (Brown & Saunders, 2008). For instance, the marks scored by students in a test, the GDP of countries, among other examples. Quantitative data can be either discrete or continues. Continuous data can take any number hence includes decimal points. For example, the distance between two towns, the height of students in a class, among others. Discrete ...

Part 1

- In what ways did the video "The Crisis of Credit" demonstrate the failure of the banking industry's Fiduciary Relationship to investors and home owners?

The video explains a worldwide financial disaster that effected everyone. It started on the burst of the dot com bubble when the federal reserve of the United States decreased the interest rate to 1%. This value dramatically dropped the investment level because of the reduced ROI. This action made banks to take more and more loans from the Federal Reserve. The leverage increased as it became very easy to return a loan, so the demand for credit increased rapidly.

The banks took a lot of credit, and they were easily able to payback and made a lot of profits. Investors saw this as ...

Question one

Business to business marketing refers to the type of a market where a business trades with another business. These could be transactions between a wholesaler and a retailer or transactions between a wholesaler and a manufacturer.

The difference between this type of marketing and the business to consumer marketing is that this type of marketing involves a lot of money as compared to the other. The number of intermediaries involved is less as compared to the business to customer marketing. There are various channels involved in business to business marketing (Kerin, 2013). These channels include;

This refers to a process where business transactions are conducted through the ...

The modern methods of doing business and business related activities require that one possess the required qualities, not only the business knowledge, but also the frequency of searching for information. With the current trend where business organizations are increasingly becoming global and multicultural, a businessperson is required to posses the necessary entrepreneurial information in order to fit in the dynamic world of doing business. Profitability is the key issue in this, and each business organization is striving not only to gain basic profits, but also to increase profitability margins. Business knowledge requires both education and experience, and thus, any persuasive ...

Introduction

The events such as globalization and technology development have increased the competition in every business segment and thus managers in organizations need to devise innovative practices so as to develop the ability to manage business processes effectively and predict the future trends (Goll & Rasheed, 1997). The top management in business organizations are involved in the strategic decision making that are primarily related to the long term goals of the organization. Uncertainty and unpredictability is a common characteristic of strategic business decision making (Eisenhardt, 1997). It is a challenge for the top management to seek solutions and business tools that enhance the ...

The current paper examines the issues of strategic management accounting including stages of strategic management process, the roles of management accounting, concept of opportunity costs, concept of relevant and irrelevant costs, cost classification and practical application of breakeven analysis. Besides, it contains examples illustrating some of the above listed concepts. The claims are supported with relevant arguments; the examples reflect the issues associated with running business in contemporary market environment. Each task is divided into sections related to different parts of each question. Each part of the question contains appropriate conclusions.

Main Stages of Strategic Management Process

According to ...

We all make decisions or are involved in processes of decision making in our everyday life. These decisions range from basic to complex ones and resources are involved to make best decisions. While other decisions can be made logically and rationally, others are made less consciously depending on different courses of action (Ganegoda, 2008). Decision-making is described as the process where a reasonable course of action that commits the decision maker to the future is selected from various alternatives. This choice is based on the preferences and values of the decision maker and is realized after ensuring all sufficient options ...