Module 2: Business Decision Making

Business Decision Making

Business decisions are not made randomly. Making informed decisions requires researching and analysing the current business environment.

Sources for data collection

Data collection sources can be primary or secondary. Primary research is new research. Secondary research is research that already exists.

You can remind yourself about the sources of data collection by following the link:

Market research methods and their uses

Storing information

It is vital that businesses understand their responsibilities when it comes to storing information that comes from research. There are regulations relating to how and for how long data can be stored. It is important to treat data carefully as the loss of personal data can have serious consequences.

Watch the video to learn more:

Analyse, compare and evaluate data to predict outcomes; propose sensible alternative decisions and justify solutions.

Rigorous analysis of data enables businesses to make the best decisions with the available information. There are a number of tools available to analyse information and businesses use them to ensure they are looking at the current situation as well as considering all the factors that could affect the decision. There are several business models that make the process more manageable.