Decision Theory in Business
Theory can offer many things to the researcher. It can be used to explain phenomena, generate hypotheses and suggest additional directions for research. In turn, the results from research can be used to refine existing decision theory.
Decision theory dictates that the nature of business research and management consist of features that have influenced its methods and approaches. Business management has had some tension that has been in existence for a long period of time due to its qualitative and quantitative methods. With time there has been an increase in business management emphasis on its measurement, hypotheses and the statistical analysis that has been on an increasing trend of acceptance due to the advancement of the management in business operations. Business management has a philosophical logic behind it in that it comprises of different elements in order to make it work (Easterby-Smith, Thorpe & Jackson, 2012, p.3). Writers who offer management case study help at Edudorm essay writing service notes that with civilization of the business in today’s world management practices have become wider due to the large scale activities of the organization and diverse in order to achieve effectively and efficiency without comprising the overall objectives of the business. According to decision theory, the entrepreneurial skills have played a great role in business and management operations that have led to the establishment of business schools in order to pass techniques and knowledge that is required in the business world (Easterby-Smith, Thorpe & Jackson, 2012, p.3).
In any business or project motivation make things happen. This is because it is the backbone of any project as things will be performed with great zeal and perfection. According to decision theory, intensity is one element of motivation that helps and individual to achieve certain goals based on the project. This refers to hard-work and dedication as it is greatly dependent on personal goals and rewards making the team members aim higher. Direction is another element of motivation that is equally important as it makes an individual to be well channeled on their responsibilities and how they should achieve them. Having a clear channel to flow motivation triggers the effort in order to have the right emotions so that the whole process can be well-directed and more effective (Easterby-Smith, Thorpe & Jackson, 2012, p.4). Experts who offer strategic management assignment help at Edudorm essay writing service indicates that persistence is another key element of motivation that enables one to be persistence enough so that they can achieve desired results which are not simply by working hard and in the right direction. It takes some time to be successful and persistence measures the period of time that a person can be motivated. Goals can be achieved alongside intensity and the right direction so that an individual can be completely determined and be committed to their objectives in the project teamwork (Easterby-Smith, Thorpe & Jackson, 2012, p.4).
Decision theory offers a mathematical insight of optimal decision making that is between various options that involve different expectation and risks that are of gain or loss depending on the decision outcome Easterby-Smith, Thorpe & Jackson, 2012, p.4). The theoretical framework of the decision theory is based on underlying choices that are made as they have different impacts. The decision theory is analyzed by the possible irrational agents who actually make the decision as it is greatly concerned with the choices of the individuals due to its interdisciplinary topic. It is supported by the economists, the social and political scientists, statisticians and philosophers due to its normative and descriptive nature that identifies the best decision (Easterby-Smith, Thorpe & Jackson, 2012, p.5). Authors who offer operations management assignment help at Edudorm essay writing service points that the decision theory is important as it is supported by techniques that can be used to evaluate the external factors forces and the impact it has on the corporate strategy. The quantitative methods used in the decision theory supports the ideology of the theory due to the model-building that is dominant in business schools.
The theoretical frameworks of the decision theory are useful to a research due to its key feature of optimizing decisions through analysis. The analysis will include both explicit and tacit skills in the research involved as it will assist in developing knowledge and formal skills through various trials of working with others and being able to pass on the skills (Easterby-Smith, Thorpe & Jackson, 2012, p.6). Tutors who offer business development assignment help at Edudorm essay writing service acknowledges that it is also beneficial as it passes on important qualities of the researchers through own experience and the external sources. The adoption of this strategy is important due to its progressive nature of specific skills and the core qualities which are important to any form of research. With this form of strategy, specialization starts to creep in due to the primary quantitative path that yields high skills in areas of sampling, survey and statistical sampling that applies in coding, interpreting of a transcript, making field notes and views in a more better way (Easterby-Smith, Thorpe & Jackson, 2012, p.7).
By the adoption of the decision theory framework through the mathematical analysis of there will be a change on how the research will be conducted. To begin with, the supervision of the research will be subject to change due the technical guidance required on the research activity (Easterby-Smith, Thorpe & Jackson, 2012, p.8). This is because the project will have added challenges hence the division of tasks and coordination is required. The supervisors will need to be realistic in deadline setting due to the nature of work. Mentors who offer project management assignment help at Edudorm essay writing service recognizes that the research will also change to due to the encouragement of the responsive nature of autonomy and independence required. Support of the group required in the research has to be adjusted to supervisors with experience in the field in order to facilitate a smooth process. This goes beyond the existing knowledge in the course of the project in order to overcome the challenges in a more professional manner (Easterby-Smith, Thorpe & Jackson, 2012, p.9). With the changes there will be a new style and creativity will be enhanced to yield a more successful research work (Easterby-Smith, Thorpe & Jackson, 2012, p.10).
Reference
Easterby-Smith, M., Thorpe, R. & Jackson, P. (2012). Management research. 4th ed. London: SAGE Publications.
