Decision-making in Business and How a Business Administration Degree Can Help

Decision-making in Business and How a Business Administration Degree Can Help

To land a job, you have to show potential employers that you are able to meet their expectations. This means that understanding which skills are highly desired in the business world is important. Furthermore, you’ll want to look at universally-appreciated skills – not just industry-specific skills. One of the most important skills you could ever build, one that translates across just about any space, is decision-making.

Decision-making is a crucial aspect of business management and can play a key role in the success of any organization. Its importance cannot be overstated – business leaders are constantly confronted with complex situations and conflicts, and in the business world, these need to be solved or addressed quite quickly and efficiently in order for a business to grow. This key skill could be learned and developed through a quality business curriculum like the accredited associate degree in business administration program that's part of Campus's online community college.

Types of Decisions to Make in the Business World

Business administrators and leaders need to make decisions based on a thorough, well-rounded analysis of relevant data and information. They additionally need to identify and consider the possible risks as well as benefits of each potential decision and figure out the best course of action – all of which should, of course, align with the company’s values and objectives.

Some examples of situations that you may face in the business space include:

  • Select a marketing strategy that would best perform with the company’s target audience
  • Finalize budgeting decisions around what strategies, products, and resources to invest in
  • Address a crisis situation or image conflict as soon as possible

Making Decisions and Solving Business Problems: the Breakdown

These are skills that the majority of employers consider to be must-haves. To run smoothly, an office must have employees that understand their roles and are able to make decisions on their own throughout the day. The ability to make smart decisions to keep business moving is an important one. Additionally, the ability to be problem-solvers is key. It is important that employees are able to solve problems and come up with solutions to common issues without interrupting their work or the work of others.

When employees are skilled in making decisions and solving problems, they are able to take control of even varied roles and responsibilities with relative ease. They become proficient in new areas more quickly because they take the initiative to conduct research and analyze their findings to determine the best possible solution. Some additional in-demand business skills you’d be able to learn through learning how to problem-solve and make decisions include

  • The ability to identify a problem. You might be surprised at just how difficult it can be to find the right problem that needs to be addressed. It is often not enough to uncover just any problem that needs solving; rather, it's important to quickly identify the root cause of a serious issue. The ability to quickly and accurately identify this is a valued skill in the workplace.
  • The ability to propose a solution. Once you find the right problem that needs to be addressed, it is time to find the right solution. This is equally as difficult, and equally as valuable as the ability to identify the problem in the first place.
  • The ability to evaluate options. There will often be a few different options that could potentially fix a problem. An employee skilled in solving problems and making decisions will be able to weigh them and pick the most efficient option available.
  • The ability to implement solutions. Finally, employees that are truly skilled in problem-solving will be able to successfully implement the solutions that they have uncovered.

As you can see, problem-solving and decision-making are skills that encompass a variety of different abilities – and they can all make a highly positive impact in the workplace. Showing them off on your resume and during an interview will then make you a more distinctive candidate for many jobs, thanks to your valuable insights.

Pursuing Business Administration to Strengthen Your Skills

Business administration degree programs provide students with the types of considerations and scenarios presented in this article so that they are familiar with several of the common yet challenging decisions needed to be made within an organization. Students learn about different decision-making models, as well as the tools and techniques used to support the decision making-process.

Students also gain a more comprehensive understanding of the various business functions, including marketing, finance, human resources, and operations. By having a broad understanding of how businesses operate, students can then understand the interconnections between different departments within an organization and how their functions impact one another. In turn, students are able to make more informed decisions. As a final note, business administration students also experience working in group projects and analyzing case studies that can then be applied to their own future experience at a company.

A business administration degree program is a great way to develop problem-solving and decision-making skills and prepare career-focused students for impactful roles in any business.