As a business owner, making the right decisions is crucial for the success of your company. However, decision-making can be challenging, especially when faced with complex problems or unexpected situations. That’s where business decision-making models come into play.
Business decision-making models are frameworks that help guide you in making effective and efficient decisions. They provide a structured approach to analyzing and evaluating different options, helping you choose the best course of action for your business.
To help you better understand these models, here are 10 key terms that you should know:
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1. SWOT Analysis
2.PESTEL Analysis
3.Cost-Benefit Analysis
4.Decision Tree
5.Game Theory
6.Six Thinking Hats
7.Rational Choice Model
8.Force Field Analysis
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9.Pareto Analysis
10.Eisenhower Matrix
Congratulations! You have now learned about 10 important business decision making model terms that can help you make more informed and effective decisions in your organization. From the Decision Tree Model to the Cost-Benefit Analysis, each model has its own unique benefits and applications.
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