A Review and Analysis of Current Decision Making Theory

A Review and Analysis of Current Decision-Making Theory Research Paper
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A Review and Analysis of Current Decision-Making Theory Research Paper
Decision-making plays a crucial role in every aspect of people's lives. It impacts individuals' lives, companies, professional experiences, and even the country. As a result, people's life outcomes are influenced by the decisions they make that are more influential than issues like people's region of birth, demographics, and socioeconomic status. The decision-making process comprises assessing the alternatives and chances available for grabs, listing them, and taking the most significant action. Usually, individuals are motivated to make decisions that comprise different significance levels every single day of people's lives. Part of these decisions may include tiny, innocuous, and domestic concerns, while others cause bigger influence or magnitude, impacting other people's livelihoods, wellness, and lives. It is thus vital to ensure the entire decision-making process is effectively and efficiently undertaken to alleviate the likely errors.
Inconsistent decision-making can cause unwanted and annoying effects on the lives of people, companies, and the country. As a result, people embrace more consideration and time when intending to make a decision. Normally, it is infrequent to find a person making a life-changing decision faster. In most instances, many people take their time to evaluate available options and potential implications and the results which could rise from the choices made in the long term. This similar instance is also right for an organization that involves its management and elite team's collective efforts to evaluate the directions a company should embrace by effectively considering the options available.
Unsurprisingly, even intelligent company leaders can make inconsistent decisions irrespective of their best intentions and the data provided. Thus, it is important to consider an in-depth analysis of the decision-making process before making final choices. The articles available in the KU online library reflect on several decision theories that management applies when making decisions. The discussions in this work concentrate on identifying scholarly articles responsible for addressing the issue of current decision-making approaches in a company. The paper will pay attention to business-associated items which describe the decision-making process and approaches.
Responsibility of Fiscal Aspects in The process of Making Decision
The article focuses on the responsibilities of fiscal policies in financial decision-making. This phase comprises investment decisions like investing in new production facilities, acquiring new firms, and financing decisions (Kothari, 2017). In most cases, fiscal policies are the government's tools to influence the country's economy. These undertakings mainly include alteration to government spending and levels of taxation. To stimulate growth, taxes are decreased, and spending is surged, mainly comprising borrowing through offering government debts. The effects of fiscal policies are different for every person.
Based on the political orientations and objectives of the policymakers, reducing the tax can impact the middle-class people, the country's largest group. The government then applies fiscal policies to minimize taxes or surge spending on different programs. The key models elaborated in the article are integral and can assist learners in gaining skills and knowledge and developing competence in different subjects such as risk management, accounting, finance, tax system, and information management (Springer Publishing Company 2019). Because of the cognitive aspect of the benefits of the role of fiscal policies in making decision process, and its legal system's knowledge, it is being adopted in the curriculum of most higher learning institutions. This article argues that the decision-making process is considered by the local and international traits of managing an organization.
Moreover, it applies tax stimuli and the government's provision to the same. Other parts of the fiscal unit are important parts of an organization's management (Springer Publishing Company 2019). This year's syllabus tends to shed light on various taxation domains. This learning aims to analyze a user's benefits to obtain a superior profitable tax system. Moreover, this learning aims to educate future managers to embrace a comprehensive command as long as these choices are concerned. This study also reviews and analyzes various themes such as take-over purchases, types of companies, and transferring fiscally adventitious forms of extra profits.
Human Resources People and Partnership
This paper addresses the decision-making process of human resource individuals tasked to enhance the performance and productivity of an organization. The article purports that human resource functions comprise strategic roles that comprise knowledge retention and succession of the management. In most cases, the management of organizations utilizes various concepts of making decisions and theories to motivate the organizational functions that effectively enhance and transform important decision-makers. On the other hand, it assists a company to comprehensively run its activities to realize its goals and objectives efficiently and effectively. The concepts provided in the research paper are essential to learners since they learn different ways to realize their career goals and aims. For example, human resource analysis enables a business student to understand methods of mitigating challenges caused by human resources, affecting the effective running of companies' activities. Various concepts discussed in the research paper related to those concepts learned about human resources functions in fueling the efficient running of human resources activities in an organization.
Based on the application of human resources, the article asserts that organizations make decisions related to human resources depending on the size and nature of the company. Also, the company's performance is driven by the human resource management's decision to recruit, select, and train workers. On one end, training programs assist the workers in managing their roles independently or in teams, depending on a greater knowledge of the processes and well-defined objectives. Furthermore, offering training is vital as it reduces turnovers that can disrupt the daily activities of an organization. The company can also re-emphasize its objectives to address issues such as inclusion and diversity in the workplace. With effective decisions, employees develop a key aspect of the company by assisting in running different organizational activities. Therefore, it is important to make the right human resource decisions to ensure the company's undertakings run smoothly.
Transcultural Competence: Navigating Cultural Differences in Global Community
The KU online library article discusses the issue of competence in business. The topic has discussed content related to the unit of fiscal tax and planning system, which addresses several topics in the field of microeconomics (Glover et al., 2015). Some of these topics include poverty, economic growth, financial crisis, and globalization. After completing this reading, the students should be well-prepared to compare theory and practical competence. On the other side, they should be prepared to familiarize themselves and understand their importance and economic, social growth and development. Furthermore, they should know to examine economics and their competence level. The literature analysis is interested in helping readers study and survey collective decision-making. During the learning process, being part of fiscal elements is crucial as the student will be equipped with knowledge related to economic policies and factors associated with budgetary items. These factors are subcategorized into internal and external factors. External factors, including law, are issues outside the management's ability to impact. Alternatively, the internal factors are factors within the organization setting, such as ideological sourcing. Understanding these factors and how they influence the organization will help the students make informed decisions.
The Impact of Accounting Information on Management’s Decision-Making Process
An organization becomes functional whenever the right decisions are made. A company's management makes the best decisions by considering numerous available data and information. The research article addresses the case of management accounting, which can be explained as measuring, identifying, accumulating, analyzing, and communicating information to help the companies' executives meet the company goals. Usually, management accounting indicates that the accountant plays a critical role in providing guidelines that assist in making decisions by the management. Notably, the information obtained from accounting information is vital in making the right decision. Nevertheless, advocating inappropriate choices can cause a decline in the company (Jossey-Bass, 2016). This process demonstrates that accounting information is vital for making decisions concerning management.
Additionally, the article discusses how economic systems depend on evidential data regarding the economy. Accounting information is the most necessary data for an organization (Jossey-Bass, 2016). One reason why accounting information is the most essential is because it provides records of business transactions. This data keeps records of the business's financial information, which is useful in enabling users to analyze and compare the organizations' performance over a given period. Furthermore, accounting information is vital for the management to make decisions for improving operational efficiency. Accounting information is also important because it helps the organization meet the legal requirements. Tax authorities use standardized accounting financial statements to evaluate a business's stated net income and gross revenue.
The accounting information is also essential to the company’s management and third parties. For instance, donors, shareholders, and other financiers depend on accounting information to authenticate the firm's capability. As a result, managers should consider obtaining information in formal and informal decisions. Obtaining accounting information would help the managers make the firm's most effective choice (Jossey-Bass, 2016). This research paper is integral to the learner as they will gain knowledge involving accounting information. They will be aware that a company needs to have accounting information at hand when making any decisions.
Business Process Management and Information Systems Design
The literature review of the current decision-making theory offers learners an understanding of the gaps among different research. Accounting information systems are considered to be a subsystem of management information systems. More importantly, the basic accounting theory was discovered in 1966 by the American Institute of Certified Public Accountants (AICPA). This national organization is today tasked to set ethical standards to facilitate professional and auditing standards for audits of nonprofit organizations, private companies, and local, state, and federal governments (BarCharts, Inc., 2015). It claimed that accounting involves the practice of the general methods under the Management Information Systems (MIS). Notably, the growth of microfinance institutions needs informed decisions and good strategies, all of which demand effective MIS (Ashta et al., 2015). The accounting theory study entails a review of the historical foundation of accounting practices and how accounting practices are altered and added to the regulatory framework governing financial statements and reporting. The conceptual framework ties all theories of accounting for accounting. Accounting theory is considered logical reasoning critical in evaluating and guiding accounting processes. The most integral aspect of accounting theory is its usefulness. This means that all financial statements should provide integral data that financial statement scholars can use in making business decisions.
Furthermore, accounting theory is typically flexible to ensure it produces efficient financial information irrespective of legal environment changes. Apart from its usefulness, this theory claims that all accounting information should be relevant, comparable, reliable, and consistent. It should also adhere to the United States Generally Accepted Accounting Principles (GAAP) responsible for making accounting r...