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Review information and knowledge needed to ensure effective decision making in an...

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shahinimtiaz2233 | Student, Undergraduate | eNotes Newbie

Posted February 20, 2012 at 12:59 AM via web

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Review information and knowledge needed to ensure effective decision making in an organization.

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readerofbooks | College Teacher | (Level 2) Educator Emeritus

Posted February 20, 2012 at 2:10 AM (Answer #1)

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There are many things that an organization needs to know to make good decisions. In light of this, let me name a few of these points.

First, it is important that a company has knowledge and information that up to date. As you can imagine, the business world changes very rapidly. A day can make a huge difference.

Second, a company must know all that they can know about their competitors. This information is also crucial. In the end, you are competing against other companies. So, the more you know about them, the better you will fare.

Finally, you need to know something about the consumer and market. This information will be what you need to make a profit. Hence, some market research will be essential for any good decisions to be made.

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