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Effective Decision-Making in Business Management: The Role of Data and Analysis

In the realm of business administration and management, effective decision-making is crucial for success. This article highlights the importance of relying on information to inform management strategies. It discusses the concept of "Management by Exception," emphasizing the need to review data and act on deviations from expected performance. Additionally, it covers market research and internal efficiency studies, urging managers to compare organizational metrics against industry standards and local economic growth estimates. Ultimately, it advocates for thorough problem-solving and solution analysis before decisions are made.

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Effective Decision-Making in Business Management: The Role of Data and Analysis

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  1. Business Administration & Management Mr. Bernstein Management Information, pp 284-289 April 30, 2014

  2. Business Administration & ManagementMr. Bernstein Management and Information Don’t make decisions without information Management by Exception – review data, act on exceptions Market Research Internal studies of efficiency Compare your metrics to industry Estimates of local economic growth

  3. Business Administration & ManagementMr. Bernstein Using data to solve problems Make sure you are solving the problem, not a symptom Take time to brainstorm or list alternative solutions Seek information to analyze solutions Only then are you prepared to make best decisions

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