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Inter-Disciplinary Knowledge and Business Decision Making

The document discusses the importance of interdisciplinary knowledge for business decision making. It outlines the key departments in a business organization, including finance, accounting, marketing, management, IT and research. Effective decision making requires considering all relevant disciplines. The roles of planning, organizing, staffing, directing and controlling are important administrative functions for meeting organizational goals. Different types of business decisions are also outlined, from programmed to strategic decisions. Finally, the document states that having proper interdisciplinary knowledge is important for making decisions in business.

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Hassan Mohammad Rafi
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15 views

Inter-Disciplinary Knowledge and Business Decision Making

The document discusses the importance of interdisciplinary knowledge for business decision making. It outlines the key departments in a business organization, including finance, accounting, marketing, management, IT and research. Effective decision making requires considering all relevant disciplines. The roles of planning, organizing, staffing, directing and controlling are important administrative functions for meeting organizational goals. Different types of business decisions are also outlined, from programmed to strategic decisions. Finally, the document states that having proper interdisciplinary knowledge is important for making decisions in business.

Uploaded by

Hassan Mohammad Rafi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Group 9

RIPON DHAR 12303036


ASIF NAWAZ CHOWDHURY 12303086
MD. ARIFUR RAHMAN 12303045
MD.MOHSIN 12303029
LUTFUR KABIR 12303069

Inter-disciplinary Knowledge and Business Decision


Making
To run a business everyone must have inter-disciplinary knowledge. Inter-
disciplinary knowledge means the knowledge of different departments in a
business organization.

The different disciplines of a business are discussed in the following manner-

1.Finance Department:

Finance is the root of business. It is also called as blood transfusion of


business. The finance department is supposed to collecting fund for the
business. It also control the in flow and out flow of fund in the organization.

2.Accounting Department:

This department keep the documents of all transaction of the company. It is


supposed to compute all kinds of revenue and expenses, assets and liabilities
and doing all kinds of computation of business transactions.

3.Marketing Department:
After producing goods the most important work is to market the goods for
selling to make profit. This department is for making the all arrangement for
sale and ultimately sale the goods.

4.Management Department:

Management means managing the 6Ms(Man, Machine, Materials, Money,


Market, Method) of the company. This department is supposed to managing
all the 6Ms tactfully to Reach the goal of the business organization.

5.IT and Research Department

: This department works for technology development and strategy


development for the business organization. For doing business in the
competitive business world the role of this department is so important.

There are so many departments also like; Purchase dept., Petty-cash Dept., HR
Dept. and so on.

The role of this discipline in business decision making are discussed here-

Decision making (decision from Latin decidere "to decide, determine," literally
"to cut off," from de- "off" and caedere "to cut") can be regarded as the mental
processes (cognitive process) resulting in the selection of a course of action
among several alternative scenarios. Every decision making process produces a
final choice.[1] The output can be an action or an opinion of choice.

Effective dsecision-making is commonly understood to be an essential skill for


business leaders. Whether it’s a learned skill or a natural talent, making good
decisions can put a business owner on the path toward long-term success.

Administrative functions Administrators, broadly speaking, engage in a


common set of functions to meet the organization's goals. These "functions" of
the administrator were described by Henri Fayol as "the 5 elements of
administration" (in bold below).

•Planning - is deciding in advance what to do, how to do it, when to do it, and
who should do it. It maps the path from where the organization is to where it
wants to be. The planning function involves establishing goals and arranging
them in a logical order. Administrators engage in both short-range and long-
range planning.

•Organizing - involves identifying responsibilities to be performed, grouping


responsibilities into departments or divisions, and specifying organizational
relationships. The purpose is to achieve coordinated effort among all the
elements in the organization (Coordinating). Organizing must take into account
delegation of authority and responsibility and span of control within
supervisory units.

•Staffing - means filling job positions with the right people at the right time. It
involves determining staffing needs, writing job descriptions, recruiting and
screening people to fill the positions.

•Directing (Commanding) - is leading people in a manner that achieves the


goals of the organization. This involves proper allocation of resources and
providing an effective support system. Directing requires exceptional
interpersonal skills and the ability to motivate people. One of the crucial issues
in directing is to find the correct balance between emphasis on staff needs and
emphasis on economic production.

•Controlling - is a function that evaluates quality in all areas and detects


potential or actual deviations from the organization's plan. This ensures high-
quality performance and satisfactory results while maintaining an orderly and
problem-free environment.

decision-making in business
One part of the answer is good information, and experience in interpreting
information. Consultation ie seeking the views and expertise of other people
also helps, as does the ability to admit one was wrong and change one’s mind.
There are also aids to decision-making, various techniques which help to make
information clearer and better analysed, and to add numerical and objective
precision to decision-making (where appropriate) to reduce the amount of
subjectivity.
Managers can be trained to make better decisions. They also need a supportive
environment where they won’t be unfairly criticised for making wrong
decisions (as we all do sometimes) and will receive proper support from their
colleague and superiors. A climate of criticism and fear stifles risk-taking and
creativity; managers will respond by ‘playing it safe’ to minimise the risk of
criticism which diminishes the business’ effectiveness in responding to market
changes. It may also mean managers spend too much time trying to pass the
blame around rather than getting on with running the business.

Decision-making increasingly happens at all levels of a business. The Board of


Directors may make the grand strategic decisions about investment and
direction of future growth, and managers may make the more tactical
decisions about how their own department may contribute most effectively to
the overall business objectives. But quite ordinary employees are increasingly
expected to make decisions about the conduct of their own tasks, responses to
customers and improvements to business practice. This needs careful
recruitment and selection, good training, and enlightened management.

Types of Business Decisions


1. Programmed DecisionsThese are standard decisions which always follow
the same routine. As such, they can be written down into a series of fixed steps
which anyone can follow. They could even be written as computer program

2. Non-Programmed Decisions. These are non-standard and non-routine. Each


decision is not quite the same as any previous decision.

3. Strategic Decisions. These affect the long-term direction of the business eg


whether to take over Company A or Company B

4. Tactical Decisions. These are medium-term decisions about how to


implement strategy eg what kind of marketing to have, or how many extra
staff to recruit
5. Operational Decisions. These are short-term decisions (also called
administrative decisions) about how to implement the tactics eg which firm to
use to make deliveries.

Last of all we can say that to take decision in business we should have proper
inter-disciplinary knowledge.

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