Demystifying the Impact of Decision Making on Business Performance: Decisions That Drive
Joy Moitra
AI Enthusiast and Industry Expert. Health, Wealth and Wellness Advisor. Teaches B-School students.
Table of Contents
Decision Making: The Game Changers Of the 21st Century
2004
Elon Musk decides to focus on electric vehicles and renewable energy in spite of criticism and negative vibes from industry experts.
Today, Tesla is a leader in sustainable transportation and renewable energy solutions.
2005
Jeff Bezos chooses to invest heavily in Amazon Prime and Amazon Web Services (AWS).
His forward-thinking decisions diversified Amazon’s revenue streams, increased customer loyalty, and established Amazon Prime and AWS as major players in their respective industries.
2007
Steve Jobs introduces iPhone into the global market.
His decision upended the smartphone industry and transformed Apple into one of the world’s most valuable companies.
These and many other bold and historic decisions have changed the dynamics of markets, industries, and businesses all over the world from time to time.
Importance of decision making
Why is decision-making important?
How does it affect the top and the bottom line of a company?
How do leaders take crucial decisions?
These, and many other relevant questions are the topics of discussions in numerous forums and global think tanks today.
Decision-making is key to the rapidly evolving and volatile world of business, often known as the VUCA* world.
*Volatility, Uncertainty, Complexity, Ambiguity
It directly impacts the success, sustainability, and health of organizations.
The CEO’s Role in Decision Making
Corporate and other CEOs need to take significant responsibility for making crucial decisions that shape the direction and performance of their respective companies.
Some of these decisions are in the critical areas of:
1. Strategy: CEOs must make strategic decisions about the company’s vision, mission, and long-term goals.
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These decisions drive the organization and guide it towards growth and expansion.
2. Resource Allocation: CEOs decide how to allocate resources, including financial capital, human resources, and time, to various projects, initiatives, and departments.
Effective resource allocation makes an organisation efficient and productive.
3. Risk Management: CEOs assess and manage risks. These include financial risks, market risks, and operational risks.
During a crisis, the individual at the helm must decide how to...
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Senior Managing Director
6 个月Joy Moitra Very well-written & thought-provoking.