Table of Content
1.1 Discuss the range of decisions to be taken while starting up the new business.
1.2 Examine the information and knowledge needed to ensure effective decision making.
1.3 Assess internal and external sources of information and understanding.
1.4 Justify recommendations for improvements in information selection and analysis.
2.1 Identify stakeholders for the decision-making process in relation to starting up a new business.
So, stakeholders are important for the decision-making process in relation to starting up a new business.
2.2 Making contact with those identified for developing business relationships.
2.3 Involve those identified in the decision making as appropriate for the new business in the retail sector
2.4 Design strategies for improvement
3.1 Report on existing processes of communication in an organization.
3.2 Design ways to improve appropriateness in communication in the organization.
3.3 Implement improvements to ensure greater integration of the system of communication in the organization
3.4 Creating a personal plan to improve communication skills.
4.1 Existing approaches to collection, formatting, storage, and dissemination of information and knowledge
4.2 Carry out appropriate changes to improve collection, formatting, storage, and dissemination of information and knowledge.
4.3 Implement a strategy to improve access to systems of information and knowledge.
Managing communication, knowledge, and information is very much significant. A company’s development or growth can support this. Lots of changes are occurring in technology as well as communication in modern times. As Maier (2012) notes, the want of the era is important to gain the competitive advantage of other companies (Maier, 2007). Therefore managing knowledge, communication, and information is very much advantageous. To manage knowledge by the accurate use of information and communication is significant.
It is very important for doing daily actions in an effective way. For planning an innovative business in retail part information is needed is given by this assignment. In this case, many challenges have occurred. Also, it provides information on the making of the decision while setting up an innovative business. In the first task, the range of decisions to be taken while setting up a new business is described. Then, the information and knowledge needed to ensure effective decision making is also examined. Internal and external sources of information and understanding are assessed. Then again, the recommendation for improvements in information selection and analysis is also justified.
In the second task, stakeholders for the decision-making process in relation to setting up a new business are identified. After that, making contact with those identified for developing a business relationship is described. Next, decision making as appropriate for the new business in the retail sector is explained.
1.1 Discuss the range of decisions to be taken while starting up the new business
To achieve the company’s objects or goals making a decision is a significant part. The range of decisions has to be taken while setting up a new business. These are given as below:
Senior management– As Kent (2012) notes, for setting up new business decisions want to be taken for the success of the organization by the chairman as well as the chief operating officer who is involved in senior management.
Middle-level management– The recruitment, as well as the selection of staff, is included by it. The decisions of middle-level management delay the development of a company.
Coordinator– The coordinator takes decisions which smooth the working of different sections. These are human resources, finance, as well as promotion.
Departmental heads– According to Ilonen et.al. (2011), decisions concerning the actions enchanting position in their procedures are taken by department heads.
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1.2 Examine the information and knowledge needed to ensure effective decision making
The information and knowledge needed to ensure effective decision making to achieve the company’s objectives or goals while setting up a new business. Awareness of the plans for the future is also needed. Knowledge of different working sections is important for middle-level directors.
According to Bourlakis and Bourlakis (2011), particular employees are getting help with this. Coordinators are in continuous concern with heads of department to get management in actions. For good teamwork, this would be simplified. The knowledge on weekly goals should keep in the staffs’ mind. The company should undertake the planning of total work. As hart (2012) notes, staff that is in the lower stage should be conscious of their duties or responsibilities.
1.3 Assess internal and external sources of information and understanding
For setting up a new business, the major information resource is the online system for the new industry. According to Agnihotri, Rapp, and Trainor (2009), the business’s internal sources that are circulated online are the information’s internal resources. Such as, for starting a new business, the company’s loss or profit, staffs’ salaries or loans, the sales yearly reports, etc. are the information’s internal resources……………..