Peace Essentials is one of the proposed businesses in this assignment. It is a new start-up and a new little and standard sized entrepreneurship industry. Peace Essentials is a business which is London based. The planned business is organized by two brothers who will invest in the market. This market is now set up to increase its business in Italy. The original financial plan of the chosen business is £200,000. The main products are Islamic clothing, Islamic books as well as alcohol-free perfumes and fragrances (Peace Essential, 2016).
The outlook of Peace Essentials is to be a managing seller in the Muslim society of India and in the Islamic clothing business. The aim of Peace Essentials is to give superior products with excellent and integrity service of the customer.
Task 01-Assess information and knowledge needs
1.1 Discuss the range of decisions to be taken
Interpreting the information and good information accurately are essentials to improve business performance. As a result of this many companies apply a specialist to receive accurate decisions. Helps like technologies to remove the data for good study can be efficiently applied. Companies attempt to instruct their organization for better making of a decision and even give them helpful surroundings to receive decisions without slate their actions. The decisions in a company may be several kinds are described as below:
Programmed Decisions: Pease Essentials need to make many decisions maintaining particular schedules.
Non-Programmed Decisions: Peace Essentials need to make many decisions without maintaining any schedules.
Strategic Decision: Peace Essentials need to make many decisions based on strategies for businesses.
Tactical Decision: finally, Peace Essentials make many middle-class which are made by the manager or line managers.
Our Recommended Resources:
1.2 Examine the knowledge and information needed to ensure effective decision making
According to Fisher (2010), knowledge and information required for a new and small business like Peace Essentials play an important role. This is because to run the business and gain sustainable competitive advantages the business needs to gain enough knowledge and understanding, skills, and expertise.
In addition, a business needs to have the capability and capacity to face any major changes, for which the business needs enough knowledge and understanding. Then, a business must have abilities and enough information and knowledge in making a decision for the business. In a word, available knowledge and information are essentials for a business to gain organizational goals and objectives.