Business Management and

Technology
BSc Accounting and Finance
Plymouth University

Information

Table of Contents:
IntroductionPage 3
Decision making An integral part of business environment.Page 3
Business Intelligence Environment The major six elements: Page 4
Business intelligence systems Smart five analytical output methods: Page 4
Business Analytics and Business Intelligence An Ultimate Blend: Page 5
Modern Business An amalgamation of intelligent decision making
techniques and knowledge management: Page 6
Teamwork An integral part of group management and decision making:
Page 7
Improving enterprise knowledge in business the phenomenal initiative of
business: Page 7
Conclusion: Page 8
Recommendations: .. Page 8
References: . Page 10

Introduction:
Decision making is an inexorable part of business. A business consists of several
decisions taken by the management clubbed together. With some booming
management rules, customs of public relations and business administration on the
rise, decision making based on psychological terms hold much importance in
business(Burby and Atchison, 2007). Decision making is actually an adept way to
figure out the personality of an individual and taking a decision to facilitate
teamwork in the entire business environment. In order to do that in an apt manner,
several elements of business and management need to be considered.
The entire report is based on an analysis of business management rules. The six
business elements are considered and a better way is formulated to perform the
decision making part in the best possible manner. Business intelligence is also a
newbie term of management and it is considered with great precision in this
particular report. It talks about how business intelligence can be improved.
Decision making An integral part of business environment
Decisions are a part and parcel of every business industry. Decisions are mainly
related to our present goals or our immediate goals(Cokins, 2009). Now, this
integral part of every management is based on three types of decisions we take.
The three types of decisions that are required to be taken in an organization are
business decisions, personal decisions and consumer decisions. If an organization
takes all these decisions correctly, then it is expected to cut a niche in its own field.
A successful business coup consists of the ability of merging these three types of
ability to take decisions.
A business decision is taken to determine organizational outcomes. Generally
speaking, it improves the share of a particular business(Duan and Xiong, 2015). It
increases the turnover of a particular business and it is taken for quick profit
generation. It consists of altering an advertisement or a particular style in business
to generate quick profits. However, consumer decision making puts the customers
in an upper hand. It plans on making a product that would be likeable to the
customers. Such a business idea consists of improving the business to facilitate
long term relationships with the customers.

Personal decision consists of facilitating harmony among individuals to develop a

proper teamwork within an organization. Generally, the decision is taken
considering the personality of different individuals. Psychologically speaking,
people have three types of basic personalities like introvert, extrovert and ambivert.
Business Intelligence Environment The major six elements:
Business intelligence is a newbie term in the modern life. It consists of some ideas
that are linked with improvement of a business in the parlance of marketing.
Unlike other types of intelligence, business intelligence consists of some basics
that are required for improving a particular business(Frederiksen, 2009). Generally,
a good business consists of a deft blend of these six qualities in an organization and
a complete knowledge of the six elements. All business tycoons possess this
knowledge and that is why; they could facilitate success.
The root of all business intelligence is clarity of data. These data consists of myriad
knowledge collected from a specific field on which the entire business is running.
Without having these data, it can be said that the business did not consist of a
proper knowledge(Laursen, 2011). Now, only possessing these data would not
suffice. We need to analyze the same with the help of proper business software.
This software and other paraphernalia associated with the same consist of business
intelligence infrastructure. Moreover, the data thus stored in a complex form is
sometimes simplified into some sort of modern apps and that is known as the
business analytics toolset.
Managerial use and methods is the next part of business analytics. This part
consists of farsightedness of the managers and the people who are connected with
these tools. The delivery platform and the user interface consist of that part of the
software responsible for operating these tools with a proper ease.
Business intelligence systems Smart five analytical output methods:
The entire theory of business analytics consists of a fivefold theory to provide
proper information to real time users. In order to achieve that goal, some smart
software apps are used(Ma, Chen and Wei, 2014). These apps make the job easy
for business developers to manifest proper credibility in business and for ruling out
the non-formal entities. The software is mainly prepared on the different statistical
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rules. These rules mainly form a part and parcel of the business intelligence system
development. The estimation model consists of the first aspect of this software. It
is based on the method of linear regression.
The second part of the software is based on the method of classification
algorithms. These consist of decision tree, cluster, logistic regression and neural
net(Meier, Sinzig and Mertens, 2005). These are different methods on the basis of
which we can classify the data. This classification logically divides the data into its
four types of models. The third type of this software is based on the method of
trusting models. The fourth part of the method of analytics consists of six process
of modeling. The entire process is based on defining, exploring, preparing,
creating, deploying and managing the entire model.
The last method of using the analytics is reverse pivoting. This is also another
statistical method to facilitate proper business intelligent systems. All these
methods can help us develop the complete analytic software.
Business Analytics and Business Intelligence An Ultimate Blend:
The two terms are used quite coherently and alternatively for each other. However,
the two terms have a subtle difference(Zhao, Fan and Hu, 2014). Business
intelligence denotes some specific ability of a person to understand different
aspects of a business. This specific ability helps a person get the ultimate success
of business. Such business intelligence is a must for every individual working in
the management level of an organization(Burby and Atchison, 2007). However,
business analytics denote the software or the app that is prepared on the basis of
business intelligence. It makes the business development, the business analytics
and the business goal quite coherent and automatic.
Business development needs business analytics to prosper. Maximum number of
decisions is taken by machines nowadays. In other words, the decisions are taken
by some smart android apps(Cokins, 2009). These apps are crafted by some
software specialists. The programming is done by keeping all the decision making
aspects of psychology and marketing. Digitalization is the best way to improve
communication and develop faster ways to take decisions. The blend is made by a
proper communication between business management team and software
operations.
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24-hour economy is the latest trend of the modern business(Duan and Xiong,
2015). Nobody can face the dearth of profit in business for a single day. The profit,
loss and the net turnover is calculated on a per-day basis nowadays. All the people
of marketing get their target on a daily basis keeping this trend in mind.
Modern Business An amalgamation of intelligent decision making
techniques and knowledge management:
Management knowledge involves the selling aptitude, selling skills and the method
of improving interpersonal relations within the business. Though it is one of the
important aspects of business administration, yet it uses an important psychological
technique(Frederiksen, 2009). This is called understanding the personality of an
individual to facilitate better communication. There are mainly three kinds of
personality such as introvert, extrovert and ambivert. Now, differentiating of
personalities does not mean that one kind of personality is weaker than the other.
The basic aspect we need to consider here is the strength involved in these three
types of personalities that we find in common parlance.
People who are introvert have a strong sense of imagination. These people can be
involved in operations. However, they are not suitable for sales and marketing.
Sales and marketing involves a direct contact with consumers and it requires an
extrovert personality(Laursen, 2011). However, the people with extrovert
personality have one weakness of not stopping in the middle of their speech. The
people with an extrovert personality do not know where silence speaks more than
just blurted out logical statements. So, ambivert personality is best suited for the
management and operations.
Nevertheless, management knowledge is even important for business. Only
differentiating the personality types is not that enough. We need to get the different
type of analytical knowledge of management. That is the reason; management
aptitude is an integral part for all business administration.
Teamwork An integral part of group management and decision making:
Teamwork is completely a modern concept and it is making every business grow
up in leaps and bounds nowadays. In the previous days, individualism was the
overall concept of an office(Ma, Chen and Wei, 2014). People used to perform
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themselves and they used to come in the good position of the management. The
salary hike was given to those individuals who performed well in office and the
yardstick of performance was the performance. A team performance matters more
than an individual performance nowadays(Meier, Sinzig and Mertens, 2005). The
incentives and hikes come for the team rather than an individual in the modern
business parlance. The businessmen are using the techniques of group psychology
in order to improve communications and overall performance in business.
Decision making is a critical aspect taken care of by judging the psychology and
personality of an individual(Zhao, Fan and Hu, 2014). However, judging group
psychology is a conundrum of the management since times immemorial. Thats the
reason; several management companies have facilitated group discussions on
different issues with the team.
Improving enterprise knowledge in business the phenomenal initiative of
business:
Activity planning is another method to facilitate interpersonal communication with
individuals(Burby and Atchison, 2007). Generally, some commonplace games can
be formulated as an activity within a group. It helps an individual come down on
earth and humility is generated. Nobody can perform an activity game with
complete ease and with total success. As it is a game, so every individual can win
alternatively. This develops better communication within the team as the pride of
an individual is resolved.
After some activity, a generalized topic is kept in front of the group. It is done to
check the analytical mind of the team. The team comes up with different ideas and
comes to a unanimous idea at the end. However, the idea needs to be given after
some small activities are done within the team. Otherwise, it would be of no use
because the team would not come close to one another.
Conclusion:
Business management and administration is a part of psychology. All the business
tips and selling tips are actually made with the help of some common sections
dealing with human psychology(Duan and Xiong, 2015). Psychology is a science
that deals with every aspect of human administration. Analyzing the psychology by
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judging employees with psychometric tests and a psychological counselor was a

method that was very popular in the last decade. However, with changing times, all
these methods had become quite compact with the development of business
analytics apps. These smart apps are designed by taking the idea of psychological
analysis and computer science. The amalgamation of the two had been a wonder
boon for the entire business industry.
Recommendations:
Altering the business environment is a step that changes the motto of an
organization completely. It is somewhat close to changing the constitution of a
particular country. Now, doing that would only become feasible if the decision is
firm and helpful. It can only be understood by considering the business ethics, the
interpersonal relationships and the consumer ethics. The business ethics follow
maintaining the proper harmony among all the departments in an organization, the
interpersonal ethics consist of developing and facilitating teamwork whereas the
consumer ethics deals with the creation of better products for the consumers.
Consumer mentality can be understood only if there is a suitable method to
decipher the minds of the consumers. It is best understood by asking the dealers
and the retailers. The primary information is gotten from them and the secondary
information is gotten from interviewing the consumers directly. Such interviews
are often taken beside a shop or on the way by some people of marketing.
Analyzing the research based on those interviews help an organization grow in the
long run. Analysis of this threefold communication is done in a jiffy nowadays
with the help of smart android apps. After analyzing the data, the decision is made
by the software itself with the help of employees present in the department of
operations.

References:
A new business dimension business analytics.(2011). International Journal of
Accounting & Information Management, 19(2).
Burby, J. and Atchison, S. (2007). Actionable web analytics. Indianapolis, IN:
Wiley Pub.
Cokins, G. (2009). Performance management. Hoboken, N.J.: John Wiley & Sons.
Duan, L. and Xiong, Y. (2015).Big data analytics and business analytics. Journal
of Management Analytics, 2(1), pp.1-21.
Frederiksen, A. (2009). Competing on analytics: The new science of
winning. Total Quality Management & Business Excellence, 20(5), pp.583583.
Incorporating the Predictability of Consequences into a Disruption Management
Framework.(2015).International Journal of Business Analytics, 2(3), pp.0-0.
Laursen, G. (2011). Business analytics for Sales and Marketing Managers.
Hoboken, N.Y.: John Wiley & Sons.
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Ma, Y., Chen, G. and Wei, Q. (2014). A novel business analytics approach and case
study fuzzy associative classifier based on information gain and rulecovering. Journal of Management Analytics, 1(1), pp.1-19.
Meier, M., Sinzig, W. and Mertens, P. (2005). Enterprise management with SAP
SEM/business analytics. Berlin: Springer.
Zhao, J., Fan, S. and Hu, D. (2014). Business challenges and research directions of
management analytics in the big data era. Journal of Management Analytics,
1(3), pp.169-174.

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