The aim of this work is to summarise experience of managing a Essay

The aim of this work is to summarise experience of managing a simulated business with the Sim Venture software. This assignment - Essay Example Decisions made are followed to realize the desired outcome in the organization. This paper gives a summary of experiences gained when managing a simulated business with SimVenture Software. A discussion of business decisions and their significance in a real business is explained. 2. Description  of  the  key  business  decisions  faced. There were different decisions that were encountered. Strategic decisions are related to the overall goal of the organization and give direction to management. They are unique and made once. They are not repeated often because they remain as the preserve of the top management. The decision for an organization to adapt a business customer centric is an example of a strategic decision. High level employees collect and analyze necessary information before settling on a strategic decision. Strategic decisions are made to be implemented over a long time (Harvard Business School Press, 2001, p. 2). Tactical decisions are made by middle level man agers. Using the knowledge they possess and addition information from various sources they base their decision on their analysis. Tactical decisions are used in the management system because their process is repeated many times in the business. Policies concerning pricing and discounts may be part of tactical decision making. Tactical decisions are created to manage performance so that the overall goal is maintained. Operational decisions are made by the employees at the lowest level. They are made very often, for instance when an employee is selling a product to a customer. Operational decisions are made daily and accumulations of the decisions reflect tactical decisions together with strategic decision in the end. Operational decisions are guided by developed rules that led to the appropriate choice. Micro decisions are similar to operational decisions. Operational decisions apply to all the customers while micro decisions are designed for specific customers. Micro decisions take into consideration the existing information and predict on possibilities when making decision on a particular customer. Financial decisions are inevitable when in business. Financial decisions are made by the owners and the top most managers of the organization. At the initial stages of starting the business, the owners find different avenues where they can source funds. They then identify the most important sources and pursue them. When the business grows financial decisions are concerned with the management of cash flow. Moreover, business financial decision could be made to purchase new assets. The business owners may require the expertise in accounting and financial matters to pursue certain ideas or get insight. Another important decision is about the structure of the business. Business structure decisions makes a business individually owned, a partnership or a limited liability company. The different structures get different treatment when it comes to liability, sharing of the profit and losses, and taxation. The legal structure is important because it dictates who is responsible for making decisions (William, 2001). The business relies on human resources to get the work done to realize the goals. Human resource decisions