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Decision Making and the Implication of Change
This paper will briefly identify, summarize and evaluate the ideas presented by Alfred D. Chandler Jr. He presents a solid analysis and in-depth look at the elements of modern decision-making and how change has influenced this practice over time. He shares his own personal experiences as an historian and analyzes how history has affected his choices in life. Chandler spends a great deal of time looking at the history of American Economics. He does not really say how the past will predict the future of the business world but he does reflect on what will influence change. He focuses more how if one looks at economic history, one can see an evolution or progression toward modern business practices.
This paper discusses the factor of change and its role in decision-making. In many ways, at the business level, decision-making is much like strategy as it can be complex. One must weigh out different factors and assess risk in order to have a fair idea if a decision is worth making. Chandler presents a strong argument that the evolution of economic decision-making is important for historical documentation purposes but he does not elaborate on other aspects.
Review and Analysis
He explains clearly how the Industrial Revolution spawned today's modern globalized market and corporate America's need for highly structurized organizations. I agree, today's business practices did not emerge overnight and it is clear the act of decision-making has played an enormous role in this shift. However, I believe his viewpoint is male gender-centric and dated. He does discuss the idea...
In this day and age, we know this to simply not be true. I believe one reason the way of doing business has changed is because of women having influence over certain decisions within a company. It is a shame he fails to mention this factor but then again, this article reflects the time in which it was written. It would be interesting to know how he sees the role of women today in the modern economy.
The element of change has played a far greater role than expected. I believe this shift will continue and not focus so much on corporate America but on smaller, independent firms and also contractor/freelance demographics. These segments will explode over the next ten years as more employees become disillusioned by American corporate culture. Today's small businessperson carries a greater amount of responsibility on their shoulders but due to recent poor business practices, one cannot help but sense an air of distrust for corporate America. One wants the control of taking care of one's own businesses. The possibilities for these segments are endless due to new technologies in telecommunications like video conferencing and the role of globalization within the market. It is a smart strategy for businesses to take advantage of the changing times. The paragraph below will look at a few of Chandler's points and look to new ideas for fuller analysis.
Chandler does discuss many factor of change such as technology's affect on mass marketing, production and the velocity at which larger companies fulfill. He comments, "the expanded speed…
End Note
1 Chandler, Alfred D. Jr. "Decision Making and Modern Institutional Change,"
The Journal of Economic History 33 (1973): 1-15.
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