Question

What are the risks of technology in decision-making? (NO PLAGIARISM, MINIMUM 300 WORDS PLEASE)

Answer 1

- As we know that in today's scenario, technology is very important for the businesses. If we want to remain in the market or to face the competition we will have to use technology. Technology provides us various opportunities like , it provide timely and quality informations to the decision - makers so that they cantake right decisions on time. Technology also make it easier for everyone to collobrate, or to expand our business.

-But , inspite of it, it also affect the decision- making process of the business. Suppose if a decision- maker has to introduce a new product or to improve the quality of product and he decided to buy a machine for that, but he was confused which machine he would buy, so that the cost of installation is low and returns are high. If he make a wrong decision regarding the purchse of machine, he would have to suffer in terms of high cost.

- Decision-makers need various informations to run a business, or to reach out a good decision and which justify their decision. Information may includes customer records, market trends, employees information. All these informations may reside in varying database within the organisation , however make it difficult for the decision-makers to make right decision because of lack of information.

-Because of technology , globalization , uncertainity in the global environment has increased the complexity of making strategic decisions & choices. Firms have to face competition from domestic and foreign market.

- Due to technology, decision-makers has to change it's managerial functions which they followed. Moreover, employees have to learn new techniques and things , which is very difficult for them , because they are familiar with the old techniques. For this they have to take training and if they are failed, they have a fear of loosing their job.

So, technology has both positive and negative effects.