Making Business Decisions

Prof. Dr. İbrahim Kavrakoğlu

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Making Business Decisions is a concise treatment of the subject analysing the decision problem associated with the vast variety of business situations. Intended both as a textbook as well as a guide for profğssionals. Each decision situation is reducet to: economic benefit (or loss); the time dimension, and the degree of risk associated with each alternative. Economic gain or loss is expressed in terms of a "cash flow", which cash likes monetary worth as a function of time. The cash flow is then reduced to a single criterion of worth, by using the time value of money. Every business decision is taken with the objective of some kind of economic gain, or profit. Usually the greater the profit, the higher the risk. The decision problem is one of reconciling profit with risk. Such a process is necessarily dependent of the perceptions of the decision maker vis-a-vis the "utility" of the profit risk combination for each available alternative.