Select 1 of the key terms presented in the assigned reading for this module/week on which to research and write. 1 of the key terms presented in the assigned reading for this module/week on which to research and write. Discussion  thread on decision making. Included in discussion thread definition, summary, discussion and at least 3 references. Topics could be on benchmarking, strategic planning, SWOT analysis, or anything related to decision making.

Discussion Thread on Decision Making

Benchmarking

            Benchmarking remains a critical aspect, which most organizations consider vital during the decision-making process. The process mainly incorporates measuring services and products, including the various business performance and process metrics (Watson, 2007). In most cases, it focuses on processes instead of an eventual outcome. Through benchmarking, the organization is likely to identify some areas that have gaps within the organization.

            An organization is likely to incorporate benchmarking process when it seeks to overcome complacency. The same aspect is applicable in business, whereby the benchmarking method comprises four different phases (Watson, 2007). The phases include planning, analysis, assimilation, and action. In other words, the discussion thread usually starts with the planning phase, whereby the team starts by discussing the opportunities and prioritizing them. The second phase mainly focuses on the analysis (Watson, 2007). The two most significant steps during this phase are information analysis and data collection. Unlike most stages, the analysis phase is more involving.

            The team usually focuses on improving the processes through goal setting and devising ways of improving the process. The third phase in this discussion trend is the integration phase, which comprises two different steps. Here, the team communicates the previous phases' findings and gains acceptance based on the discussion issue (Redlein, 2020). After gaining approval, the team will establish new functional goals that will assist the team in moving forward.  The final phase is the action phase, which mainly incorporates three different steps, thus developing an action plan, implementation it, and ensuring that the process remains continuous (Ray,  Kumbhakar, & Dua, 2015). 

            Apart from the discussion phases, which usually explain the benchmarking process, it is also important to note that there are at least three benchmarking processes, which most organizations typically use. The three types include strategic benchmarking, strategy, and performance benchmarking (Redlein, 2020). All the benchmarking types remain critical, especially during decision-making processes within the organization. However, their usage is dependent on the problem type at hand. For instance, process benchmarking reflects on aspects such as comparing performance and understanding external and internal issues. Apart from that, it focuses on finding ways of improving organizational processes (Redlein, 2020). Process benchmarking is different from strategic benchmarking, which mainly compares business models and strategies to strengthen the company's strategic planning. Finally, performance benchmarking incorporates information collection based on how the company is performing against specific outcomes (Ray, Kumbhakar, & Dua, 2015). 

            From the analysis, it would be justifiable to state that benchmarking provides the organization with an effective platform where teams can discuss critical organizational issues and reflect on how the issues could influence the organization.