Decision Making Structure

Decision making is one of the most significant aspects in a company because it summarized its culture, its set of beliefs and management practices. In business decision making focuses almost exclusively on the financial perspective, leaving aside relevant factors associated with the situation to be resolved. This enterprise-level drastically decreases the ability to maneuver successfully and adequately address the challenges of the market and competition. The day to day business, whether they are public or private, focuses on decision making. The decisions are not reversible, involve risk, their effects are long term and have a decisive impact on the survival of businesses. Knowing its importance within them, decisions are not always made by using methods, tools and procedures. Companies invest little in mechanisms for appropriate decision making. The wrong decisions have a decisive impact on the survival of businesses.

There is a completely different from the traditional managerial decision-making in business way. You can now work decisions using models and mathematical structures that allow multiple criteria incorporate both quantitative and costs or time, for example as well as qualitative risks that would come to be, goodwill, political, environmental, social, labor impact etc. This allows you to make decisions of higher quality, fully supported with better criteria and quantifying risks and greater benefits in time and money for your company.

What is Decision Analysis? 
Decision Analysis is a discipline that studies the structure and attributes of a decision problem that involves risk. Unlike traditional methods, Decision Analysis is an approach that provides methodology and mathematical models to solve a decision problem in a structured, evaluating potential solutions based on criteria inherent in the problem, and incorporating the preferences of the decision maker.

Advantages and benefits of Decision Analysis: 
• Applicable in a variety of business situations and individual privacy decisions. 
• Incorporation of multiple quantitative variables. 
• Inclusion of risk. 
• Add the decision maker's attitude toward risk. 
• formal and rigorous for decision making methodology. 
• Take high-quality decisions. 
• Increased competitiveness in your business.

It is a private or public company, industrial, commercial, technological, consumption, financial sector, among others, Decision Analysis can successfully address situations involving decision making:

• Vendor Selection: Based on your requirements, selects the most appropriate supplier or suppliers. 

• Project Evaluation: assessing the risk, cost and benefit associated to the decision options related to multiple projects such as selection of infrastructure, technology, machinery, distributors, among others. 

• Selection, Qualification and Promotion of Key Personnel: focused to Human Resources business, which should lead to the recruitment, assessment and recognition of key personnel of an organization, such as senior management, financial, operational, technical, etc. . 

• Marketing Decisions: Marketing allows businesses to fulfill the needs and requirements of customers. Its obligation to achieve value for the owners of the company and form a major part of the business strategy of it. 

• Evaluation of Business Policies: company policies guiding and focusing the efforts of a company to achieve its objectives. 

• Developing Market Strategies: aims to determine the markets that will serve the company, along with the mechanisms used for this purpose. 

• Location of Facilities: Allows the strategic location of manufacturing plants, offices, warehouses, retail outlets or in general, facilities related to the operation of the business, maximizing profits. 

• Resource Allocation: makes a distribution of resources among the different areas of your company to perform efficiently.

Business Trips

One of the most exciting things about launching your career is being given the opportunity to attend a conference or seminar outside the office. Typically, when you are asked to go on business trips, you are given opportunities to further some important company business relationships. Being sent on business trips also reflects the growing confidence your managers have in your abilities.
Every year, there are thousands of conferences, seminars and training sessions taking place and while these are fantastic avenues to advance business goals, they can also be a breeding ground for career disaster. Here are some guidelines and suggestions to make the most of your business trips for yourself and your organization.

1- Purpose
Business trips are called business trips for a reason: There is a definitive reason why you are heading out of town. Most commonly, you will be asked or offered the opportunity to attend a conference or trade show. In addition to the request to attend, a clear set of expectations should be provided to you. For example, there may be a certain client you are to meet and a certain presentation or message to give. In a trade show, you may be sent to learn about new vendors or suppliers and start the exploratory dialogue. 
In the event of finding a conference you feel will be helpful to the company, you will need to present a clear business case about why you are going and what you expect to accomplish while you are out of the office. Do not use a business trip as an excuse to meet up with friends on someone else's dime or to research other job opportunities. Since someone else is paying for your excursion, make sure you accomplish what is expected of your first.

  2- Expenses
Its is typically standard operating procedure for the company to pay for all expenses related to your business trip, including conference registration, hotel, airfare, rent car and meals. First, note that your company's accounting department will often require you to put the bulk of your trip on your credit card and then submit your receipts for reimbursement. you may find it rough putting several hundred dollars on your credit card and waiting 15 to 30 days for a reimbursement, but that is usually how it works, so plan accordingly.
Additionally, your company likely has rules on limits for reimbursements. Granted, the company is paying for your meals, but a 200$ dinner at the nicest steak restaurant may end up being a violation of your company travel and entertainment policy. The best approach is to be respectful and logical about what should be expensed. if you feel something is a little over-the-top or not covered, immediately call your manager at work to confirm or hold off on the purchase.

3- Preparation
The excitement of being asked to go on your first business trip might make you forget that you still need to make preparations so that the trip is productive. If you are tasked with tracking down your own hotel and travel arrangements, look for accommodations that make it easy for you to attend your meetings. For instance, If the price is right, staying at the hotel at the conference venue might be better than the cheaper option halfway across town. If you have meetings in various locations, weigh the options of renting a car versus taking a taxi everywhere.
If you are visiting another country, you should take some time to brush up on the local customs and practices. As things relate to your meetings or requirements, If you need an internet connection to make a presentation, make sure you have Wi-fi availability. In short, consider all of your needs and requirements and have an effective plan to keep your trip productive and running smoothly.

4- Travel Partners
While being asked to go solo to a conference is commonplace, many times you will find yourself attending with coworkers. Additionally, it may also be a convenient time to bring your spouse or significant other for an extended weekend. In the case of a same-sex a hotel room to help conserve finances. in the event your professional accomplice is of the opposite sex, in all cases, act professionally and respectfully.

5- Sightseeing
While out of town, it can be very tempting to go sightseeing, particularly if this is your first time visiting an area. Besides, when is the next time you are ever going to be here again, especially with someone else paying for it? Remember: You have been sent for business first and not to build your own tourism photo album. Even if you get through all your meetings and research, reporting that you had some time to check out the local scene and attractions might be interpreted as not having enough on your plate. If you are bent on sightseeing, consider mingling business with pleasure. A business meeting at the award-winning golf course might make sense. IF that is not prudent practice, however, you may be able to stay an extra day or two especially if those days are weekends to satisfy your sightseeing urge.

  6- Partying
When you are attending a conference, you may be expected to provide entertainment for some of your clients. This might include golf outings or dinners. First, if this is expected of you, refer to your company's policy on appropriate limits and venues. For instance, hitting up the fanciest steak restaurant in town might provide a good image, but it may be out of bounds.
You should always keep an open mind for what business opportunities may come your way. It might make sense to have dinner with a new contact you met at the trade show to discuss some ideas in grater detail. You are there for business first, and of course, your behavior on these trips is crucial. You wouldn't want word of your drunken strip-club fiesta t make it back to the office.
Venturing out on your first business trip is exciting as it is an indicator or the trust the company and your managers have in you. But, just as any business assignment does, it also comes with responsibility. You should act accordingly by accomplishing your business objectives by offering a professional, prepared image after all, you are representing your company. Also, you should definitely enjoy yourself, and by respecting your employer's needs, opportunities for enjoyment outside the business arena should emerge.


7- Business Trip Report
Business trip reports are a widely used element of organizational communication. They are usually sent to a supervisor or to a group of associates to describe a business trip. Write useful business trip reports that provide details on the purpose of the trip, what you did, what you learned and what recommendations you have for the readers of the memo. These reports follow a basic memorandum format with a header, statement of purpose, discussion and recommendations.

The Three Sector Of Economy

Economy is described as consisting of the three sectors:

1- The Primary Sector
Agriculture, and the extraction of raw materials from the earth such as coal, wood and iron. The type of workers in this sector include farmers, coal miners and hunters.
In most countries, there is a decline in the proportion of the population that works in the primary sector. Currently, only an approximate of 3% of labor force is engaged in this sector.

2- The Secondary Sector
Manufacturing industry, in which raw materials are turned into finished products (although of course many of the people working for manufacturing companies do not actually make anything, but provide a service administration, law, finance, marketing, selling, computing, personnel, and so one). The type of workers in this sector include a seamstress, factory worker or craftsman.

Currently, around 20% of the labor force is involved in the secondary sector.

3- The Tertiary Sector
The supplying of services to consumers and businesses, as well as activities such as education, health care, tourism and so on. The type or workers in this sector include restaurant bartenders, accountants and pilots.

The supplying of industry makes up 80% of the labor force today.

Setting Up a Business In Panama

Hundreds of foreigners residing here are starting up new businesses in Panama every year.
Panama offers many opportunities for business entrepreneurs. You can start a bar, restaurant, retail shop, hotel, bed & breakfast, provide tour-guides or professional services.

Your first consideration is to decide what type of business structure to use.
There are 3 normal business entities here in Panama:
-Sole Proprietor: Where you and your spouse & family operate a business as sole owners.
-Partnership: Where you team up with one or more persons in running the business.
-Corporation: Where you register with the government as a company issuing stocks, having a Board of Directors and corporate officers.

While a sole proprietorship can be an oral agreement between close family members, the other two entities need the assistance of a Panamanian lawyer. That's because legal documents need to be prepared forming a Partnership or Corporation. If they are wrongly prepared, they will be legally null and void causing a business legal nightmare for its members.

Let's examine the different legal structures here in Panama:
 
Corporation.
Corporations are formed under the Law No. 32 of 1927 and the Commercial Code (Decree-Law No. 5 of 1997, Article 5).

A Panamanian corporation is formed by two persons or Nominees who execute legal documents called the Articles of Incorporation. Those documents are filed with the Panama Public Registry office. After the corporation is formed, only one shareholder will be required.
Corporate shares are issued which can be of various classes, can have par value or not, may be officially registered, or can be discreet Bearer shares.
The corporation must have a resident Registered Agent (Panamanian lawyer).

There must be at least three Directors whose names must be in the Articles of Incorporation. Any changes of Directors must also be filed with the Public Registry. Unless the Articles are changed or the corporation merges or dissolves there will be no other filing requirements.

Foreign Corporation
If you already have a corporation in another country, it can do business in Panama by filing the following documents at the Public Registry Office:

1. A notarized Spanish translation of the Articles of Incorporation.
2. Board of Directors minutes authorizing the Panamanian registration.
3. Copies of the most recent financial statements.
4. A certificate from a Panamanian Consul confirming that the company is organized according to the laws of its place of incorporation.
5. Notification of the transfer of capital to the Panamanian operation.

 
Commandite CompanyThe Commandite Company is a hybrid partnership and corporation also governed by the Commercial Code and Law No. 24 of 1966. At least one partner must have unlimited liability, while the liability of the limited partners is limited to the amount of capital subscribed. This type of legal structure is seldom used in Panama.
 
Civil Partnership
A Civil Partnership is allowed by the Commercial Code and Law No. 24 of 1966. The liability of the partners is unlimited. This type of partnership is often selected by professionals such as lawyers and accountants.


General Partnership
There may be from 2 to 20 partners with no restrictions as to their nationalities or domicile. Their Capital must be at least $2,000 up to $500,000. The names of the partners must be registered with the Public Registry Office including the amount of Capital each contributed. Each partner's civil liability for the Partnership's debts is limited to the amount subscribed to but unpaid.

Company Structure

Of all the decisions you make when starting a business, probably the most important one relating to taxes is the type of legal structure you select for your company.

Not only will this decision have an impact on how much you pay in taxes, but it will affect the amount of paperwork your business is required to do, the personal liability you face and your ability to raise money.

The most common forms of business are sole proprietorship, partnership, corporation and S corporation. A more recent development to these forms of business is the limited liability company and the limited liability partnership. Because each business form comes with different tax consequences, you will want to make your selection wisely and choose the structure that most closely matches your business's needs.

An organization can be structured in many different ways, depending on their objectives. The structure of an organization will determine the modes in which it operates and performs.

Organizational structure affects organizational action in two big ways.
First, it provides the foundation on which standard operating procedures and routines rest.
Second, it determines which individuals get to participate in which decision-making processes, and thus to what extent their views shape the organization’s actions.

The Organizational structure allows the expressed allocation of responsibilities for different functions and processes to different entities such as the branch, department, workgroup and individual.

Banking

Partnerships and Corporations definitely need to open separate Business or Corporate Bank Accounts.

Even if you are a sole proprietor, you should never co-mingle your personal funds with business monies. That is why you'll need to open a bank account for your business.
When you open an account for a corporation, partnership, or a business most banks require the following information and documentation:

1. Most banks require a personal interview, while some banks may allow a telephone interview.

2. A clear copy of the account's Signatory and each corporate Director's Passport must include the photo & personal information page, and Panama entry stamp page.

3. A clear copy of a second photo id, such as a driver's license or national id card.

                                    

4. Two bank references for each Director and account Signatory. These references must entail the satisfactory conduct of the account holder and that the banking relationship had been ongoing for a minimum of 2 years. It would be helpful if the references also confirm the person's residential address. Many Panamanian banks require the references be specifically addressed to that bank's branch. Some banks may accept only one bank reference letter.

5. Two professional references for each Director and account Signatory. These references may be written by one's accountant, lawyer, stock broker, insurance broker, real estate broker, or employer. They should be written on their company letterhead. These must include the duration and nature of their business relationship with the applicant. Only an Original letter will be accepted.

6. Proof of Address: You must provide a copy of a utility bill phone, water, electricity, cable TV, or Internet service; which contains your name and address.

7. A "Company Profile" letter must be submitted which briefly describes the type of business the account holder will engage in. This will include the location of the business, the products or services you are selling, the nature and expected volume of business, the origin of the funds to be deposited, an estimate of the monthly or annual amount of funds to be deposited, and the reason for opening a bank account in Panama.

It will help if your Panamanian lawyer accompanies you to the bank in order to make sure the process goes smoothly.

Once all of these documents have been received, they will be forwarded to the bank's Compliance Officer who reviews the entire application to insure no money laundering will occur.

This process will go smoother and may have less required documents if you first go to the Panamanian bank where you already have a personal account as they already know you.

Business Banking
A company's financial dealings with an institution that provides business loans, credit, savings and checking accounts specifically for companies and not for individuals. Business banking is also known as commercial banking and occurs when a bank or division of a bank, only deals with businesses. A bank that deals mainly with individuals is generally called a retail bank, while a bank that deals with capital markets is known as an investment bank.

Business Meetings

Every business, whether it has two or millions of employees, has meetings as a part of getting things done with the purpose employees benefits with the meeting, but it also could get the negative sides of it.

Business meetings are essentially for a business to grow, it brings you new opportunities to make up plans and strategies that will help your business expand into a new market or grow in its actual one. Meetings come in all shapes and sizes. There are the everyday office meetings, board meetings, seminars, all the way up to major conferences. And meetings can now be face-to-face, teleconference, videoconference, or online via the Internet. Internet had become an essential tool for business, giving the opportunity to send and receive mails just in a few seconds, show products to customers and as said perform meetings online.

Which are the positive and negative sides of a meeting?

Positive sides:
*They are empowering.
*Great way to communicate.
*It develops work skills and leadership.

Negative side:
*Meetings may not have a focus.
*Companies have too many meetings.
*Attendees may be unprepared.
*Most meeting time is wasted.