Peter Drucker provides a very nice framework for business decision analysis in his book The Effective Executive.
It was originally written in 1966 and his ideas are every bit as relevant today, if not more so. In it, he defines what he means by effective and executive. He says that efficiency is doing things right, and effectiveness is doing the right things.
An executive is a knowledge worker who is hired to make decisions and take actions that have an impact on the performance and outcomes of an organization. He outlines the important characteristics and traits of an effective executive. Although he doesn't mention decision making until later, competency in any of the traits requires effective business decision analysis.
An effective executive's decision analysis is organized around utilizing people's strengths, rather then the absence of weaknesses. He suggests you feed opportunities and starve problems...!
Know what to do and know what not to do. Do one thing at a time, and do it well.
Stop trying to be someone else!
An effective executives business decision analysis includes finding those decisions that are significant and strategic, rather than just solving problems.
The steps in his decision making process include-
He also considers that getting the facts first is impossible. Opinions count and these are to be encouraged, especially opinions that initially disagree. These allow for alternatives and stimulate imaginations.
Drucker believes that this kind of business decision analysis can be learnt. Acquiring the knowledge, skills and habits he outlines will allow for an increase in effectiveness. And self-development of the effective executive, he says, is central to the development of the organization.