Baraclough, 39, took charge of the Iron's first-team last Sunday evening after Nigel Adkins and his assistant Andy Crosby left to take charge of Southampton.
His first match brought an impressive 4-0 victory at Sheffield United, although that was followed by a 2-0 loss at Swansea City. Sir Alex Ferguson will be in the away dugout on Wednesday night when Manchester United visit in the third round of the Carling Cup.
With no pressure on him to secure a win over the cup holders, Baraclough expected to have a decision on his future before Ipswich Town visit on Saturday.
"The chairman has said it's down to me and while I've no doubts I can do the job, it's got to be the right decision for me and my family," he said.
"I will make a decision this week. It's not fair to keep the players, chairman or the football club hanging on. We've done great the last few years but we need to keep progressing."
Baraclough has also sought loan signings - saying he would like to add "two or three" players to the squad.
"I've had a chat with several managers even though I've not taken the job full-time," he added.
"You've got to put wheels in motion, so we'll see. If I find the right player in the areas that I'm pinpointing then the chairman has said he will try to back me as much as he can."