Making Management Decisions

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Making Management Decisions

ASSIGNMENT 1

Lewandowska & Santhirasekaran

1. Principles of business planning and decision making

Decision Making is “A commitment to action” (Mintzberg, H., 1983, p. 188) ; Management decisions are made for a lot of different reasons, mainly because decision making is a fundamental aspect of the management functions and management decision-making which makes it a key management role. (M. Teale, V.Dispenza, J. Flynn, D.Currie, 2003, p. 10)

(D. Boddy, 2008, p. 209)

Now a day’s making management decisions has become more and more difficult, they need to be made more and more quickly; have to be made in increasingly complex and unpredictable situations. These together, making sure the risks associated with making the wrong decision is considered. (T. Hannagan, 2008, p. 421) There are a lot of factors that can influence decision making; those include: time availability, detail provided about the overall goal, employee dynamics, employee skills, group and/or individual decisions, available resources and founding and finance availability. Furthermore the parts of this project that must be prioritised will include the budget & financial planning, deadline of the project and staffing.

Three main stages of planning process include analysis, selection and implementation and management. One of the theorists, W. Edward Deming proposed that management decisions are based on continual improvement and can be done in 4 steps; as it is shown below.

Source: Deming (1994)

The diagram above illustrates the continuous process, which is also known as the PDCA cycle (Plan, Do, Check, Act) Deming has proposed that the business planning process should be place...

... middle of paper ...

... H. (1983). Power in and Around Organizations. Englewood Cliffs: NJ: Practice Hall.

T. Hannagan. (2008). MANAGEMENT concepts & practices (5th ed.). Harlow: Pearson Education Limited.

balancedscorecard.org, Paul Arveson. (1998-2013). TheDemingCycle. Retrieved November 14, 2013, from www.balancedscorecard.org: http://balancedscorecard.org/TheDemingCycle/tabid/112/Default.aspx

toolboxes.flexiblelearning.net.au. (2013). Retrieved November 13, 2013, from demosties: http://toolboxes.flexiblelearning.net.au/demosites/series3/316/ip/ip_c15.html

Olympic Legacy 2012. 2012. [E-book] Switzerland: International Olympic Committee. p. 14. Available through: Google http://www.olympic.org/Documents/Olympism_in_action/Legacy/Olympic_Legacy.pdf.pdf [Accessed: 6 Nov 2013].

Priemus, H., Flyvbjerg, B. and Wee, B. 2008. Decision-making on mega-projects. Cheltenham, UK: Edward Elgar.

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