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Decision making and its consequences
Importance of decision making in our life
Decision making and its consequences
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A manager would not be a manager without the responsibility of making decisions. Decision making is part of a managers every day job. Part of being a good manager is being able to make good decisions. Some of the decisions are everyday decisions and other are more complex. No matter how complex or simple the decision is, knowing how to make proper decisions is vitally important to the success of the manager and to the company. Decisions are often the bases for problem solving. Knowing how to properly make decisions will help managers be able to efficiently and accurately solve problems.
There are six basic steps to decision making. The first step is identify and diagnose the problem. This step is very important for managers to research. A proper decision cannot be made if the problem cannot be clearly defined. Often, the problem needs to be researched because what appears to be the problem may not be the actual problem. A small part of the problem might be showing itself, but there is a larger underlining part of the problem that is not as easy to see. The real problem may not always be obvious, something
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After all of the possible solutions have been researched and analyzed, it is time to choose a solution. This is often one of the hardest parts of the decision making and problem solving process. Many managers like to procrastinate during this step because they are unsure if they are making the right decision (Rush, YEAR, p. 98). Even after researching and analyzing the possible solutions, it is often hard to choose the right solution. The right answer is not always obvious. The goal should be to pick a solution that best fits the criteria of the problem. When a manager decides on a solution to the problem, they need to be confident in their solution. Most decisions that are made involve change. Employees do not usually like change, but they will be more willing to accept it if the mangers are confident in their
In order to address the above components, five decision making steps have to be put in place, these are; being attentive, being intelligent, being reasonable, being responsible, and being reflective. The first step, being attentive, involves evaluating the whole situation and coming up with the data and information about the problem at hand. In so doing the following questions are viewed; what facts to bear in mind, what direction to take so as to get the expected solution, and what is the main issue to work on. In the second step, being intelligent, the information is clearly studied to determine whether the collected data is revealing the correct details concerning the problem. Determine the stakeholde...
...ion and decision is going to be black and white. When things do not seem clear it is important to be flexible. In times of change not everything is going to be clear cut. The leader needs to work with the team to keep open communication so everybody can be on the same page and work through the hard times together.
This step includes gathering facts before trying to figure out the solution to the issues or possible future issues. This is a very important step when making important business decision...
Use the Six-Step Decision Making Model to describe the planning for purchasing a new school outfit for an elementary girl in Grade 5 (Age 10) that you are responsible for (parent or guardian).
Decision making is a task which needs utmost balance on the part of the leader. One sided decisions when team input is necessary or resources going into a lot of group decision making process when the decision itself is not so crucial can turn out to be big result influencing part of the outcomes of a leadership experience. Leadership demands a lot of adaptability where the style of leadership to be followed, a complete leader driven or group driven is to chosen based on the type of decision to be taken and the situation in which the decision is to be taken.
In dealing with most complex problems in today’s work environment, there may be more than one good answer to a problem. The question then becomes one of picking the best answer; this is called decision-making. Weighing the consequences of th...
Humans are constantly making decisions during their daily life. According to Huffington Post, an average person makes around 35,000 decisions per day. From choosing which shirt to wear to important life decisions that have long-lasting effects, the decision-making process is very complex. There are mainly two types of decision-making methods. The first method is using intuition, which is taking a decision with one’s “gut” feeling or what it seems to be right without thinking about it logically. The second way of taking a decision is through reason, which carefully analyzing all the data and using logic to conclude to a decision, which is the go-to method when taking important lifelong decisions. Different areas of the brain are responsible
Managers should be ready to teach the importance of decision-making skills and reinforcing organizational policy. Avoiding hasty, careless decisions, which can have devastating results on the manager's unit or the entire organization. Decisions made with forethought, using the many managerial tools available will lead to better and more profitable operatio...
Make the decision through the integration of ideas and data, and negotiation and prioritization of ideas
An employee does an unsatisfactory job on an assigned project. Explain the attribution process that this person's manager will use to form judgments about this employee's job performance.
Good business decisions are the heart of a successful organization. Without a process decisions may be made by the most powerful or influential person in the group or not made at all. Good decision-making is a balance between getting the most of what we want with as little risk as possible. It means that we include the right people and use a process that encourages participation while keeping or focus clearly on the decision at hand. This allows people to make the decision with a high degree of confidence and efficiency.
Therefore, to achieve this objective, managers have to make choices in decision-making, which is the process of selecting a course of action from two or more alternatives (Weihrich & Koontz; 1994, 199). A sound decision making requires extensive knowledge of economic theory and the tools of economic analysis, that are directly related in the process of decision-making. Since managerial economics is concerned with such economic theories and tools of analysis, it is very relevant to the managerial decision-making process.
Making decisions is an important part of our everyday life. Decisions define actions and lead to the achievement of goals. However, these depend on the effectiveness of the decision-making process. An effective decision is free from biases, uncertainties, and is deeply dependent on information and critical thinking. Poor decisions lead to the inability to achieve set objectives and could lead to losses, if finance is a factor. Therefore, it is important to contemplate about quality and ways to achieve it in decision-making, which is the focus of this paper. The purpose is to look into the needs of decision-making, including what one should do and what one should not do.
After identifying the risk, next step is to decide how to handle those risk. There are four main strategies that can help to decide what to do with the
Decision making is one of the most important aspects in life and work because of its strong link to success and effectiveness. Actually, successful people achieve their goals in life and work through effective and efficient decision making. The decision making process is usually guided by an individual’s beliefs, values, and attitudes as well concepts. While a person can use various concepts in making decisions, they should be very careful to select a concept that is effective and contributes to huge success. Nonetheless, these concepts exist to help an individual become a better decision maker in the world around him/her.