Decision Making Essay

3049 words - 12 pages

INTRODUCTIONDecision-making is the critical key to the survival of an organisation, more so in this present time where we see economic boundaries between countries crumble and businesses become more complex, global and knowledge-driven. Managers need to ensure that their organisations are continuously innovated and improved in order to achieve and maintain a sustainable competitive edge. In fact, Potter (1985) highlighted that it is this competitive ability which is considered to be at the core of the success or failure of a firm. Managers realise that if their organisations are to survive in this dynamic and uncertain environment, they have to make decisions concerning new business opportunities, products, customers, suppliers, markets and technical developments. This clearly indicates that the most important managerial attribute is the ability to make the right decision. The outcomes of the decisions will be used as the benchmark to evaluate whether managers are successful or not. Therefore, the question that arises is how managers make decisions and whether they are rational or irrational.DEFINITIONStoner and Freeman (1989, p.165) defined decision making as "a process of identifying and selecting a course of action to deal with a specific problem or take advantage of an opportunity". Decisions are at the heart of any organisation, which relates to nearly every level of an organisation. Making-decision can be difficult for a number of reasons such as the organisational structure, human behavioural, organisational culture, uncertainties, incomplete information, multiple objectives, complexity of the problem and anxiety, which directly influence the decision making process. Regardless of the constraints, managers have to make decisions. Under any circumstances, decisions made cannot and must not be wrong because decisions are the mechanisms by which decision-makers try to accomplish the goals of the organisation; they are the means to an end.Decision-making is utmost important to the organisation progression and development. Organisation progression from one development stage to another is known as "Organisational Life". The responsibility to steer the organisation from one stage to another lies in the hands of managers. Their capabilities as decision-makers are measured by their ability to find efficient and progressive solutions for further development. It is therefore arguably that the single most important thing decision-makers do. And on a personal note, the quality of his decisions determines his success in the organisation.Huber (1980) stated that there are two approaches to management decision making. The first is concerned with the development and application of standard decision rules based on formal logic derived from data, which is called the programmed decision. The second, which involves descriptive accounts of how people actually go about making decisions and choices, is known as the non-programmed decision. Managers' utmost...

Find Another Essay On Decision making

Decision Making Essay

720 words - 3 pages Decision Making Assignment Description: For this assignment think of an important business decision you have made in the past in which the results of your decision turned out poorly. Your manager is concerned and wants to make sure that you learned from this mistake and the likelihood of this happening in the future is minimal. Therefore she would like you to email her a reflective analysis about that decision. Be sure to address the

Decision Making Essay

1036 words - 5 pages Humans make several decisions on their everyday life, from the time an individual open his/her eyes to the time they closes them. Researchers have study over decades the process of decision making to understand how and why individuals make certain decisions. Several theories have been proposed to explain how individuals get to make a choice. Among several theories, Tversky and Kahneman (1981) proposed that individuals make choices depending on

Decision Making

1760 words - 8 pages Approaches that could be used to make a Decision The decision making strategy that would be most effective with the issue and decision that Mr. Miller will have to make would be best made with a group decision process. This allows Mr. Miller to share the problem with his staff and listen to the insight and ideas of the staff (Green 2013). There is no way that Mr. Miller should make the decision on his own on how to implement instructional

Decision Making

1053 words - 4 pages device that will come out. They develop questionnaires that are distributed to the sales force. Members of the sales force list their predictions. The results are evaluated and new questionnaires are sent out. This process continues until a consensus is reached. There are many different styles in decision-making. According to Lussier (2010), they include reflexive, consistent, and reflective. Based on the self-assessment, my decision-making

Decision Making

2509 words - 10 pages Decision Making PAGE 1 Decision MakingLearning Team "A""Shane East, Kandra Spivey, Darrell Twitty, Tariff Hudson, Amy Schumacher"MGT 350Sofi ChoiMarch 14, 2009University Of PhoenixNo matter what type of organization that a person might work for there is always someone that has to make a decision concerning a problem within that organization and somehow this decision could impact you, your family and even your community. Understanding the

Decision making

510 words - 2 pages Decision MakingMaking decisions is one of the most important function of managers.The work of managers, of scientists, of engineers or lawyers is largely work of making decisions and solving problems. It is work of choosing issues that require attention, setting goals, finding or designing suitable courses of action, and evaluating and choosing among alternative actions. Nothing is more important for the well-being of society than that this work

Decision Making - 3035 words

3035 words - 12 pages observing and interviewing, as well as some secondary sources of information, we make SWOT analysis on the company as the whole and specifically discuss the effect of making decision on the company's activities.CHICKEN36 with resources and core competency as strength together with some internal weakness is affected by many external factors in today environment. In the time of recovering of the economy after recession, CHICKEN36 has to face

Decision Making Model Analysis

935 words - 4 pages Individuals must make decisions everyday. What should I wear? Where should I eat dinner tonight? Is this the right car for me? Do I want to spend the rest of my life with this person? The decisions we make can be simple ones, or in some cases can affect the rest of our lives. Not only do individuals make decisions, but also businesses must make critical decisions that could affect their future. This paper will analyze a decision making model and

Decision-Making Model Analysis

880 words - 4 pages Decision-Making Model Analysis When one is thinking, he or she must think critically. Thinking critically means to think intelligently and thoroughly about the decision to be made. One must gather his or her thoughts with clarity, precision, accuracy, relevance, consistency, completeness, and/or fairness. With those particulars in mind during the thought process; an accurate answer and/or the most excellent decision will undoubtedly be made

Decision-Making & Innovation

841 words - 4 pages The term, ‘innovation’ refers to an act of doing something new (Dictionary) while the term, ‘decision making’ can be referred to as a ‘deliberation about the decision situation in order to make a choice’ (O’Sullivan, T. 1988). This paper intends to explore the relatedness between ‘Decision Making in Social Work’ and the research on innovation, “Investigating Innovation Using a Context: Community Based Child Care Services”. Social work aims to

Decision Making Paper

1465 words - 6 pages Each company or group has its own individual decision making style or styles. These different styles all have strengths and weaknesses. Each company has to choose the decision making style in which the strengths or benefits outweigh the risks or weaknesses. The following paragraphs will demonstrate examples of different decision-making styles of the different team members' organizations. Decision making can be regarded as an outcome of mental

Similar Essays

Decision Making Essay 628 Words

628 words - 3 pages Making good decisions is a critical aspect of every day life. Almost every thing we do involves making a decision. To improve the quality of decisions we make, one must utilize a sequence of steps often called a decision-making model. A decision-making model is a step-by-step guide to help an individual make the best possible decision.McCall and Kaplan outline six steps to critical thinking and decision-making (McCall and Kaplan, 2001):1) Define

Decision Making Essay

1658 words - 7 pages Running head: DECISION-MAKING PAGE \* MERGEFORMAT 1 DECISION-MAKING PAGE \* MERGEFORMAT 4 Decision-MakingMichael Lemke512December 5, 2011Michele BradfordDecision-MakingDecision-making is a tool that an organization can use to accomplish their goals and vision because the tool is necessary to understand and use appropriately. People need to involve other people while making decisions with a complete knowledge of the situation and in a timely

Decision Making Essay 3287 Words

3287 words - 13 pages Decision making can be described as a process of making a decision or decisions, based on choices made amongst two or more competing course of actions. The ‘Decision making’ also requires making a define choice between two or more alternatives course of actions that are available. In every decision making, there is said to be a positive and negative outcome as future consequence(s). The importance of decision making in individual daily life

Decision Making Essay 833 Words

833 words - 4 pages , meaning making intentional, purposeful and knowing decisions; not letting the chips fall as they may. The score of my decision-making assessment was 67. The results determined, I have three areas to improve upon; generating potential solutions, evaluating alternatives and checking the decision. I have mentioned many times throughout this class, the StratOp process we use to determine the City’s core issues. In the process, we identify an action