The best managers are always making decisions. Decision making is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. The process isnâ€™t as easy as people think. Managers need to analyze each aspect before reaching a decision. Managerial decision making is one of the most critical processes in every organization. Successful and effective decision making has the potential for great benefit and great loss.
Overall, the decision-making process involves several important steps. Each step requires different tools and techniques.
Save your time - order a paper!
Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlinesOrder Paper Now
The main steps in the decision-making process:
- problem identification
- information gathering
- analyzing the choices and brainstorming
- evaluation of the alternatives
- picking the best alternative
- executing the decision
- evaluating the results
Throughout the process managers must set a baseline to judge alternatives and decisions appropriately. The corporate culture and goals should also be considered along with ethical, societal, and legal aspects.
Exhibit 3.3 – The Phases of Decision Making states that the first phase is to identify and diagnose the problem and the second phase is to generate alternative solution.
For this forum, recall a decision you recently made at work and complete steps 1 – 6 in the phases of decision making (pg. 77).