Examine the Steps Used in Managerial Decision Making
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Decision-making involves selecting the best course of action among several alternatives, taking into account the goals, resources, constraints, and uncertainties of the situation. Decision-making can have significant impacts on the performance, productivity, and satisfaction of the employees, customers, and stakeholders of an organization. Therefore, it is important for managers to develop and apply a systematic, rational, and ethical approach to decision-making that considers all relevant factors and consequences. This paper aims to provide an overview of the main concepts, models, and techniques of decision-making, as well as some practical tips and examples for improving decision-making skills in managerial contexts.
This paper aims to show how an effective managerial decision-making process is closely linked to various organizational processes that influence the performance and outcomes of the organization. Some of these processes include decision-making, planning, execution, evaluation, and feedback. These processes will be explained in more detail in the next section of the assignment.
In managerial decision-making, there are several key steps involved. Managers first identify the problem or opportunity at hand. They then gather relevant information and analyze it to understand the situation better. Based on this analysis, managers generate a range of alternatives and evaluate them based on various criteria. Once a decision is made, it is implemented, monitored, and evaluated for effectiveness. The process concludes with reflection and learning to improve future decision-making. These steps help managers make informed decisions that drive organizational success.
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Examine the Steps Used in Managerial Decision Making Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the concept of decision-making
- Demonstrate knowledge and understanding of decision-making and its importance in the success or failure of an organization
- Apply the concept of decision-making to any company.
1.0 INTRODUCTION
Managerial decision-making is the process of choosing among alternative courses of action to achieve organizational goals and objectives. Managerial decision-making involves identifying and defining problems, gathering and analyzing relevant information, generating and evaluating alternatives, selecting the best option, implementing the chosen decision, and monitoring and evaluating the outcomes. Managerial decision-making can be classified into three types: programmed, non-programmed, and strategic. Programmed decisions are routine and repetitive, based on established rules and procedures. Non-programmed decisions are novel and complex, requiring creativity and judgment. Strategic decisions are long-term and high-impact, affecting the direction and performance of the organization.
When it comes to managerial decision-making, there are several steps involved.
1. Identify the problem or opportunity: Managers need to identify the issue or opportunity that requires a decision. This could be a problem within the organization or a potential avenue for growth.
2. Gather relevant information: Managers must gather all the necessary information related to the problem or opportunity. This includes data, reports, market trends, customer feedback, and any other relevant sources.
3. Analyze the information: Once the information is gathered, managers need to analyze it thoroughly. They should consider different perspectives, evaluate potential risks and benefits, and assess the feasibility of various options.
4. Generate alternatives: Based on the analysis, managers should generate a range of possible alternatives or solutions. This allows for a comprehensive exploration of different avenues that could address the problem or leverage the opportunity.
5. Evaluate alternatives: Managers need to evaluate the generated alternatives based on criteria such as feasibility, cost-effectiveness, alignment with organizational goals, and potential outcomes. This helps in narrowing down the options to the most viable ones.
6. Make a decision: After evaluating the alternatives, managers must make a decision. This involves selecting the best course of action that aligns with the organization's objectives and addresses the identified problem or opportunity.
7. Implement the decision: Once the decision is made, managers need to implement it effectively. This may involve allocating resources, assigning responsibilities, and communicating the decision to relevant stakeholders.
8. Monitor and evaluate: Managers should continuously monitor the implementation of the decision and evaluate its effectiveness. This allows for adjustments to be made if necessary and ensures that the decision achieves the desired outcomes.
9. Learn from the process: Finally, managers should reflect on the decision-making process and learn from it. This helps in improving future decision-making and building a culture of continuous learning within the organization.
In conclusion, managerial decision-making involves identifying problems or opportunities, gathering and analyzing information, generating alternatives, evaluating options, making a decision, implementing it, monitoring progress, and learning from the process. By following these steps, managers can make informed decisions that drive organizational success.
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