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A decision is a choice or judgement of what we need to do to achieve a certain objectives. Decision-making involves planning a course of action and setting controls to check if the plan is moving towards the objectives. ... The quality of the decision made has a direct effect on the success or failure of a business. Decision making requires information of past experiences and predictions of future events, because the future is unknown, each decision made carries a risk
Types Of Decisions
1. ... This are the decision made as an individual
2. ... Decision made involve significant uncertainty, where decision makers must choose a course of action without complete knowledge of the consequences. ...
Decision Making Process
1. Identify The Problem
The first step in the managerial decision making process is to identify the problem. ... Develop Alternative Solutions
After the problem has been identified and analyzed, managers move to the second step of the decision making process - generating alternatives. ... whether changes should be immediate or gradual
Ø The availability of resources, especially human resources
The decision make must study each alternative and measure it against criteria. ... Advantages and limitations of each decision must be assessed
5. ... An effective way to get support in implementation is to involve the affected people in the decision-making process whenever possible. ... Evaluate And Monitor The Result
The final step is to evaluate the results and provide feedback about the decision and its implementation. ... This allows managers to see whether the result meet expectations and to make any changes needed to improve the decision or its implementation. When there are deviations, corrective action must be taken
Barriers To Effective Decision Making
Sometimes, managers choose the alternative, which requires the minimum amount of time, effort and money. ... Also, manages may delay implementing a decision. ... The manager, when faced with a problem of which he had no experience, delegates the responsibility for and consequences of making the decision to a subordinate. The subordinate does not have the authority to be effective
Factors Influencing Quality Of A Decision
ü Training, knowledge and experience of the manager
ü Information available for decision making
ü Time allowed for decision to be made
ü Resources available and constraints that restricts the actions (e.
Approximate Word count = 1665
Approximate Pages = 6.7
(250 words per page double spaced)
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