Managerial decision-making is an important factor in planning in management. Planning is the ability of management to formulate activities that aim to achieve the goals and objectives of an organization. Additionally, it requires clear objectives and identification of methods to achieve those goals. It requires that an organization understands its current position in the organization and identify areas of improvement for a better future. Contrastingly, managerial decision-making is a management role that involves choosing the best solution among many alternatives. Moreover, it is a collaboration between planning and controlling. Also, the management should ensure that the quality of decisions is top-notch to enable the improvement of efficiency and productivity of an organization.
managerial decision-making and planning in management
THE PROCESS OF MANAGERIAL DECISION-MAKING
Primarily, there are several steps in the managerial decision-making process. The first step in the establishment of the goals and objectives of an organization. Furthermore, this helps to maximize sales and ensuring the growth of the firm. The next step is the definition of the problem. Moreover, defining the nature of the problem is important to help come up with a solution. Identification of possible alternative solutions to the problem then follows. This requires consideration of variables that have an impact on the problem. Additionally, the evaluation of alternative courses of action helps the planning in management.
process of the managerial decision-making process
THE CHARACTERISTICS OF PLANNING IN MANAGEMENT
Fundamentally, planning in management is a managerial function that provides the base for the functions of the management. Additionally, it focuses on defining the goals and objectives of an organization. Moreover, it is also pervasive in that it is present in all segments and is important in all the levels of the organization. Also, it involves managerial decision-making in choosing alternative sources of action to undertake to reach the goals and objectives. Planning is also futuristic in that it encompasses looking into the future, analyzing, and predicting to face future challenges effectively.
characteristics of planning in management
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