This essay discusses decision making in management and business decision analysis. Managers must make decisions that make all stakeholders comfortable and attract their support. They can adopt several models depending on how suitable they are to a firm. Decision-making processes must consider quality and commitment to decisions, available information, and conflicts in potential decisions. Managers must also justify decisions that have significant impacts on organizations. They use the available information and conduct a business decision analysis, where they address all factors in the internal and external business environments. All decisions should also agree with company goals and objectives. This encourages support from various stakeholders.
BUSS 3087 decision making in management and business decision analysis
BUSINESS DECISION ANALYSIS AND MANAGEMENT FRAMEWORKS
Effective business decision analyses help to align company goals with implemented decisions. They evaluate information to develop the most viable solutions for company problems. However, information overload complicates the decision-making process and may result in confusion concerning the right decisions. Strategic decision management is a concept used to manage decision complexity. This way, managers can make decisions faster and easier and can communicate them in time. Strategic decision making in management also helps managers gain insight into how to reuse the information to make decisions in the future. This is in regard to forecasting and anticipating future market requirements, unexpected market shifts, and trends in business.
BUSS 3087 DECISION MAKING IN MANAGEMENT, STEPS, AND SKILLS FOR THE DECISION-MAKING PROCESS
Managers follow particular steps in the decision-making process. It begins when they realize that they have a decision to make. They then identify the type of decision and begin to gather all information related to the decision. Internal and external business environment form the sources of this information. Afterward, managers use the information to conducts business decision analyses and identify all possible alternatives to the decision. They weigh and evaluate the alternatives, and usually use the elimination process to remain with the most suitable decision. Choosing the right solution is one of the hardest challenges during decision making in management. Managers must be aware of the potential consequences of their decisions.
steps and skills for the decision-making process
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