Papers > Business > Decision making is the essential skill of management
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Decision making is the essential skill of management
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Introduction
This paper sets out to explore decision-making in the context of it being an essential skill of management. Management is decision-making. Decision-making can occur with or without the problem trying to be solved being clearly defined. Effective decision making requires a thorough understanding of not only the problem, but the cause of the problem. ...
Decision making is the essential skill of management
“Decision-making is that tool in the hands of a manager that renders him, either effective or ineffective, depending upon his judgmental skills. It is one activity that lies at the heart of management. ... Robintson, personal communication, April 12, 2003) Decision making is the key to a managers successful performance. Decisions making is the essential skill of management because making decisions are present in all other areas when performing duties, tasks and skills. Making a bad or good decision affects every aspect of organisational performance. if the manager made a bad decision this could result in the company losing profits, if it was a good decision the company may gain profits or run more proficient. ... 59-74) researched a classic example of bad decision making is the case of the “New Coke”. ... Not only did they the make mistake of changing the recipe, they made the poor decision to take the original Coke recipe of the shelf completely. ... Poor decision making was the sole factor that lead the Coca-Cola company to loose performance excellence and profits. One single bad decision affected all other areas of the business. ... These methods help the decision maker make the right choices using logic, facts, values, ethics and feasibility of their choices. ... 1) found that a manager must plan for making an effective decision. ... When faced with a decision, a manager can easily refer back to the plan and ascertain the decision that will best adapt and benefit the plan.
Techniques of effective decision-making
The first step to efficient and rational decision making according to Davidson and Griffin (2003, p.287) is recognising and outlying the decision status. First a manager must recognise that a decision needs to be made, an efficient manager will know when a decision needs to be made through knowledge, commonsense and experience or when a positive or negative event occurs that needs a decision to be made in order to correct the problem. ... Who will this decision affect? ... “Imagine the decision has been made. ... For example a fall in the market which resulted loss of profit, the manager would then need to reassess or even alter the decision that would be in the best interest of the organisation. ... The manager must evaluate the effectiveness of their decision.
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Paper Information
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Title: Decision making is the essential skill of management
Words: 2215
Rating: None
Pages: 8.9
submitted by: becsammy
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