The decision-making dm process consists of a managers

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Reference no: EM13365952

The decision-making (DM) process consists of a manager's ability to critically assess a problem or issue and develop a strategic course of action to solve the problem. In most cases managers are plagued with making a decision that will greatly affect employees and overall business processes in which case managers must remain firm on their final decision regardless of public opinion. For instance, one of the most difficult tasks of a manager is "change implementation" for the reason that employees oftentimes resist change for fear of unknown outcomes or inability to adjust to advanced technology; nevertheless managers must enforce change and ensure a smooth transition from old processes to new processes with minimal resistance which is in most cases easier said than done.
Decision- making is a methodical statistical approach to solving problems and finding the best possible alternatives. It begins (DM) with first:

1. identifying the initial problem- some managers or leaders confuse the problem with the symptom of the problem (i.e. the resulting factor of the problem) and base their assessment on the symptoms thus resulting in formulating the wrong strategy and incurring inaccurate results. In order to identify the problem a manager must critically assess the trickle-down effect of the problem (e.g. determining the series of events that led to negative ramifications). Following a statistical procedure is one of the most accurate methods for generating the right decision.

2. A decision-maker should identify current options available that will assist the DM in making the final decision.

3. Identify potential risks associated with making the decision. Discover the impact of the decision and how it will influence employees, revenue, or ethics.

4. Evaluate the importance of the decision such as; investment of time, money, and energy.

5. Assurance that decisions made are based on deductive reasoning instead of emotions. Managers who are emotionally unstable tend to make hasty decisions thus resulting in poor judgment whereas managers who are comprehensive in gathering the necessary information and measuring the value of a potential decision will more than likely make the right decision as a result of conducting a thorough analysis of potential benefits and risk factors.

Reference no: EM13365952

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