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Decision Making

This article explores the different types of decisions managers make daily and provides steps for making rational decisions. It also discusses factors affecting decisions and barriers to effective decision making, along with strategies for successful decision making.

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Decision Making

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  1. Decision Making • Managers make many daily decisions to adapt to the latest changes in: • Society (Consumer Preferences) • Technology (better products) • Marketplace (competition)

  2. Difficulty in Decisions • Some are hard • Deciding which employee to lay off because of financial hardships • Producing a new product • Some are easy • Following a company policy in a handbook • Letting an employee have the day off

  3. 2 types of decisions • Intuitive • Making a decision on a hunch or a feeling • Rational • Making a decision on the basis of factual information

  4. Six steps to Rational Decisions • Recognize the need • Determine how to go about making the decision • Gather information • Identify alternatives • Evaluate alternatives • Select a choice

  5. Factors affecting Decisions • Risk • Timing • Values • Participation

  6. Barriers to Effective Decision Making • Complacency     • Avoidance • Panic • Indecisiveness

  7. Successful Decision Making • ·       Accept change • ·       Listen to customers • ·       Decentralize authority • ·       Hire Carefully • ·       Continuous Tracking • ·      Control costs

  8. What are the 2 types of Planning Operational, Grand Strategic, Growth Operational, Strategic Grand, Growth REVIEW

  9. Intuitive Decisions Are thought out Take planning and research Are difficult to make Are made on a hunch REVIEW

  10. Rational Decisions Involve only one person Take planning and research Are easy to make Can quickly be made REVIEW

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