When managers make decisions they follow the decision-making steps as presented in this chapter? Which steps are apt to be overlooked or given inadequate attention? What can people do to make sure they do a more thorough job?
(NOTE - - - This discussion question is about the 6-step decision-making process, and whether or not you think managers generally follow that process when they make decisions. And if not, which steps do you think might get overlooked or given less attention. For clarification, the discussion question isn’t necessarily about the end results of the decision, but about the decision-making “process”. )
The 6 steps to be be followed while taking decisions are as follows:
This method of decision making process has been used extensively by organisations. However this is a time consuming process and decision makers are not always faced with the luxury of time. There is too much attention to detail in this process and leads to a delay in decision making. A lot of time, energy, effort and resources have to be put into this process. Markets and environments are very volatile and important decisions cannot be delayed. What is required is an effective option for the situation and not always the best option. The step of generating different alternatives can be perhaps overlooked as this the most time consuming one. The best way is to identify the most effective solution at the shortest possible time as this will have a higher impact. Wasting time in taking decisions will also result in lost opportunities, missed chances and wasted opportunities. Though this is widely accepted model, most of the time companies cannot afford to follow this step be step approach.
Given the lack of time does not mean that decisions have to made hastily. Still the aim is to make the right decision that is going to positively impact the problem at hand. Create a quantitative and qualitative mechanism to filter the decision making process so that effective decisions can be made ar shorter periods of time. Sometimes its important to follow the gut instinct which does not have any analytical support. Sometimes even with advanced analytical data available the gut instinct will be very valuable. Use your knowledge that has been refined and assimilated over the years that has probably been already validated. This could have a higher degree of accuracy because it has already been proved before. Thoroughness in decision making can be achieved by detailed research being done having a meticulous plan in solving the problem.
When managers make decisions they follow the decision-making steps as presented in this chapter? Which steps...
Subject: Consumer Behavior. Topic: Steps in Decision Making Process. We are currently studying the steps in the decision making process – and know that the number of steps (and the amount of time spent in each step) varies based on consumer involvement with the decision. As consumers, we don’t always make good decisions – we buy things that we later regret. Instructions: Write about a bad consumer decision you made recently, and be sure to relate your discussion to: Be...
his Question: 1 pt 8 of 16 (5 complete) When managers make decisions, the decision process used has the following steps in the order of occurrence OA Historical and Other Information, Prediction Method, Predidtion, Decision Model, Decision, Implementatin, F OC. Historical and Other Information, Decision Model, Prediction Method, Decision, Implementation, Feedback sbeci Other Information, Decision Model, Prediction Method, Implementation, Decision, Feedbac D. Historical and Other Information, Prediction Model, Prediction, Decision Model, Decision, Implementation, Foedbeck Click to select your answer. 4...
Why do capable managers sometimes make bad decisions? What could you do to improve your decision-making skills? I don't accept own storytelling, please in answer in professional way.
As mentioned in Chapter 1, when making financial decisions (such as decisions relating to what investments to make and how to finance them), managers should choose the decision that maximizes owners' wealth. The book stresses that managers should target owners' wealth maximization rather than profit maximization. Please comment on one or more of the following: . Why is the textbook not recommending targeting maximizing of profits? What are the supposed benefits of targeting owners' wealth? . How can managers target...
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How do managers decide upon an ethical course of action when confronted with decisions pertaining to working conditions, human rights, corruption, and environmental pollution? From an ethical perspective, how do managers determine the moral obligations that flow from the power of a multinational? In many cases, there are no easy answers to these questions because some are very real dilemmas with no obvious correct action. Nevertheless, managers can and should do many things to make sure that basic ethical principles...
M7-2 Identifying Steps in the Decision-Making Process [LO 7-1] Listed below are a number of activities managers may perform. Identify which of these activities are steps in management's decision-making process. 3. Decision-Making Process 5. Non Decision-Making Process 1. Analyze how changes in cost structure affect CVP relationships. 2. Make the decision. Eliminate the product line. Evaluate the costs and benefits of the alternatives. Prioritize products to maximize short-term profits. Determine the decision alternatives. 7. Process the product further. Review the...
Reflect on what you think are the important issues managers need to think about when making decisions based on data. What issues do you think are important to cover?