Decision making is an important step in running any business. It may be for day-to-day planning or long term planning for setting goals and strategies. It is an important procedure followed by the managers and top management. It is very helpful in carrying out all essential activities in a business. All long and short term operations are a result of strategic decision making process. For carrying out all functions properly the managers should divide decision making process in certain steps. These steps facilitate smooth functioning of all types of decision making. The students can take decision making assignment help from the experts of BookMyEssay to know more about this
What Steps Should a Manager Follow?
The whole of the managerial decision making depends upon certain steps. Understanding these steps will improve the effectiveness of decision making considerably. These steps are discussed as below:
Identifying the Problems Which Require Decision Making: Decisions are made against any problem, opportunity or need of the hour. First a requirement of the decision is to be found out. If a problem of low sales is there, one has to decide for cutting the costs immediately.
Seeking Information to Clarify Decision Making Initiative: Once the problem or the issue has been identified, information about possible options is to be clarified. First cause for the problem is identified and the solutions are planned accordingly.
Planning for Possible Solutions: When the causes of the problem or the need are identified, a list of possible solutions is made and prioritized. It needs collaboration between people involved in the team and also between the manager and the team.
Having Alternatives Ready: Any issue or project needs many possible alternative solutions as a single option need not fit within the decision making process. Each option is weighed upon against all pros and cons involved with it. Then the best alternative is chosen.
Choosing the Best Alternative: When the manager and the team are sure with all the advantages and disadvantages of the best alternative, they might seek some additional information about that before final implementation. This is a safety procedure to make sure no risk is left. A second opinion might also work. If it involves least risk and cost, it is finally chosen.
Implementation of the Plan: The decision making is now at test when you finally implement the plan of action. This should be after thorough analysis of the conditions as there is no looking back after that. All parts of the business are affected by this decision making.
Evaluating the Possible Outcomes: It is always good to analyze and learn from your mistakes. Monitoring the possible results of your decision regularly might help you to adapt to any necessary change which is needed. Other alternatives are also there to help you.
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