Common principle and tools of making a better decision
The lack of focus or even the desire to improve decisions and decision-making processes is every individual or organization’s problem. Managers are faced with the stakeholders that focused on results and most of the time they want immediate results rather than making informed decisions. We realised that in order for managers to make an informed and optimized decisions, to improve outcomes and manage risk, the following guidelines was established.
Guidelines on making a better decisions
• Increase Your Knowledge (knowledge is power);
• Use Your Intuition/perception;
• Don’t Overstress the Finality of Your Decision;
• Weigh the Pros and Cons; and
• Make Sure the Timing Is Right. …show more content…
Despite his best efforts, he can't get his staff to agree on a best way forward; so, he decide to use the plus/minus tool to reach a decision.After sometimes of brainstorming and good natured shouting of ideas, he tally the scores and come to a surprising conclusion. The group that opposed the process may be right: it may not be a good idea for others and he could be wrong.
Don’t Overstress the Finality of Your Decision
Jan.L (2010) state that “Very few desicion are forever”, there is more give in deciscion than we realise.Knowing when to quit is sometimes is the smartest thing a manager can do because we believe that Not every decisions is a good decision.
Make Sure the Timing Is Right
When people are down their actions are agressive and destructive affects decisions and opposite. Good managers have stable, mature personalities. For an example: if the employers are on strike. The manager must not just take a descision without having to sit down and listen to the grievences of the employees. When aproaching them with a descition the manager need to know if is the right time to deliver the descision.
Example: Take for instance if the company want to buy more a cars – Price – Style
It is important to note that they must know what kind of cars they want to buy as well as the prices. They need to know the cars they want to buy as much as the dealer or the seller. Price is not the only choice. They will need to buy the best with the best. Before collecting the
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Managers within organizations are faced with the challenges daily of making excellent decisions. In everyday life we are challenged in making sound decision, decision that will last for a life time. Folk often wonder after making a decision if it was the right choice, will it affect the people around me, was this a good choice for my family, and will the decision affect them. In order to be an effective manager you have to possess the skill of outstanding decision making skills. In order for one to be successful within their personal life they may also need to possess an understanding of effective decision making. The decision- making process should be one that makes a positive change. Can the decision making process work
Decision-making in the workforce is a process of responsibilities used by upper management to implement, enforce rules, regulations, and maintain a successful environment. Decision-making implemented more effectively by making a plan, thinking it through, accepting more than one opinion and determining what is best. However, decision-making often utilized more effectively by opening doors of opportunities for a suggestion, question, discussion, and feedback. Although, more involvement helps improve understanding, utilize behavior skills and present opportunities for better communication. Everyday life consists of decision-making, the right decision may not always be applied, but ensure room for improvement and opportunity. Individuals approached decision-making in many different ways. As stated by (Jones, Graham, & Bateman, 2006) decision making is a procedure used to recognize a problem, weigh the alternatives and evaluate a solution in which, certain situations will require different approaches to become effective.
Good management and leadership are essential for organizations to operate and additionally for the businesses to prosper. When businesses are well administered, they can function successfully and they can function effectively. Managers have exceptionally effective and strong plans, mangers have systematized structures, organizations, and they also assess effects. When businesses are appropriately directed, they acclimate to modifications in the situation and cultivate cultures that encourage obligation and improvement. Mutually good management and good leadership are essential to maintain organizational performance.
Rowe and Boulgarides (1992: 16) on the other hand categorized decisions into three: (1) Routine decisions – involves the carrying out and following of an organizations goal, prescribed policies and/or rules; (2) Creative decisions – whereby new or novel approaches are needed to handle more complex problems; and (3) Negotiated decisions – occurring in situations where conflict in goals or approaches to problem solving need to be resolved by involving participants.
Managing people is not easy, because everyone is an individual personality and everyone has their own opinion. Everyday people face different problems and challenges. These problems maybe small or big, but those problems need to be solved. Every individual has his own characteristic to portray. Variation of individuals should be taken into consideration in managing them. Factors like
Furthermore, understanding how to deal with these biases is the key to making a good decision. Also, it is important not to make judgmental heuristics which are shortcuts used to reach a decision faster (Moisand, 2000). Another key takeaway is to use evidence-based decision making when making an important decision. Managers should use this concept to ensure they are gathering the best available evidence before making their decision. The leaders of BP and Transamerica certainly did not use evidence-based decision making nor did they follow the evidence-based decision-making model. If the leaders of these two companies followed the evidence-based decision-making model, they would start with identifying the problem and end with making the decision (Kreitner & Kinicki, 2013).
Being a good manager always starts with having a plan…which keeps disaster from happening. A company cannot succeed without one. That is when the need of a manager comes in. They’re the ones normally that come in with the why’s and how’s of how they would like the department
Second, know how you plan to pay for this vehicle. Are you paying cash or will you need to finance. If you are paying cash, know ahead of time how much you have or are willing to spend; and stick with it. If you need to finance, check out interest rates and terms that are available to you through banks and other financial institutions, such as credit unions, small finance companies, and even family. Car dealers generate a great deal of income from assisting you with financing. The financial institutions pay dealers depending on what interest rate and term they give to the customer. You may, be able to save money doing it yourself.
Thinking critically and making decisions are important parts of today’s business environment. It is important to understand how the decision making process works and the steps involved. The nine steps of the decision making process are: identifying the problem, defining criteria, setting goals and objectives, evaluating the effect of the problem, identifying the causes of the problem, framing alternatives, evaluating impacts of the alternatives, making the decision, implementing the decision, and measuring the impacts. (Decision, 2007.) By using various methods and tools to assist in making important business decisions an individual can ensure the decisions they make will be as successful as possible. In this paper it
2009 pg 111) It can stifle creativity, be unnecessarily time wasting causing a loss of confidence and moral in the employee or workforce (Roberts, G. 2009) This type of manager can be overly domineering and controlling, creating a more stressful work atmosphere. The positive attributes are that is shows the manager is passionate about the company’s success, is focused and determined with good attention to detail. (Fina, M 2009 111) Managers with little faith in their employees’ abilities instil uncertainty causing the employee to have low expectations of themselves, ‘fearing the worst’ from their manager and overall inhibiting the growth and potential of individual. (Bhote, K. 2003 pg 69)
The focus of my term paper is the decision making process used by today's top-level managers. Top-level managers, such as Chief Executive Officers (CEOs), Chief Operations Officers (COOs), and Chief Financial Officers (CFOs), must make critical decisions on a daily basis. Their choices and the resulting outcomes affect the company, the employees, and the stakeholders. Due to the high importance of their decisions, the process they use to reach them merits a close examination.
An effective manager should focus on the overall objective and prepare for the future. They also need to consider any minor issues that arise because the little things could help the overall objective. An effective manager cannot sit back and manage employees from an office.