Overview of Managerial Decision Making

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MANAGERIAL DECISION MAKING 1 Introduction A manager always makes decisions and they always are needed in the time or problems. Solving complex, difficult problems and decision making are parallel processes and run at the same time. Problems are solved by evaluating all the possible available alternatives. Decision making process are sometimes very short comprising of a day or two and sometimes decision making may take up to one whole year, it all depends on the situation and the complexity of the problem. Managers as Decision Maker Decisions are made by everyone but the ones made by a manager are very much complex and important for the growth of any organization. Decision making is nothing extra but a part of the four management functions that are; planning, organizing, leading and control and when a manager performs all these functions then he is said to be a decision maker. Decision Making Process A traditional decision making process consists of eight steps which are shown in the appendices section in the form of diagram 1 (Robbins & Coulter, 2005). New trends in managerial decision making are shown in diagram 2 (Roberto, 2005). New Trends in Managerial Decision Making The business world of today rotates around decisions that are made under time pressure, with incomplete information about the alternatives and such decisions are often risky and there are rare chances for such decisions to prove good for the organization. The new trend in managerial decision
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