StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Decision making in business - Scholarship Essay Example

Cite this document
Summary
A decision is defined as "a moment in an ongoing process of evaluating alternatives for meeting an objective, at which expectations about a particular course of action impel the decision maker to select the course of action most likely to result in attaining the objective" (Harrison, 2001, p…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER99% of users find it useful
Decision making in business
Read Text Preview

Extract of sample "Decision making in business"

Download file to see previous pages

Such studies indicated that successful organisations exhibited all of Indeed, as Drucker (2003) contends, decision-making is of such unique importance to organisations that the performance of managers and executive is largely, although not exclusively, evaluated in accordance with their decision-making capacities and abilities. While not intending to obscure the many other responsibilities assigned to managers or undermine the importance of any, the aforementioned is intended to highlight the fact that decision-making is, by far, one of the most important of the many managerial responsibilities.

The significance of managerial decision-making stems from the fact that decisions ultimately influence and alter both management itself and the organisational as a whole. Accordingly, managerial decision-making functions as the criteria for the evaluation of management performance and for the determination of the likelihood of an organisation are satisfying its strategic objectives (Agarwal & Malloy, 2000; Lippitt, 2003). In order to further clarify this, and in so doing, defend and support the contention that decision-making is the most important of the managerial/leadership responsibilities, the componential and definitional elements of decision making shall now be analysed.

The decision-making process consists of six primary elements that are the functions of decision making in implementing manage. A set cycle is completed once the objective that initiates this cycle is attained. Searching for alternatives is the second primary element. Searching consists of scanning both internal and external environment for pertinent information that to identify and develop a set of options for the likelihood of fulfilling the objective. Third is comparing and evaluating alternatives by using applicable techniques and criteria relevant to the objectives.

The fourth primary element is the act of choice, in which a selection is made by the decision maker for a specific course of action from the various options and scenarios compared. Implementing the decision is the fifth primary element. In this element, a transformation of the decision from an abstract conceptual framework to operational reality occurs. Finally, the sixth primary element is follow-up and control, which ensures that the outcome of the implemented decision is compatible and in balance with the managerial objective starting the whole process.

Figure 1: Managerial Decision-Making ProcessSeveral critical areas comprise the dimensions of management decision making (Harrison & Pelletier, 2000): organization, level, significance, rationality, strategy, outcome, and uncertainty. Some experts included intuition as an additional dimension featured in the decision-making process (Miller & Ireland, 2005). Each separate dimension and all dimensions combined affect how managers assume decision making responsibility and also how others assess whether a manager is being responsible.

All dimensions have equal importance and significance in their contribution to the evolving and continual managerial decision-making process. Figure 2 highlights the

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Decision making in business Scholarship Essay Example | Topics and Well Written Essays - 10250 words”, n.d.)
Decision making in business Scholarship Essay Example | Topics and Well Written Essays - 10250 words. Retrieved from https://studentshare.org/miscellaneous/1526873-decision-making-in-business
(Decision Making in Business Scholarship Essay Example | Topics and Well Written Essays - 10250 Words)
Decision Making in Business Scholarship Essay Example | Topics and Well Written Essays - 10250 Words. https://studentshare.org/miscellaneous/1526873-decision-making-in-business.
“Decision Making in Business Scholarship Essay Example | Topics and Well Written Essays - 10250 Words”, n.d. https://studentshare.org/miscellaneous/1526873-decision-making-in-business.
  • Cited: 1 times

CHECK THESE SAMPLES OF Decision making in business

Organisational Behaviour: Concepts, Controversies, and Applications

Discuss how you may use these methods to improve Decision making in business.... Against this background, this report seeks to critically evaluate the approach of decision making through focusing on three methods that can be used in decision making and these include the following: project management, knowledge management as well as delegation management The report will outline the advantages and disadvantages of each decision making tool mentioned above and the third part will focus on how these methods can be combined in order to improve Decision making in business....
11 Pages (2750 words) Essay

Ethical Decision Making in Business

The author of this paper "Ethical Decision making in business" touches upon the ethics issues in business.... According to the text, ethical decision-making in business is a vital ingredient in the success of any business or organizations.... Body Companies may implement other methods of educating the employees on matters concerning decision making in the business ethical environment.... nbsp;Ethical decisions in business are unique to different companies....
6 Pages (1500 words) Research Paper

Can Professional Code of Ethics Be the Backbone of Management

Furthermore, the expedient tool of ‘professional codes of ethics' is analyzed with regards to the decision making process, and finally the paper culminates with an in-depth analysis of the pros and cons of the codes of ethics in the decision making process (Ferrel et al.... The concept of ethics till date remains a rather elusive one, for who would define what is right or wrong, and thus acting in accordance with the business ethics, i.... This paper will open with a general discussion of ethics in the business world and move on to explain how this management discipline came into existence....
20 Pages (5000 words) Research Paper

Biases and Judgments

The author of the essay "Biases and Judgments" states that Decision making in business entails attempts to come up with solutions to the problems faced by a business enterprise.... For effective management of a business, decision making should be made wisely.... During decision making, the common techniques used by business persons include brainstorming to create new ideas and motivate employees.... Emotions can affect rational decision making; those who follow emotions make irrational decisions....
1 Pages (250 words) Essay

Ethics in Criminal Justice

Specifically, we will address ethical Decision making in business as providing the guiding requirements or goals for right conduct” (Addressing Ethics in Decision Making, 2009).... “Addressing ethics in Decision making in business or other large organizations or groups (e.... Ethical decision-making in the organizations helps to change the future for the better.... Ethical conduct in society… Success in decision making mainly depends on both the quality of the decision and its effective execution....
2 Pages (500 words) Essay

Reliance Theories and Moral Obligation

The coping strategy proposes that the chance of having a governmental intervention and regulations increases when Decision making in business conflicts.... The coping strategy proposes that the chance of having a governmental intervention and regulations increases when Decision making in business conflicts with the society's expectations.... Lastly, the rationale of adopting a stakeholder concept to Decision making in business borrows heavily from the legalistic reliance theories, social contract theory, and the nature of the market....
1 Pages (250 words) Essay

Business Decision Malkng Projects, Part 3

Rational Decision making in business organizations.... In thefindings, Business decision making Century 21 decided to open a newfranchise, which was an excitingopportunitybutstillhadrisksinvolved.... business research methods.... Century 21 decided to open a newfranchise, which was an excitingopportunitybutstillhadrisksinvolved....
1 Pages (250 words) Essay

Gender and Decision - Making in Business

n summary, it is evident that gender influences Decision making in business.... The essay "Gender and Decision - making in business" investigates whether or not gender affects decision-making in business.... Decision- making in business from a different perspective refers to the mental process of selecting a logical choice from alternatives.... Gender and Decision- making in business Gender refers to the individuals' of being a masculine or feminine....
1 Pages (250 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us