Managing Decisions - Essay Example

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This project is aimed at identifying and analysing the various approaches which are used for managing the decision making. This paper encompasses the various aspects of the methods which are used for assessing the various aspects of projects and are used to make various decisions regarding the business. …
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Managing Decisions
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Download file to see previous pages e decisions which are taken on the basis of relevant assumptions which are made after considering for all types of situations and consequences which the organisation can face in future. As per this model there are seven basic steps which are taken while managing decisions. First of all, the main problem should be defined and analysed in order to assess the future situation which the company may face due to the problem. The second step is to identify and analyse all the alternative solutions of the problem. The third step is to analyse all the merits and demerits of the identified alternatives. Once all the alternatives have been assessed the fourth step is to rank all alternative solutions as per their strengths. Ranking helps to identify the optimal alternative solution which can maximise the satisfaction level, thus identification of the optimal solution id the fifth step of this model. Sixth step is to implement the chosen alternative. Once the alternative is implemented follow ups are done to assure that every thing is going as decided, this is the seventh step in normative model (Swansburg and Swansburg, 2002, p.256). Decision tree: The uncertainty aspects of the future events make the decision making more crucial and vital for every organisation. One of the most popular and common quantitative technique which is used to manage decisions regarding uncertain activities is decision tree. Thus decision tree can be defined as the graphical representation of various sequential decisions and the various expected values of those decisions. The decision tree helps to assess each decision as per their sequence in analysing the expected value of the given alternatives. The expected values are the probable value of the outcomes of various activities. These are considered...
Center of discussion in this paper is decision making as an important aspect of every business enterprise. The success of the organisation largely depends upon the managerial decisions. Therefore it is very important to efficiently manage the decision making. The whole organisation starting from the recruitment of the human resource, planning for the production and manufacturing of products, planning for the projected business, demand forecasting, planning of the activities to be done in the organisation, budgeting, forecasting of the revenue, target customers, etc are very important for success of the organisation. Therefore, the managerial decisions are very important and have a great impact on the overall performance of the company. If any decisions regarding planning of the organisational activities or the short term targets set for the company are not done efficiently then the company can be severely affected in long run. There are many techniques which help the managers in their decision making. Some of the methods are quantitative and some are qualitative. Every method has its pros and cons but at the same time relevant in their own field. Thus the best technique is to combine the various techniques of decision making in other words the management should not depend on one technique of decision making but it should practice a variety of decision making tools which would increase the efficiency of decision making process and will also make the decision process faster and effective. ...Download file to see next pagesRead More
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