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The importance of analysis and analitical skills to the manager making decisions in business - Essay Example

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This paper tells that decision-making process can be associated with planning where the aim is always to identify what should be done, when it should be done, where the action should take place, and who should undertake or perform the action…
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The importance of analysis and analitical skills to the manager making decisions in business
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"The importance of analysis and analitical skills to the manager making decisions in business"

Download file to see previous pages Business opportunity of get fit quick
Competition, coupled with increased changes in the business environment, has combined to execute powerful impact on the way managers and their different organizations conduct businesses. In this regard, organizations have been forced to develop and implement the most sophisticated decision-making techniques in order to ensure available resources are economically and optimally utilized.
In order for business to get fit quickly and successfully, managers are required to explore the different available alternatives of decision-making. The alternatives should have the ability to outline, in the most efficient way, how the organization can make use of the available resources in a way that differs from competitors and give returns that enable the business to create competitive advantage (Casey and Capella University 2006). Available resources in an organization can be used in ways that provide opportunity for the organization to achieve maximum utility. However, this is possible through selecting the best alternatives of decision-making as it pertains to resource utilization, environmental scanning, and goals to be achieved.
Approaches of decision-making process
Management literature depicts that decision-making process can benefit greatly from the four main approaches that are generally used in making decisions. As a result, in order for decision-making process to be successful and productive, managers are either to select one or multiple approaches that include logical systems approach, contingency approach, quantitative approach, and the qualitative approach. Logical systems of decision-making are premised on the rationality essence that is needed to make decisions (Wysocki 2010). In this case, an individual (manager) is perceived to have rational set of stages that should be followed before arriving at the appropriate conclusion regarding decision (Wysocki, 2010). Contingency approach on the other hand categorizes or program alternatives that can be used to achieve decision goals (Sengupta and Bhattacharya, 2006). A problem is presented to have different ways of solving it and this lead to development and evaluation of different ways of finding solution. On the other hand, quantitative approaches dictate that, decision-making process succeed when concept such as project management are adopted (Anderson, 2011). In this way, figures are seen to possess great ability of providing management with chances of finding solut ...Download file to see next pagesRead More
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