Management Skill and Decision-Making - Essay Example

?Management Skill Decision Making The development of management skills has become quite imperative for the business or strategic managers belonging to different organisations in recent times. This might be owing to the reason of increased level of globalisation, enhanced momentum of internationalisation, extreme business market competition and adoption along with the execution of pioneering technological advancements. These crucial factors have ultimately increased the level of complexities for different business organisations in competing with their respective key market competitors and sustaining in this competitive landscape. Thus, in order to mitigate this situation, the business or strategic leaders of diverse organisations require developing the management skills by a considerable level. In other words, it can be affirmed from a broader perspective that the business organisations can fulfil their predetermined business targets with the development of the management skills by their business or strategic leaders (Koontz & Weihrich, 2006). Decision making can be regarded as one of the imperative management skills, which needs to be developed by the business or strategic leaders belonging to different organisations with the motive of accomplishing their expected business targets. In this similar context, decision making is principally viewed to be a vital constituent of modern management. In general, the facet of decision making is fundamentally described as the procedure of deciding certain significant aspects that leads the organisations to fulfil their intended business goals by a greater level (Salaman, 2001). Contextually, the significant concern of decision making is typically described as the selection of a definite action from amid several probable substitutes aiming at mitigating a critical situation faced while conducting various operational functions by the different business organisations. It is worth mentioning that decisions play a decisive role for the organisations supporting them to accomplish their respective business targets as effective decisions tend to resolve both managerial as well as organisational activities at large (Lunenburg, 2010). It has been apparently be observed in this similar context that the aspect of decision making as a form of management skill is duly prioritised by different business organisations with the intention of sustaining the activities relating to business along with organisational functioning (Roussel & et. al., 2006). In order to determine the management skill of decision making, it has been viewed that a considerable portion of time is generally expensed at the time when decisions are adopted which might hinder the organisations to develop their overall performance by a greater level. Thus, in order to adopt decisions abruptly and efficiently especially in a management background, certain significant steps need to be followed. The steps comprise identifying as well as stating the exact problem, collecting relevant information, developing the accessible options, selecting better options, effectively planning along with executing the options and finally following up the activities (Lussier, 2008). It has been apparently observed that the organisations belonging to this modern day context adopt significant decisions in order to fulfil their respective business targets by a significant level. In this similar concern, the different sorts of decisions that have been viewed to be adopted by various modern organisations embrace operational, strategic and tactical decisions. From the standpoint of operational decisions, the business or strategic managers belonging to different organisations have been noted to adopt decisions relating to the aspects that are required for performing daily operations effectively. With regard to tactical decisions, the business leaders of various organisations have been noted to be adopting decisions associated with formulating along with executing effective policies for raising overall organisational performance at large. In relation to strategic decisions, it has been viewed that the business managers of diverse organisations adopt decisions with regard to ensuring effective utilisation of accessible resources, setting long as well as short-term business targets, determining the target markets along with the customers and most significantly developing solutions for mitigating critical or complex situations (The Pennsylvania State University, 2008). After acquiring a brief idea about the facet of decision making as a form of management skill, it can be affirmed from a broader perspective that the management skill of decision making supports an organisation to avail significant benefits from it. In this regard, the benefits that might be attained by different business organisations from the aspect of decision making include better execution of every managerial function, increased efficiency in terms of planning as well as organising different operational functions along with enabling to select and recruit potential working staffs within a specific organisation (Singla, 2010). Specially mentioning, the other benefits that might be availed by the different business organisations from the managerial skill concerning decision making entail enhanced profitability along with productivity, development of overall organisational performance and most vitally capability to compete with their respective major rivals. Notably, it can be stated that the management skill of decision making would provide active support to diverse business organisations in terms of sustaining in this competitive landscape (Singla, 2010). On the other hand, one of the crucial limitations of this particular management skill i.e. decision making has been viewed to be the time factor. As previously mentioned, the aspect of decision making at times consumes a considerable amount of time which hinders the development of the organisations along with the competency to raise overall organisational performance by a considerable level. In order to mitigate this problem, it is the prime accountability of the strategic or the business leaders of different organisations to adopt as well as execute certain effective measures in order to take decisions within specified time period. In this regard, the business leaders need to follow the aforementioned steps relating to decision making with the motive of coping up with the problems resulting from consumption of greater amount of time in making any significant decision (Human Capital Review, 2007). Apart from the management skill of decision making, managing as well as communicating has been viewed to be one of the major elements of modern management acting as an efficient management tool. As huge figure of operational functions are performed by different business organisations, this particular management skill needs to be developed by the strategic or business leaders by a greater level. This can be justified with reference to the fact that the development in the managerial skill concerning communicating along with managing would eventually facilitate the modern organisations to fulfil their respective business targets at large. It is worth mentioning that the management skill concerning managing as well as communicating supports the business leaders of different organisations towards effectively controlling the attitudinal behaviour of their respective workforce by a greater level resulting in raising greater profitability as well as productivity at large (Rizvi, 2010). Thus, it can be concluded that communicating along with managing can be recognised as one of the effective managerial skills which needs to be developed by a significant level. References Human Capital Review, 2007. Advantages and Disadvantages of Team Decision-Making. Content. Koontz, H. & Weihrich, H., 2006. Essentials of Management. Tata McGraw-Hill Education. Lunenburg, F. C., 2010. The Decision Making Process. National Forum of Educational Administration and Supervision Journal, Vol. 27, No. 4, pp. 1-12. Lussier, R. N., 2008. Management Fundamentals: Concepts, Applications, Skill Development. Cengage Learning. Roussel, L. & et. al., 2006. Management and Leadership for Nurse Administrators. Jones & Bartlett Learning. Rizvi, M. A., 2010. Communication for Retail Professionals. Tata McGraw-Hill Education. Salaman, G., 2001. Decision Making for Business: A Reader. SAGE. Singla, R.K., 2010. Principles of Management. FK Publications. The Pennsylvania State University, 2008. Lesson 2: Types of Organizational Decisions. Topic: Organizations and IT. Read More