Decision- making case study - Essay Example

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It is the responsibility of every manager to make decisions which are in the best interest of the organization and the shareholders who are affected by their decisions. The…
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Download file to see previous pages The Informed Decisions Toolbox (IDT) was developed to assist managers in efficient use of six key steps in evidence-informed decision making. These steps include: framing the management question, finding sources of information, assessing the accuracy of information, assessing the applicability of information, determining the actionability of the evidence and determining whether the information is adequate. The IDT allows managers to take control of the decision making process to enhance the performance of their organizations (Rundall et al., 2007).
The issue arising due to the budget cut at Medicaid requires decision making based on careful consideration. Using information from “Informed Decisions Toolbox: Tools for Knowledge Transfer and Performance Improvement” we can determine which tools would be the most appropriate to use for decision making at Medicaid.
The decision making process for Medicaid would begin with framing the question. Medicaid requires selection of the most optimum mix of medical services within the prescribed budget. For this we need to understand which services yield most benefit to the stakeholders including employees, regulatory agencies, patients and payers affected by our decision, and which services are most critical for our operations and which ones can be disposed of without having a tremendous impact on the organization and its stakeholders.
This step would set the foundation based on which we can proceed towards seeking the best possible solution for the problem and yield maximum benefits for all concerned. This step would provide a clear definition of the issue and also highlight what information needs to be collected.
The second step would require us to find appropriate sources of information. For the situation under discussion it would be beneficial to extract useful information from sources both external and internal. This stage would ...Download file to see next pagesRead More
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