A manager has to make and implement decisions as part of his role. Discuss the decision making process from a managers point of view. What is the role of intuition in decision making? Why do managers make wrong decisions.?
Decision making is defined as a step by step course which is chosen from a set of options so that a desired result can be achieved. It should balance between a judgment as well as future course of action. The most important part of any judgment is in the time of problems and tight situations, to take right decisions.Decision Making relates both end and means to achieve the intended benefits of that decision. A Decision means that a follow up action will deliver a defined end. Any decision is made after choosing from a set of available alternatives. This is done so as to achieve suitable output using a definite course of action. It’s embedded in the set of actions taken by management. Every manager needs to take decisions before making a plan for better execution of strategies prepared by him. His ability to manage is also adjudged by the quality of decisions which are taken by him. Any action taken by a manager is accompanied with a decision regarding a business situation or problem (Martinsons & Maris 2001).
Decision making is needed by every manager while planning, organizing, controlling and implementing any business idea. Whenever any decision is made, a best alternative is chosen out of a set of multiple ideas. Here, manager needs to select the best alternative under a set of conditions. This makes decision making one of the most critical decisions for any business manager while planning for future. This reflects the importance of decisions for complete process of management for a manager. The effectiveness of any manager is dependent on the quality of decisions he makes. It’s an intellectual process under which a chart of action is plotted across many paths available for a manager. Decision making is defined as how an effect is carried out or how answers for questions are sorted out for a given business problem by a business manager by choosing between multiple alternatives available. Decision making is one important function to help business function uninterruptedly and use available resources productively. For all this, decision making should not be random but taken place in a procedural way considering all factors (Blackhart & Kline 2005).