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Decision-Making In Business
Transcript of Decision-Making In Business
O- identify the Objectives.
G- Gather information.
A- Analyse the gathered information.
D- Devise possible solutions.
S- Select the best solution.
C- Communicate the decision.
I- Implement the decision.
E- Evaluate the effectiveness of the decision. What is the Role of Managers in Decision Making. One of the important skills a manager must possess is the ability to make good decisions, as managers have the responsibility for running of a business. Most decisions in an organisation will be taken by managers at department, middle or senior management level. As managers make most decisions, an organisations success depends very heavily on their ability to make the best decisions. The SWOT Analysis STRENGTHS - Internal areas or activities in which the organisation performs well.
WEAKNESSES - Internal areas or activities in which the organisation performs poorly.
OPPORTUNITIES - External areas or activities that the organisation could profitably be involved with in the future.
THREATS - External areas or activities of, for example, competitors; government policy; economic forces.
Why is Effective Decision Making Difficult? Internal Constraints Finance may restrict an organisation's ability to choose the best solution.
Existing company policy may restrict an organisation's opinions.
Staff may lack appropriate technology.
Decision making staff may have tunnel vision, be unable to handle complex decisions, may fail to consult, or may be indecisive. External Constraints Political factors (including government and EU laws).
Competitors' activities. What do Quality Decisions Depend On? Having managers capable of making good decisions.
The staff's ability to use decision making techniques.
The quantity and quality of information decision makers access to.
The level of risk the decision maker is willing to take.
The personal interest the decision maker may have.