Lecture (WK2)

Lecture (WK2) - Lecture (WK2) Decision-Making Skills...

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Lecture (WK2) Decision-Making Skills Decision-making is a critical management process. Rue and Byars, in Management: Skills and Application, define decision-making as “the process of choosing from among various alternatives”. Decision-making is decentralized through the process of all levels of management empowering the workforce. Even at the highest organizational level, there should be no assumption of rationality and logic in decision-making. Generally, the success or appropriateness of a decision can only be judged over time. The decision-making process can be made in a structured framework or it can be made on the fly. On a personal level, one needs a new car and factors such as size, cost, and family safety considerations might impact a structured decision…on-the-other-hand one might just buy a sports car. Information technology with its relational databases and varied report formats have allowed managers to make more informed decisions. A structured decision-making process usually has a set series of steps; for example, (1) recognize the need for decisions, (2) establish, rank, and weigh the decision criteria, (3) gather available information and data, (4) identify possible alternatives, (5) evaluate each alternative with respect to all criteria, and (6) ). In making most decisions, one seldom has 100% of the information needed or access to the subject matter experts required. Time
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Lecture (WK2) - Lecture (WK2) Decision-Making Skills...

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