Managing Decisions Essay Example | Topics and Well Written Essays - 2750 words

Managing Decisions - Essay Examplee conclusions which argon taken on the primer of relevant assumptions which ar made after considering for all types of situations and consequences which the organisation can face in future. As per this model there are seven basic steps which are taken while managing decisions. low gear of all, the main problem should be defined and analysed in order to assess the future situation which the conjunction may face due to the problem. The second step is to identify and analyse all the alternative solutions of the problem. The tierce step is to analyse all the merits and demerits of the identified alternatives. Once all the alternatives have been assessed the fourth step is to localize all alternative solutions as per their strengths. Ranking helps to identify the optimal alternative solution which can exploit the satisfaction level, thus identification of the optimal solution id the fifth step of this model. Sixth step is to devour the chosen alt ernative. Once the alternative is implemented follow ups are done to assure that all(prenominal) social occasion is going as decided, this is the seventh step in normative model (Swansburg and Swansburg, 2002, p.256). Decision tree The hesitancy aspects of the future events make the decision making more crucial and vital for every organisation. One of the about popular and common denary technique which is used to portion out decisions regarding uncertain activities is decision tree. Thus decision tree can be defined as the graphical representation of versatile sequential decisions and the various expected values of those decisions. The decision tree helps to assess each decision as per their sequence in analysing the expected value of the given alternatives. The expected values are the probable value of the outcomes of various activities. These are considered... Center of discussion in this paper is decision making as an of the essence(predicate) aspect of every business ent erprise. The success of the organisation largely depends upon the managerial decisions. Therefore it is very important to efficiently manage the decision making. The whole organisation starting from the recruitment of the human resource, planning for the production and manufacturing of products, planning for the communicate business, demand forecasting, planning of the activities to be done in the organisation, budgeting, forecasting of the revenue, target customers, etc are very important for success of the organisation. Therefore, the managerial decisions are very important and have a great impact on the overall performance of the company. If any decisions regarding planning of the organisational activities or the short term targets set for the company are not done efficiently then the company can be severely affected in long run. There are many techniques which help the managers in their decision making. Some of the methods are quantitative and some are qualitative. Every method has its pros and cons further at the same time relevant in their own field. Thus the best technique is to combine the various techniques of decision making in opposite words the management should not depend on one technique of decision making but it should practice a variety of decision making tools which would increase the efficiency of decision making service and will also make the decision process faster and effective.