Decision-making is a mode of ascertaining a preference after the need for a pronouncement has been acknowledged, assessed, and options have been appraised. According to Ingram (2017), various stages may assist a person with the decision-making process. In this case, administrators are capable of going through the phases in a fast way. Primarily, a person should recognize that a pronouncement should be agreed upon. Moreover, the person should gather data on the inside or external sources connected to the decision process. Subsequently, alternative options should be evaluated. This should be conducted in detail to ascertain which alternative would be the pre-eminent resolution for the required specific resolution. Once a pronouncement is agreed upon, the person should execute the pronouncement into an actionable resolution. An analysis should then finalized to appraise the advantages and decisions of the pronouncement. This may help the person determine if the decision-making process was valuable, and the alternative chosen was proper, or if alterations are required when a specific pronouncement is acknowledged. Comprehending the procedure of managerial decision-making may advance the effectiveness of the decision-making process.
TO: Chief Executive Officer
FROM: Senior Manager
SUBJECT: Senior Manager Decision-Making Process
Decision making in every corporation is dynamic. Nonetheless, making sound pronouncements for the company may be chaotic, particularly for freshly endorsed leaders. According to mmmm, three criteria may ascertain if the manager is making a good pronouncement. Foremost, a good pronouncement ought to be coherent with the corporation’s mission, vision, and objectives (Huff et al., 2017). Also, the decisions made should be evaluated from the perspective that aligns with the organization’s strategic plan and contributes to the achievement of strategic goals and objectives. Also, the pronouncements must be assessed from the standpoint that is in line with the company’s strategic design and facilitates the accomplishment of strategic goals. Secondly, how efficient the manager’s decision is assessed by checking into the preconceptions and assumptions, including the decision-making processes (Goetsch & Davis, 2014). Lastly, before implementing the manager’s pronouncements, the decision’s outcomes should be assessed against the pronouncement’s anticipated objective. If the pronouncement is corresponding to the desired purpose and helps in tackling the known challenges. If the three assumptions are considered, the manager is expected to make a good pronouncement.
One fundamental assumption of decision-making is that the pronouncement made will resolve the impending challenge (Brigham & Daves, 2012). For example, within the previously engaged company, personnel desired to work alone to accomplish allocated assignments. It was recognized that the personnel possessed various strengths and flaws in different regions. It was concluded that the personnel should team up to guarantee that they merge their strong point in developing a comprehensive project. Consequently, there is a growth in the production of the corporation, just as initially presumed. Besides, the personnel established good relations with each other and their administrators. It is similarly assumed that the pronouncement should bear an affirmative effect on the corporation and the persons involved.
Within the decision-making realm, assumptions are determined by misunderstandings that may not be based on facts. In most cases, the misinterpretation is founded on previous incidences, past practices, and prior communications (Kourdi, 2015). A real-life postulation made in my career was to propose a new project that would be managed similarly to the last project. In this case, I failed to thoroughly research the project as I presumed because it was a similar application, a similar vendor that the novel project may be an improvement to the initial project and could be managed similarly. After the project’s commencement, and apprehension transpired, and for me to be prosperous, I thoroughly reviewed the project. Additional real life postulation entails an entrepreneur initiating a business founded on perceived demand. The business owner instituted a convenience store supposing that the site and needs would attract numerous clients. However, the clients continued to shop at the known convenience store within the region compared to the self-sufficiently maintained convenience store.
Given the significance of proper expectations, the accurateness of various business expectations will be evaluated. Moreover, testing the business assumptions and confirming their reliability will be deliberated based on specific scenarios. Foremost, an automobile producer’s supposition that SUVs’ need would remain since the price of gas may continue rising and an airline’s postulation that there was a requisite for an air company that offered no added facilities. Based on the airline assumption, this postulation appears to be truthful as most travellers opt to spend less money with a commercial airline. Clienteles prefer receiving amenities if offered devoid of extra charges and do not want to be mandatory to be charged for various components, for instance, baggage fees. This postulation may be verified through surveys and focus groups offered to different travellers such as regular travellers and business travellers. They can be provided with several traveling financial plans and diverse annual salary choices.
Applicable and accurate administrative pronouncements are essential for every corporation. Several pronouncements are better for strategic development, implementing new processes accomplishing firm objectives, and attaining a significant profit margin. Irrespective of the pronouncement required, good decision-making is evidence-based and not founded on postulations.
Brigham, E.F. &. Daves, P.R.(2012). Intermediate Financial Management USA: Cengage Learning.
Goetsch, D. L., & Davis, S. B. (2014). Quality management for organizational excellence. Upper Saddle River, NJ: Pearson.
Huff, A. S., Milliken, F. J., Hodgkinson, G. P., Galavan, R. J., & Sund, K. J. (2016). A Conversation on Uncertainty in Managerial and Organizational Cognition’, Uncertainty and Strategic Decision Making (pp. 1-31). Emerald Group Publishing Limited.
Ingram, D. (2017). What Are the Steps in the Decision-Making Process of a Manager? Retrieved from http://smallbusiness.chron.com/steps-decisionmaking-process-manager-10601.html
Kourdi, J. (2015). Business strategy: a guide to effective decision-making. The Economist.
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