Concepts of Decision Making

Topics: Decision making, Critical thinking, Business Decision Mapping Pages: 4 (1017 words) Published: September 19, 2010
Concepts of Decision Making

MMPBL/500 Foundations of Problem Based Learning

Abstract

Key concepts of decision making are a vital part of keeping a company successful and happy employees. There are many areas to take into consideration when applying these decisions. To begin managers must apply their critical thinking skills. As a manager you must choose a decision making concept. Then analyze the concept that is going to be used. Also take a close look at the symptoms and problems. As a manager some of these decisions need to be made immediately and other decisions may allow more time for consideration. Actually, managers sometime ignore the problems all together, leading to poor business (J.Champion and J.James).

Decision Stages

There are stages in order to make a decision. To begin the manager needs to identify and diagnose the problem. Usually a manager realizes some discrepancy in the current stage of the business and what the desired state of the business and what it needs to be. After the manager makes the decision he must believe the resources and abilities necessary for problem solving exist (Bateman, S. & Snell, S. (2004). Next the decision must be implemented. In some cases the individuals involved in making the decision will implement it, other times they will delegate it to other staff members.

Evaluating the Decision

Evaluating the decision is to collect information on how the decision is working. Decision making help a manager determine if the decision was the correct on by evaluation. If it is the manager can implement this in to other parts of the organization. Unfortunately if it does not work it will be time for the manager to head back to the drawing board.

Analyze the Elements

Let’s begin with a propose theory, this theory is that consumer make their decisions based on how they feel the outcome will be. The consumers were rational individuals that estimated the probabilistic outcomes of decisions...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Clarify the Concept of Feedback on Decision Making Essay
  • Decision Making Essay
  • Ethics and Decision Making Essay
  • Ethical Decision Making Essay
  • Decision Making Essay
  • Decision Making Essay
  • Decision Making Essay
  • Decision making Essay

Become a StudyMode Member

Sign Up - It's Free