DECISION MAKING INTRODUCTION Decision making is an essential aspect of modern management. It is a primary function of management. A manager’s major job is sound/rational decision-making. He takes hundreds of decisions consciously and subconsciously. Decision-making is the key part of manager’s activities. Decisions are important as they determine both managerial and organizational actions. A decision may be defined as "a course of action which is consciously chosen from among a set of alternatives
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Crisis management - a strategic leadership approach Introduction The past decade has been wrought with crises on both a domestic and international scale. It has been marked by a glut of organizational crises including natural disasters‚ technology disruption‚ and acts of terrorism‚ scandals‚ and financial mismanagement. Yet‚ many leaders are ill-prepared for the important role they may need to play in leading an organization through a crisis. At the beginning of the decade people all over
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1. What is Decision Making? Decision-making is an essential aspect of modern management. It is a primary function of management. A manager’s major job is sound/rational decision-making. He takes hundreds of decisions consciously and subconsciously. Decision-making is the key part of manager’s activities. Decisions are important as they determine both managerial and organizational actions. A decision may be defined as "a course of action which is consciously chosen from among a set of alternatives
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Contents INTRODUCTION 4 DECISION MAKING 4 Programmed Decisions 4 Non-Programmed Decisions 5 THE RESPONSIBILITY FOR MAKING DECISIONS 5 ELEMENTS OF THE DECISION SITUATION 6 - The Decision Maker 6 - Goals to be Served 6 - Relevant Alternatives 6 - Ordering of Alternatives 6 - Choice of Alternatives. 6 THE RATIONAL MODEL OF DECISION MAKING 8 Steps in the Decision Making process 8 Identifying an Existing Problem 9 Listing Alternative Solutions 10 Select the Most Beneficial Of These
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2. What are the major factors in today’s business environment? The major factors in today’s business environment are: (Market-related) strong competition‚ expansion of global markets‚ electronic markets blooming on the Internet‚ innovative marketing methods‚ opportunities for outsourcing with IT support‚ and need for real time on-demand transactions (Consumer demand-related) wanting customization‚ wanting quality‚ diversity of products‚ and speed of delivery‚ and customers becoming powerful
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Decision-Making Decision-Making Decision-making introduction Excellent decision-making is an essential tool used for management and leadership within an organization. It is important that an organization learns to make appropriate and well-considered decisions; in return the manager will lead the team to spectacular and well deserved success. However‚ poor decisions made can lead to failure. Decision-making is essential to organizations across the globe‚ especially the health care
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most popular approach is called the Strategic Management Approach‚ as the approach to strategy has changed since 1995. The Strategic Management Approach refers to the overall design of the organisation‚ which can be determined only when equal importance is given to the attainment of goals and to policy/ strategy. The key issues for a manager following this approach are goal setting‚ strategy formulation‚ administration‚ and strategic control. Strategic Management Approach has different
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students are encouraged to get to answers to fundamental questions through discussions and finally making their own decision; as opposed to the fundamental “do as told” style. Well I think that basically comes down to the fact that history has shown us that there are multiple ways to achieve an objective and the only limit is our imagination. We need to learn how to make good decisions. Good decision-making brings about a better life. It gives you some control over your life. In fact‚ many frustrations
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Evaluation of the Strategic approach to Performance Management and Recruitment and Selection in Flight Centre UK Introduction Flight Centre is an Australian based travel agency which created a revolution in the travel industry through its model in which volume has got more importance than margin in gaining profitability. It is one among the world’s largest travel agency with more than 2000 stores around the globe. There are more than 90 stores for Flight Centre in UK (www.studentflight.co.uk)
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Managers are frequently referred to as decision makers. Managers make decisions about every aspect of the organisation‚ including strategy‚ structure‚ control systems‚ responses to the environment and human resources. Decision making is not easy. It is done in the face of constantly changing conditions‚ unclear information and conflicting points of view. Types of decisions and problems A decision is a choice made from available alternatives. Decision making is the process of identifying problems
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