What is decision making?
Decision making is a very important part of business management processes and it is very crucial to make the right decisions so that the business organization is able to achieve the short-term and long-term goals. Whether you talk about the decision-making process in business or decisions in an individualistic life are what decide the direction in which you are heading. However, when we talk about managing business decisions, there are a lot of things that you need to know. This subject is part of many courses and students get confused while writing an assignment on this topic, however, Tutorsglobe is here to provide you the Decision making and Decision models assignment help that will provide you the guidance of professional online tutors of our academic writing team.
In business, there are a lot of issues and problems which requires critical thinking, problem-solving skills, and decision making. There are a lot of obstacles, organizational problems, and issues in context to making strategies for managing finances, accounting, assets and portfolio of the firm and to resolve all these matters there are various types of decision making models and styles.
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There are a lot of techniques, methods, and tactics for making decisions and each of them may take the organization on a different path, but for a general understanding the decision making styles can be classified into three major categories
- Cognitive decision making: In this type, a series of decisions are made and a constant feedback loop is maintained for assessing the impact and the reactions of the decisions implemented.
- Normative decision making: This type of style mainly relies on the communication and discussion between the employees within an organization and it uses conclusions to make decisions.
- Psychological decision making: Most individual use this style and they take decisions on the basis of their requirements, desires, goals, ethics, moral values, etc.
Steps and process of decision making
Decision making is the process of selecting the most profitable option from the alternatives present. A business organization needs to be stable and should thrive in the upcoming future and any decision is made with this major goal. Here are the steps followed in making decisions.
- Define the problem
- Find and establish the goals and objectives to achieve
- Set priorities and the importance of the objectives
- List all the constraints such as financial and time constraints
- Analyze past data and find trends & insights
- Find all the alternative options and paths that can be chosen
- Create a strategy for selection of alternative
- Identify and opt for the best alternative
- Create a strategy for implementation
- Monitor the implementation stage
- Take feedback and adjust the decisions as needed
Decision Making Levels or types
- Strategic Decisions: these include goals that they define the vision for the business in very long-term and they are most uncertain and inconclusive in short-term
- Tactical Decision: these are supportive decisions and they are medium level decisions which create a base for strategic decisions.
- Operational Decision: As the name suggests, such decisions are made daily for managing the day to day operations of a business.
Decision making is sometimes also known as business or enterprise decision management and it includes the use of automated software programs which are designed and built to record the daily transactions and interactions of business with its clients, managers, organizations, customers, employees, etc. The use of information technology has made the process of making decisions very easy to manage because the enterprise software allows to analyze the historical data and find useful information for decision making.
Decision making Models & Techniques
There are various techniques for decision making and these are also called decision making models. Here are a few models, mostly used by business managers
- Voting-based methods
- Economic rationality model
- DECIDE model of decision making
- Social model
- GOFER decision making process
- Simon's bounded rationality model
- Decision engineering
- Neurocognitive model
- Participative decision-making
- Consensus decision-making
- Dotmocracy models
- Delphi method
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