MBA5121 Steps of Managerial Decision-Making

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Business Finance

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Prepare a paper describing the steps from your research of how a decision is made or create a model to demonstrate your understanding of decision-making as a process. There are images of models for decision-making that you may also use. Ensure you cite the image. Include APA headings for an Introduction, Decision-Making Steps, Analysis, and Conclusion. Give examples and citations to describe the decision-making process. Explain why this is a reasonable approach, give examples in your analysis.

Length: 2-3 pages, not including title and reference page.

References:

Support your paper with the required reading articles for this week and two other researched sources.

Your paper should demonstrate thoughtful consideration of ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA

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Decision-Making Process

Name

Institutional Affiliation





Introduction

Decision-making process is a process which is done step by step by the professionals with an aim of solving problems through consideration of the evidence and the available alternatives. To solve the problem, all the available alternatives which will help in solving the problem are put into consideration, then those which are convenient and are found to be the most suitable are considered. There are steps which are followed before making a decision. These steps are identifying the decision, gathering relevant information, weigh the evidence, choosing among the alternatives, taking action and reviewing the decision and its consequences. 

Decision-Making Steps

Identifying the decision

Identifying the decision entails realizing that there is the need to make a decision and the nature of the decision to be made. Having this in mind will help the manager will make sound decisions which will help the organization to achieve its goals (Hussung, 2017).  

Before making any decision, it is important to collect information about the alternatives which are available and when collecting this information, one should consider reliable sources which enable the gathering of relevant information which will help in making of the ideal decisions. Some information is collected through the process of self-assessment and others are collected externally by reading various materials and from experienced people. 

Weigh the evidence

After collecting information which will help in the making of the decision, the evidence of each alternative decision is weighed regarding how each of the alternatives will have an impact on the organization. The alternative which is found to help in achieving the desired outcome is considered. 

Choosing among the alternatives

Once the alternative which has been identified to help in achieving the desired goals, it is chosen and at times, more than one alternative is chosen and combined for the effective function of the alternative which was identified. By combining the alternatives, it will ensure that the desired outcome is easily achieved (Hussung, 2017).

Take action

Taking action refers to implementing the alternative which was identified. When the manager is certain that the alternative which has been chosen will help the organization to achieve the desired outcome, then it is implemented.

Reviewing the decision and its consequences

After implementation of the alternative, it is reviewed so as to find out if it is giving the desired outcome. If it is giving the expected outcome, then this alternative will not be changed further but in case of the alternative failing to give the desired outcome, then its consequences are reviewed and more decisions will be made regarding the changes which will be done so that the desired outcome will be achieved (Ingram, 2019).

Analysis

It is important to follow these steps when making decisions because it will help the management to make the right decisions which will help the organization to achieve its goals and to avoid making mistakes while making these decisions. When an organization is not performing well, it calls for the decisions to be made regarding making changes so as to improve the performance hence the need to make the right decisions. So, the only way to make the right decisions is by following these steps because it will avoid making mistakes when making decisions. An example is when planning to make changes on how the organization will operate with an aim of improving the performance, then the various options of change are identified then information about these options are identified and the one found ideal is implemented.

The diagram below shows the steps of making decision.



Conclusion

In conclusion, the decision-making process will bring change to the performance of an organization and hence the management should make these decisions carefully so as to avoid mistakes which affect the decisions which have been made hence leading to the failure in achieving the desired outcome.












References

Hussung, T. (2017, February 10). 7 steps of the decision making process. Retrieved from https://online.csp.edu/blog/business/decision-making-process 

Ingram, D. (2019, February 5). What are the steps in the decision-making process of a manager? Retrieved from https://smallbusiness.chron.com/steps-decisionmaking-process-manager-10601.html 

by Umass Dartmouth retrieved from:  https://www.google.com/search?q=Decision+making+process&client=opera&hs=a9r&tbm=isch&source=iu&ictx=1&fir=epZD3tNWfJGXjM%253A%252CjORq_OtgiCOEWM%252C_&vet=1&usg=AI4_-kQSdHHz0x1SJiP5WgbJHCqU9P0K3A&sa=X&ved=2ahUKEwjNiOGVn6DhAhWr6nMBHSV-AXMQ9QEwE3oECAkQBA#imgrc=epZD3tNWfJGXjM:








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Running Head: DECISION-MAKING PROCESS

Decision-Making Process
Name
Institutional Affiliation

1

DECISION-MAKING PROCESS

2

Introduction
Decision-making process is a process which is done step by step by the professionals
with an aim of solving problems through consideration of the evidence and the available
alternatives. To solve the problem, all the available alternatives which will help in solving the
problem are put into consideration, then those which are convenient and are found to be the most
suitable are considered. There are steps which are followed before making a decision. These
steps are identifying the decision, gathering relevant information, weigh the evidence, choosing
among the alternatives, taking action and reviewing the decision and its consequences.
Decision-Making Steps
Identifying the decision
Identifying the decision entails realizing that there is the need to make a decision and the
nature of the decision to be made. Having th...


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