Describe at least 3 criteria that would determine whether the manager is making good decisions. What should be done to better assure that you are making a good decision?

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Business Finance

Description

You have just been promoted from front-line supervisor to be one of the firm's senior managers. During your business education, you learned that the primary role of a manager is to make good decisions. As a supervisor, you had frequently been making routine decisions, but you realize that decision making for the overall company can and will have far greater impact on the company and its employees.

Your boss, the chief executive officer (CEO), realizes that you do not have much practice in this higher level, decision-making process and has asked you to write a memo describing your understanding of how to make important decisions.

Your memo should address the following questions:

  • Describe at least 3 criteria that would determine whether the manager is making good decisions. What should be done to better assure that you are making a good decision?
  • In the realm of decision making, what are assumptions? Rather than use a dictionary definition, cite several specific assumptions that would go with any real-life decision you have made or have seen made at a company at which you have worked.
  • Given the importance of proper assumptions, your boss asked you to assess the accuracy of certain business assumptions and what could you do to test or confirm the credibility of them. The following were major assumptions for each firm:
    • An automobile manufacturer's assumption that the demand for SUVs would continue because gas prices would continue to rise
    • An airline's assumption that there was a need for an airline that provided no added amenities

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Explanation & Answer

Attached.

Running head: INTERNAL MEMO

1

Internal Memo
Student’s Memo
Institution

INTERNAL MEMO

2
MEMORANDUM

To: The Chief Executive Office
From: Senior Manager
Subject: Decision Making Process
Date: 25th March 2018
CRITERIA FOR MAKING GOOD DECISION
Managers should come up with criteria which are used in decision making. This is important as it
helps the manager assess all the alternatives that are available. The decision criteria should be
measurable and be within the scope of the problem that is to be solved. The criteria that
determine whether the manager is making good decisions are as follows;
i.

Align with the strategic objectives of the company: The decisions made by the manager
should be in line with the objectives of the company. It helps in ensuring that the
decisions made by the manager will lead to...


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