Question

identify the potential mistakes managers might make when following each step in the decision making process and make a recommendation for each step to reduce that chance of error.

Answer 1

​​​Decision Making is an important part of a manager's job and should done with rational mind by eleminating the all the errors. But the various steps of decision making process can involve following potential mistakes.

• 1.Information:- lack or bulk of information is the potential mistake which a manager has to avoid. A decision should be based on facts.This makes information collection an important job. Gathering information is very important in approaching the decision making process, but it’s important to identify how much background information is truly required. An overload of information can leave you confused and misguided, and prevents you from following your intuition.Tgis problem can be avoided by collection of facts only from reliable source and collection should be based only on requirements.relying on one single source of information can lead to bias and misinformation, which can have disastrous effects down the line.
• 2. Identification of problems:- In many cases, the issues surrounding your decision will be obvious. However, there will be times when the decision is complex and you aren’t sure where the main issue lies. Conduct thorough research and speak with internal experts who experience the problem firsthand in order to mitigate this.
• 3.Overconfidence :-if we follow each steps of the decision making process, there is still a chance that the outcome won’t be exactly what you had in mind. That’s why it’s so important to identify a valid option that is plausible and achievable. Being overconfident in an unlikely outcome can lead to adverse results.Manager should not be overconfidence but within the lines of their authority and responsibility.
• 4.Corrective action and Review:-The mistakes can include flaws in the review of plans and their corrective action. To avoid these problems a proper mechanism of planning standard , comparison and corrective actions should be prepared.