Decision-making is considered to be one of the most important
functions of management. In any business organization, there will
always be a set of alternatives out of which one has to be chosen
which would help the company in attaining its goals/objectives. It
is here that the decision-making process helps the manager in
finding out more about each alternative and choosing the best one
out of them.
Hence, the decision-making process refers to the process of
using one action over other alternatives to achieve organizational
goals and objectives.
To become a better decison-maker, a manager
must:-
- Gather as much information about the problems and various
alternatives which could be the solution to the problem.
- Next, he must weigh the pros/cons of each alternative to decide
which one would serve the interested the company in the best, most
efficient manner.
- After choosing the best option from the available alternatives,
he must plan the next steps which would help him in implementing
the option effectively in the organization. For this purpose, the
resources of the company must be properly allocated to ensure that
the steps are implemented effectively.
- After implementation, the manager must perform follow-up to
review the changes and correct and deviations.