Decision Making Criteria for Managers
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?
The following memo is being written in order to deliver a clear idea on the decision making process of the managers and assume the perspectives related to the process. The very first thing that has been presented here in this memo is the different criterions that can be used by me as a manager to undertake different good decisions. Some of the major criteria that helps me in the determination of making good decisions are;
It is my duty to determine on whether the decision is feasible and effective enough for the business
The identification of the different alternatives to clear understanding of the issue, and determine the various solutions at the disposal
I must consult all the related employees before coming to any conclusion regarding the decision making process
I believe that following a systematic process involving all the related stakeholders can be helpful for me to gain business success and make heed to the business process. However amongst the given criterion I believe that the most important one that must be followed by me is the determination of the different alternatives of the decisions. The selection of the different kinds of the alternatives is highly important for the decision making process in case when the first decision making process totally fails (Bals, Kirchoff & Foerstl, 2016). The failure of the first process can be managed by me in the presence of the second or third alternative decision.
Assumptions form an important part in the decision making process. A number of different assumptions are made by us during the implementation of the decision making process. However, it is better for us to not base the decisions on the assumptions (Barabba, 2018). The basis of the decisions must always be on the different facts related to the topic. In the realm of the decision making assumptions the things to be considered includes the likes of the previous occurrences, early communications as well as the experiences of the past. A real life example in this regard can be said to be one of my real life examples that helped me to gain success. I had the assumption that undertaking a new project as a manager while handling another project based on the same subject could be tough. However, once I started doing so, I realised that the project was an extension of the earlier project with the application of the same theories which made the task much easy.
Two real life examples that could help me to assess the importance of assumption process were provided to me by my boss. In one case an automobile manufacturer had the assumption that the demand for SUV’s will rise as the gas prices will be rising. This assumption is completely wrong as the increase in the gas prices will create a challenging situation for the economy and the people will find it difficult to afford SUV’s given the rising cost of the fuel. Secondly, the assumption of an airline company for the need of an airline with no added amenities is equally wrong as the customers in the globalized era always searches for added amenities in an airlines to make their journey better. Thus, in both the cases the management of the companies must ensure to assume in a positive manner to gain success in the market.
References and Bibliography
Bals, L., Kirchoff, J. F., & Foerstl, K. (2016). Exploring the reshoring and insourcing decision making process: toward an agenda for future research. Operations Management Research, 9(3-4), 102-116.
Barabba, V. (2018). Learning by revisiting assumptions: an adaptive decision process. Strategy & Leadership, 46(3), 37-44.
de Vente, J., Reed, M., Stringer, L., Valente, S., & Newig, J. (2016). How does the context and design of participatory decision making processes affect their outcomes? Evidence from sustainable land management in global drylands. Ecology and Society, 21(2).
Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education.