QUESTION 4) Decision -making is the vehicle for carrying workload and discharging the managerial responsibilities “. Elucidate the statement and examine the significance and process of rational decision making in management.
Answer :
Decision-making can be regarded as a problem-solving activity yielding a solution deemed to be optimal, or at least satisfactory. It is therefore a process which can be more or less rational or irrational and can be based on explicit or tacit knowledge and beliefs. Tacit knowledge is often used to fill the gaps in complex decision making.
A major part of decision-making, involves the analysis of a finite set of alternatives described in terms of evaluative criteria. Then the task might be to rank these alternatives in terms of how attractive they are to the decision-maker(s) when all the criteria are considered simultaneously. Another task might be to find the best alternative or to determine the relative total priority of each alternative (for instance, if alternatives represent projects competing for funds) when all the criteria are considered simultaneously. Solving such problems is the focus of multiple-criteria decision analysis (MCDA). This area of decision-making, although very old, has attracted the interest of many researchers and practitioners and is still highly debated as there are many MCDA methods which may yield very different results when they are applied on exactly the same data.
Decision-making is a truly fascinating science, incorporating organizational behavior, psychology, sociology, neurology, strategy, management, philosophy, and logic. The ability to make effective decisions that are rational, informed, and collaborative can greatly reduce opportunity costs while building a strong organizational focus. As a prospective manager, effective decision-making is a central skill necessary for success. This requires the capacity to weigh various paths and determine the optimal trajectory of action.
IT DISCHARGE THE MANEGERIAL RESPOSIBILITY
A psychological style to decision-making favors individual values, desires, and needs to determine the best course of action.
A cognitive style to decision-making is heavily influenced by external factors and repercussions, such as how a given course of action will impact the broader environment in which the organization functions.
Normative decision-making relies on logic and communicative rationality, aligning people based upon a logical progression from premises to conclusion.
Regardless of the style or perspective, managers, and leaders must create organizational alignment in decision-making through building consensus.
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