Effective Decision Making

Paper Summary:

This paper discusses the knowledge and skills required to be able to make effective decisions and the steps that should be taken to arrive at a satisfactory result. It also goes on to explain the process that is involved in making decisions, such as first understanding and identifying the problem and carrying out research on related subjects.

From the Paper:

"Managers today face a complicated decision-making process that demands them to synthesize an incredible number of variables. The result of this synthesis should be a cohesive strategy that meets both immediate objectives and long-term strategic goals. Further, managers must be able to devise an implementation and control strategy that ensures the decision's success. Effective decision-making requires a wide range of knowledge and soft skills. The development of soft skills is in the hands of each individual manager, but the decision-making process can be outlined in a clear manner for anyone to follow.
"A clear decision-making process enables managers to make decisions that meet objectives and enhance the firm's value. Without a decision-making process, decisions are inevitably made on an ad hoc basis, which results in, among other things, inconsistency, reactionary moves, and poorly-informed decisions that do more harm than good. What a strong, clear decision-making process does is provide a framework for managers that allows them to address problems and opportunities with a consistent process and clarity. Each move is treated the same way, which provides better results in the long run."

Sample of Sources Used:

• Chen, Houn-Gee (2005) Business Research: Process and Strategy. National Tsing Hua University. Retrieved September 28, 2008 from http://www.iim.ncku.edu.tw/admin/files/Business%20Research%20Process%20&%20Strategy.pdf
• Bryman, Alan & Bell, Emma. (2007) Business Research Methods. Oxford University Press. Retrieved September 28, 2008 from http://books.google.com/books?id=FRZ_HSkldV0C&pg=PA4&lpg=PA4&dq=business+research+process&source=web&ots=BjPbb13SIS&sig=YYZ9wh7j1RXvm7zktz7iBMMQuJM&hl=en&sa=X&oi=book_result&resnum=1&ct=result#PPR5,M1
• Neill, James. (2007). Qualitative vs. Quantitative Research: Key Points in a Classic Debate. Outdoor Education Research & Evaluation Center. Retrieved September 28, 2008 from http://wilderdom.com/research/QualitativeVersusQuantitativeResearch.html

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