Decision making is integral to management practices. The decision-maker will have to consider various factors before arriving at his/her decision. Recently, I made an important decision in personal life, namely, to buy a house. I used the management principles I learned in the course as a guideline trough my decision making process. I would like to believe that I have made the correct choice. But when it comes to evaluating how good my choice was, I need to make a time-wise longitudinal study. In this sense, only ‘time will tell’ how good the decision was.
One of the features of managerial decision making is the lack of any systematic approach to it. In other words, decision making is usually an unstructured process, which is built on broad rules of thumb like weighing pros and cons, exploring risk potential, understanding historical precedents of similar scenarios, etc. Hence, in my own project to buy a house I had to adopt a free flowing, open-ended . . . Read MoreContinue Reading