Essay Making Management Decisions - 2219 Words

Making Management Decisions ASSIGNMENT 1 Lewandowska Santhirasekaran 1. Principles of business planning and decision making Decision Making is â€Å"A commitment to action† (Mintzberg, H., 1983, p. 188) ; Management decisions are made for a lot of different reasons, mainly because decision making is a fundamental aspect of the management functions and management decision-making which makes it a key management role. (M. Teale, V.Dispenza, J. Flynn, D.Currie, 2003, p. 10) (D. Boddy, 2008, p. 209) Now a day’s making management decisions has become more and more difficult, they need to be made more and more quickly; have to be made in increasingly complex and unpredictable situations.†¦show more content†¦(www.balancedscorecard.org, Paul Arveson, 1998-2013) According to the situation the LiveShows Ltd is at now, all of the decisions will be ‘programmed’, it can be assumed that once programmed decision has been made, then the consequences will be known. These decisions are normally characterised by a known set of objectives, and can lend themselves to programmed decision-making methods. Management science offers tools and methodologies that enable the organisations to deal with managerial problems. It deals with collection, interpretation and presentation of data; however it is important to remember and understand the limitations, assumptions and specific applicability of the methods in question. (M. Teale, V.Dispenza, J. Flynn, D.Currie, 2003, pp. 228, 229) The decisions are based on business objectives and context; decision making types can also divide into three, depending on how much the decision made will affect the business in terms of time and direction; these include: †¢ Strategic Decisions – long – term decisions that affect the direction of the business †¢ Tactical Decisions – medium – term decisions based around how to implement a strategy †¢ Operational Decisions – short – term decisions, also known as administrative decisions about how to implement the tactics. (T. Hannagan, 2008, p. 425) 2. Possible constraints and problems that may hinder effective decision making â€Å"Once the decision- recognition phase has occurred,Show MoreRelatedDecision Making : Be Chosen By The Management1399 Words   |  6 PagesDecision making could be defined as the process of choosing the best alternative out of several ones in order to fulfill the objective of the organization and to increase the shareholders wealth. The process of choosing the best alternative from a given set of projects involves various quantitative and qualitative analysis of the available set of alternatives, to decide on the viability of the project or projects that are going to be chosen by the management. One important factor in the decisionRead MoreQuality Decision Making in Management Essay1711 Words   |  7 Pages The overall purpose of this research paper is to define and assess decision making in management as well as the need for alternatives to use in the decision making processes. 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