Decision Making For A Successful Business - 1663 Words

Abstract Problem solving and decision-making are important skills for running a successful business. Management often utilizes problem-solving which often involves decision-making. These processes and techniques improve decision-making and the quality of decisions. Decision-making might come natural to some leaders, however, others should focus more on improving the quality of their decisions. Effective and successful decisions produce profitable businesses and unsuccessful businesses suffer losses. Corporate decision making process is the most critical process in any organization. Making decisions within the organization can easily leading to making the wrong decision. Simon (1977) decision making process includes four phases: intelligence, design, choice, and implementation. Decision-making process includes intelligence, design, choice, and implementation. The implementation phase includes alternatives decision makers consider goals to analysis issues. Decision-making process inc ludes intelligence, design, choice, and implementation. The problem is identified and an individual or group takes ownership in the intelligence phase. Criteria for selection are agreed upon while results are generated in the design phase. Searching for the best solution is available in the choice phase. The implementation phase includes alternatives decision makers consider goals to analysis issues. Decisions need to be made. Challenging decisions require additional consideration. AShow MoreRelatedDecision Making Is A Fundamental Component For Any Successful Business958 Words   |  4 PagesDecision-making is a fundamental component to any successful business. I chose the topic â€Å"Managerial Decision Making† because informed decisions are critical in order for managers to drive a profitable and sustainable business. Many business analysts measure an organization’s performance on their level of attained profit. 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