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You will prepare and submit a term paper on Making the Decision. Your paper should be a minimum of 250 words in length.
You will prepare and submit a term paper on Making the Decision. Your paper should be a minimum of 250 words in length. Making the Decision Making the Decision Question Decision-making is considered as one of the fundamental aspects in any businesssetting. Decision-making can be defined as the process of selecting the best choice from various options, which is well suited for a particular case of events. In order to come up with a good decision, an individual is supposed to weigh the merits and demerits of the alternatives. In the analytical decision making style, the decision maker gathers considerable information and analyzes the possible alternatives (Geogr, 2012).
In fact, the analytical style of decision making substantially reflects the decision of an individual because the individual analyzes the best alternative from the decisions that are made. Therefore, this approach can be leveraged to enhance the managerial staff. In most organizations, the managers make difficult decisions regarding the finance department. Therefore, the analytical approach is quite efficient in solving the financial predicaments. Research asserts that managers who employ the analytical technique always arrive at the best alternatives and solutions (Nowduri, 2010).
Research asserts that team projects are common in the contemporary business world. There are several decision-making strategies that can be employed in team-decision making. Team leaders should ensure maximum participation during the decision-making procedure. Voting can also be employed especially when there are several conflicting opinions amongst the members of the team. Furthermore, the team leader can also use other anonymous contributions in order to ensure that the decisions made are from experts. The leader of the team can also establish group priorities, which help the team in selecting the best options from various alternatives. These decision-making strategies are quite useful in the decision-making procedure (Lunenburg, 2010).
Geogr, E. (2012). Managing communities and managing knowledge: Strategic decision making and store network investment within retail multinationals. Journal of Economic Geography, 12(2), 539-565. doi:10.1093/jeg/lbr038
Lunenburg, F. C. (2010). Group decision making: The potential for groupthink. International Journal of Management, Business, and Administration, 13(1), 1-5. Retrieved from http://www.nationalforum.com/Electronic%20Journal%20Volumes/Lunenburg,%20Fred%20C.%20Group%20Decision%20Making%20IJMBA%20V13%20N1%202010.pdf
Nowduri, S. (2010). Management information systems and business decision making: Review, analysis, and recommendations. Journal of Management and Marketing Research. Retrieved from http://www.aabri.com/manuscripts/10736.