International Business Ethics
International business ethics emerged quite late globally compared to the business ethics that came up in 1970’s. It was only in late 1990’s that the international business ethics came to the fore especially so after the economic developments that occurred on a global scale. In 1990’s many businesses from the developing countries expanded their operations […]
Advantages of Using Value at Risk (VaR) Model
Value at Risk (VaR) is the most prominently used methodology when it comes to gauging and mitigating the market risk. Over the years, this methodology has been extensively used by financial as well as non-financial organizations. It has also been extensively used and recommended by academicians and researchers. The immense popularity of the value at […]
Advantages and Disadvantages of Reinsurance Brokers
In the previous article, we have already seen what reinsurance brokers are and why they are so important to the reinsurance market. There are a large number of reinsurer companies that only deal with reinsurance brokers. These companies do not provide any direct service to their clients. The number of reinsurance brokers is increasing day […]
Likerts Management System
Rensis Likert and his associates studied the patterns and styles of managers for three decades at the University of Michigan, USA, and identified a four-fold model of management systems. The model was developed on the basis of a questionnaire administered to managers in over 200 organizations and research into the performance characteristics of different types […]
Reasons for Failure of Virtual Teams
Last year Bob Stuart was given the ‘Best Team Leader’ award because his team had delivered all the milestones accurately and on-time. Along with the award, he was also a given a greater responsibility of leading a bigger and more diverse team whose members were located in 3 different countries. But this year not only […]
Decision making process is like a school exam. Those who take good decisions will pass the exam and the rest who does not take right decisions will have to bear the consequences. Being able to take good decision is important for everyone, whether he/she is a student, teacher, manager, principal, president, leader of any institution etc. A student has to take decisions about his career, a president has to take decisions regarding his country’s benefit, and a manager has to take decisions regarding his company and likewise the leader of any institution. So every single person has to pass this step in order to progress in their field.
The meaning of decision in Latin is to ‘cut off’. This means that from all the available alternatives you choose one thing and then cut off from all the other alternatives. Due to this, the decision making process sometimes becomes very difficult. Choosing the right option from all the available alternatives is very hard to do.
Decision making process requires thinking process, time, efforts, resources and also a little bit of knowledge and past experiences. Thinking process plays an important role in decision making process because it allows you to judge each and every thing. Timing is also important.
Taking right decisions on right time can save you from any trouble. Taking too little time to take decisions or taking too much time to execute your decision can cause many problems for you. Decision making processes also requires knowledge, experience and research. If you have knowledge, you can find out different alternatives for the problem faced. Making decisions without having proper knowledge about the problem can cause difficulties.
In our view decision making power is the key to progress in life. You might have seen many people who do not take proper decisions and then they have to suffer. On the other hand people who have this decision making power, continues to progress in their life. Not all of us have this decision making power. We try to make right decisions but sometimes we make mistakes because we don’t know the steps that we should follow during the decision making process. So in order to take right decisions, it is important that we should know all the steps of decision making process and follow them.
The decision making process involves the following steps:
These steps will help you to take proper decisions
Each of these steps will be explained one by one in further articles. Anyone who wants to be a good decision maker should follow these steps. Whether your problem is big or small these steps will show you the right path to solve your problem and will lead you towards progression.
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