The Importance of Analysis and Analytical Skills to the Manager Making Decisions in Business
Managing Decisions
“The Importance of Analysis and Analytical Skills to the Manager Making Decisions in Business”
Student ID – 20003265
Word Count –
Decision making is a process that we go through every day and can be defined as "the choice between alternative courses of action designed to produce a specified result, and one made on a review of relevant information guided by explicit criteria" . The decisions made in the business hinge on the person who makes them and the qualities they have as a manager and the decision making process they use. It focuses on what skills they have, their managerial style in relation to the team they have working for them and their experience.
Managers are practical people who need to make decisions on a daily basis in order to help run the company. However, before making these decisions it is important that they have the right information. Information is crucial, and according to Mark Teale, the qualitative information is far more resourceful and usable then just pure quantity . However sometimes not all the information is available so they have to rely on different decision making methods in order for them to make the best decision for the company possible.
Managers will face both difficult and straight forward decisions throughout their career. For the simple decisions a model is not normally necessary as the manger can draw from previous experience or instinct to make the correct choice. It is the difficult decisions that take longer to come to a conclusion. When making a more complex decision the following things need to be considered certainty, complexity, consequence, and interpersonal issues. Certainty focuses on the information available which can affect whether you know the outcome of your decision in advance. Uncertainty however is when you have no information, or the information you have is irrelevant, and thus cannot know the outcome making it unpredictable. Complexity
“The Importance of Analysis and Analytical Skills to the Manager Making Decisions in Business”
Student ID – 20003265
Word Count –
Decision making is a process that we go through every day and can be defined as "the choice between alternative courses of action designed to produce a specified result, and one made on a review of relevant information guided by explicit criteria" . The decisions made in the business hinge on the person who makes them and the qualities they have as a manager and the decision making process they use. It focuses on what skills they have, their managerial style in relation to the team they have working for them and their experience.
Managers are practical people who need to make decisions on a daily basis in order to help run the company. However, before making these decisions it is important that they have the right information. Information is crucial, and according to Mark Teale, the qualitative information is far more resourceful and usable then just pure quantity . However sometimes not all the information is available so they have to rely on different decision making methods in order for them to make the best decision for the company possible.
Managers will face both difficult and straight forward decisions throughout their career. For the simple decisions a model is not normally necessary as the manger can draw from previous experience or instinct to make the correct choice. It is the difficult decisions that take longer to come to a conclusion. When making a more complex decision the following things need to be considered certainty, complexity, consequence, and interpersonal issues. Certainty focuses on the information available which can affect whether you know the outcome of your decision in advance. Uncertainty however is when you have no information, or the information you have is irrelevant, and thus cannot know the outcome making it unpredictable. Complexity