TOPIC - Management decision making: overview
General framework
Decision making pervades everything a manager does from deciding about the details in a plan of action through to making decision in a control context such as what to do when targets are not met. George bush like to be called the decider. It is daunting to contemplate the impact of decisions a president has to make. In business the manager also makes decision that impact upon the success of the business and on people's careers and lives.
The importance of insights into decision making can be judged by the fact that two Nobel prizes have been awarded to researcher whose work has enlightened our knowledge of decision making processes. In the general frame work of this Paper you should outline the general approaches to management decision making.
Component
You should select a key aspect of decision making to expound such as:
1. Heuristics that can assist the decision maker in speeding up the decision making process.
2. Common biases that can skew the decision making process.
3. Social influences that might skew the decision making process.
Word count - 5000.