Derek Elliott – Decision making in Business

Derek Elliott Decision making in Business

Most of us have wondered about a few people who always make the right decisions, not only in business but also in the life. It is generally said that it is better to make a wrong decision than to stay without making any Proper decision making is one of the qualities of a good business manager.

Sometimes you try to take multiple decisions and you may finally end up by selecting the perfect decision. The important aspect of a manager is the proper decision making. But if your decision is quite wrong, then things can't be done properly. They are also responsible to resolve all types of problems and come up with a tentative solution. The decision process can be tabled to the management team as an eye opener for the final solution.

As you make a tentative solution, make sure to consider the important consequences. Even after passing a decision, its effect will felt for a longtime. Some decisions are so crucial that invalidating them later will adversely affect your business. For example, deciding to change a known brand name which is already known in the market may not work well for your business.

Every time when you make a decision compare and discuss such decisions with other people in the organization. Generally you can not be right always and you need opinions and directions from others. Analyze your decisions before submitting to the management and check does it match with strongly the organization beliefs, goals and dreams.

Man Types of Decisions:

Strategic Decisions:

These are the Long-term decisions that effect the profitability and survival of a business which are closely related to the aims of the business. These decisions are risky. Here,the strategic decisions are made by the top people in an organization like CEO's, Boards of Directors and Senior Managers. These important Decisions form the business long-term strategy for about 10-15 years.

For Eg: Increase market share by 12% over the next 5 years.

Tactical Decisions:

It includes some short to medium decisions which are based on the strategic decisions of the business. Then the Closely related objectives of the business will meet the strategic aims and the

Tactical decisions are constantly reviewed and updated.

For Example: Setting sales targets for the next 12 months.

Operational Decisions:

This type of decisions are Routine day to day decisions made by a business. It helps the organization to easily achieve their objective and consists of some solving short-term practical problems.

Only successful entrepreneurs knows that the product is a fraction of the business. The winning entrepreneurs are great at addressing and they correctly invest their time in learning about the buyer, investor needs. Thus they learn well to spend their time efficiently.

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