BMGT 317

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BMGT 317 is a practical examination of decision making. The goal of BMGT 317 course is to use a proven framework to generate potential solutions for effective decision making. This discussion also covers the cultural impact of decision making, including stakeholders’ expectations. Topics include risks and uncertainty, root cause analysis, critical success factors, psychological traps, performance indicators, and the steps to assure effectiveness before and after decision implementation.

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WHAT IS DECISION MAKING?

It is a continuing process that results in a better selection of alternatives or course of action with multiple alternatives. This selection of alternatives is based on the preference, values, and beliefs of the decision-maker. Therefore, it is a process that requires rational thinking and knowledge. It is an important process that is an essential function used in various stages of management. The decision objective should be clear in order to have a firm and an alternative should be well established. The alternatives are evaluated against the objectives.

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PROCESS OF DECISION-MAKING

When it comes to business, not every decision is as simple as it looks. A pre-described decision-making process will simplify the way of making a decision. Using this process will enable us to form a more profitable decision. It is a gradual process that allows professionals to resolve problems by examining alternatives, going through the evidence, and choosing a path from there. By using a step-by-step procedure can help the manager making a more deliberate and thoughtful decision by evaluating different alternatives. Below are the steps used in the process of decision making:

Identify the problem

The first step in the decision-making process is recognizing the problem and identifying the need to make a decision and move forward in order to have a better solution to the problem.

Gather information

The next step after identifying the problem set is to gather the information that is relevant for making sure of the decision. Gather from all possible sources to establish a well-informed decision. Information should be gathered from all available sources and look at the problem from all angles.

Identify alternatives

After collecting needed relevant information, make a well-informed decision. A well-informed decision can be made by identifying alternatives.

Weigh the alternatives

After jotting down different alternatives to solve a particular problem, weigh the alternatives against reality. By reviewing or evaluating companies past performances help the manager to evaluate the strength and weakness of a company can help to evaluate different alternatives. Identify and weigh those alternatives against the possible rewards.

Choose among alternative

The most important part of making a decision is choosing among alternatives. With all the gathered relevant information and clarified decision, it is now clear the potential paths to take.

Take action

After making a decision, it’s time to act on it. You need to develop a plan to make the decision more achievable and tangible.

Review action

After making the final decision, it is important to evaluate the decision and the steps to be taken to ensure that it works and objectives are achieved.

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BMGT 317 Assignment Help

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