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Outline the different stages involve in decision making.
There are diverse techniques that have been developed to make decisions, which range from simple to complex procedures. The techniques that may be chosen to address a given situation usually depend on the nature of the decision to be made and its complexity. To start with, the stage that is foremost is the listing of possible solutions so that all those that cannot be applicable are eliminated. This is followed by setting of a time scale and also the process of determining who is responsible for the decision. The other stage involves information gathering so that it can be determined whether a particular technique is suitable for the situation. The risks involved in the decision making are then weighed up, followed by weighing up of the advantages and disadvantages of each course of action. After this, the decision is then made.
What are the characteristics of strategic decisions?
Strategic decisions usually have major resource propositions for a given organization. The decisions may be related to possessing new resources, and organizing others as well as reallocating others.
Strategic decisions may deal with harmonizing all organizational resource capabilities with all threats and also opportunities.
Strategic decisions always deal with the range of the organizational activities. It is concerned with what they want the organization to appear and to be about.
Strategic decisions also involve a change of the major kind since organizations operate in an ever-changing environment.
Strategic decisions are usually complex in nature.
What are some of business decision making flaws that are in existence?
One of them is the way we think when making decisions. For instance, some the heuristic for clarity, are normally sensory misperceptions. Others always take the form of biases. There are some that appear as irrational anomalies based on our thinking. What makes all these flaws dangerous is because they are invisible. They are hardwired deep into the thinking process; and we fail to recognize them.
References
Daniel Kahneman, Amos Tversky (2000). Choice, Values, Frames. The Cambridge
University Press.
Davis, M.A., Johnson, N, B & Ohmer, D. G. (2008). Issue-Contingent Effects on
Ethical Decision Making: A Cross-Cultural Comparison. J. of Business Ethics
Krapohl, Donald. (2013)”A Structured Methodology for Group Decision Making”
