Elements of Decision making...

Elements of Decision making One of the important tasks of an executive is the decision making. It generally takes a small fraction of his time. Nevertheless the decision making is a very important aspect of his work since the decisions he makes by virtue of his position, knowledge or experience have significant impact on the entire organization, its performance, and the results. Hence, executives to be effective are to make wise decisions. They are to make the decisions as a systematic process with clearly defined elements and in a distinct sequence of steps. For an effective decision making, the executive is to normally concentrate on those important and strategic decisions which have big impact for the organization. These strategic decisions need to have the highest level of conceptual understanding. The executive is required to find the constants in a situation and is to apply his skill to manipulate a great many variables arising out of the chaotic thinking in order to make an effective decision. He is to know what the decision is all about and what the underlying realities are which the decision is required to satisfy. The executive is to look out for impact rather than the technique. He is to ensure that the decision he makes needs to be sound rather than clever. An executive while making a decision is required to know whether the decision is to be based on principle or it is to be made on the merits of the case and logically. He is to be aware that the trickiest decision is the one which is between the right and the wrong compromise he has to make and he is to be able to judge one from the other. Further, the executive is to be aware that...