Got a tricky question? Receive an answer from students like you! Try us!

Managerial decision making - Essay Example

Only on StudentShare
Undergraduate
Essay
Management
Pages 7 (1757 words)

Summary

A hallmark of today's business environment is its chaotic nature.This chaos is rooted in unprecedented rates of change and high levels of complexity.In turn,rapid change and effective decision-making create an environment of high risk in which decision makers possess little certainty about what the future holds…

Extract of sample
Managerial decision making

A hallmark of today's business environment is its chaotic nature. This chaos is rooted in unprecedented rates of change and high levels of complexity. In turn, rapid change and effective decision-making create an environment of high risk in which decision makers possess little certainty about what the future holds. They perceive events through opaque lenses and base their decisions on large measures of speculation and only small doses of certainty. A large part of the complexity of today's projects is tied to the variety of options facing all project players, from project managers to team members to customers. Naturalistic decision making helps managers to understand how decision are made in complex situations, uncertainty and changing conditions.Research and understanding of naturalistic decision making helps organizations to interpret cognitive functions and improve their everyday performance. Following Cannon-Bowers et al 1996: "There is no doubt that the overriding strength of the NDM perspective on decision making research is its focus on how decisions are made in complex, real-world environments" (p. 193). Managers do not always remember and thus learn from their mistakes, because they do not realize they have made mistakes. A naturalistic decision making gives managers means to disengage themselves from a particular situation, from its narrative, from one's roles, and from a dominating conceptual scheme. ...
Download paper
Not exactly what you need?

Related Essays

Managerial Decision Making
While analyzing any complex problem identifying the constituent parts is critical. These parts need to be workable and of decidable size. When the broken down parts get solved the entire problem gets solved. Thirdly, while finance and the monetary gains are the primary focus of the analysis, it would also help in realizing the advantages of cornering a dominant share in the market in Greece, dissuading competition and slowly easing them out if they do have any market share. Finally, the objective of the exercise would be to increase the monetary benefit the company gains.…
12 pages (3012 words)
Decision Making College Essay
There are different levels of decision making and types of problems, different types of problems include semi-structured problem, structured problem and unstructured problem. For every type of problem there is a different level of decision to be taken and there is a different solution of each type of problem. Normally structured problem as easily solved as compared to the semi structure and un-structured problems, the reason for that the problem identification is easy because the problem is well structured.…
3 pages (753 words)