Managerial decision making

Undergraduate
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Management
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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…

Introduction

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. ...
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