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The process of decision-making has an important impact on company's market performance. Decision-making criteria is a major aspect of decision-making, as it relates directly to the process through which those responsible for both the business case and the choice of supplier will proceed in order to formulate the correct measurements and assessments…
Critical thinking is effectively used in decision making process and helps to remove doubt. It involves having an objective to achieve and the tests of whether that objective is being achieved or not form the control criteria. Another definition is proposed by Halpern (1996): "Critical thinking is the use of those cognitive skills and strategies that increase the probability of a desirable outcomepurposeful, reasoned and goal directed - the kind of thinking involved in solving problems, formulating inferences, calculating likelihoods, and making decisions" (McGuiness, 2004).
In general, decisions involve the future and involve choice therefore they can be wrong. The point to consider is, who makes decisions in an organization, and what are the criteria in delegating some decisions to subordinates These questions can be answered by finding out those decisions where the chances of being wrong are high and the cost of correction is large: these can then be reserved for top management. Lower ranks would be allowed to decide where there was more certainty of being correct and the cost of correction is low. Many decisions are made by managers from a certain number of factors they have considered. ...
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