How to Make Right Business Decisions for Senior Managers - Assignment Example

Timing – this is one of the most important aspects of decision making. No matter how right a decision may seem to be if its timing was wrong, then the decision is also wrong to the extent of its wrong timing (Zaraté, 2008). An example is timing when investing in the stock market. The simple rule known by all is ‘buy low, sell high’. This notwithstanding, many still miss the point and the majority loses a great deal basically due to wrong timing. Prices for a stock can be low but that does not necessarily mean it is the right time to buy that particular stock.

The same case applies where prices are high where this also does not imply it is the right time to sell. This is more of a norm rather than the rule. This scenario also applies elsewhere. Tailoring – under this criterion the fundamental reality of situations and circumstances is that no single one is identical to the other. This, therefore, calls for senior managers to make decisions that serve the uniqueness of each situation. Lack of tailoring in making decisions is tantamount to absent mindedness thus bad decisions made.

History – decisions and their outcomes give a hint on how successful a decision can be. Looking back to similar decisions made in similar circumstances is therefore important to predict the likely outcome. A senior manager should, therefore, make decisions basing this on the history of similar approaches’ success or failure of others. Hoch (2004) says that in order to ensure that a good decision is made all the above have to work together since each situation needs its good timing, it is unique in its own sense, therefore, the need to have the decision tailored to fit its uniqueness and its history should be sort to predict success.

When I was an employee at one of the petroleum companies the branch manager then was faced with a looming shortage from the headquarters out of national oil crisis.