Managerial Decision Making Flashcards, test questions and answers

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What is Managerial Decision Making?

Managerial decision making is the process of identifying and analyzing different alternatives to a problem and selecting the most suitable solution. It is an integral part of management and is used in almost all areas of business, from finance to operations to marketing. This type of decision making requires managers to use their skills, knowledge, experience, and judgment in order to make accurate decisions that will benefit their organization.To begin with, managers must identify the issue they are trying to solve. They do this by gathering relevant information about the situation before making any decisions. This can include researching industry trends, conducting interviews with stakeholders or customers, discussing solutions with colleagues or other experts in the field, and studying past actions taken by similar organizations. Once this research has been completed and a clear understanding of the problem has been established, it’s time for managers to start considering possible solutions. Managers must evaluate each option based on its feasibility as well as its potential impact on the organization’s objectives and goals.Once an appropriate solution has been chosen by a manager, it’s important for them to monitor how well it works over time so that necessary adjustments can be made if needed. This involves collecting data regularly regarding progress as well as customer feedback or employee satisfaction surveys in order to determine whether changes need to be implemented or if further investigation should take place regarding alternative solutions that may have better outcomes than those currently being utilized by the organization. Feedback collected during this monitoring process can also help inform future managerial decision-making processes since data gathered during one instance may be useful when dealing with similar issues in another situation down the line.