Tuesday, September 24, 2019
Making Decisions Essay Example | Topics and Well Written Essays - 500 words
Making Decisions - Essay Example These limitations can be in the form of limited information, complexity of the issue, uncertainty, time available, information available etc. Because of these restrictions, decisions are taken based on what is immediately appropriate rather than the best possible action. Hence, all possible alternatives are not evaluated before taking any decision and managers tend to adopt a satisficing solution to the problem. In the process, managers tend to use judgmental heuristics, which means the most commonly used ways are chosen as the solution to the problem. The model of decision-making styles identifies two categories namely, value orientation and tolerance for ambiguity. From these, four decision making styles emerge: directive, analytical, conceptual and behavioral. The five stages of creative process include preparation, concentration, incubation, illumination, and verification. Explain how participative management affects performance, and also discuss knowledge management and techniqu es used by companies to increase knowledge sharing. Participative management involves employees in key decision making processes. In this management style, employees are involved in goal setting, making decisions, solving problems, and making changes in the organization.