Importance Of Decision Making: A Magical Impact

Decisions are always a result of a problematic situation .Decision making is a process of deciding to have one from two or more alternatives. It may look simple but it is actually a difficult task capable giving high profits. Decision making can be considered as one of the important managerial functions. It shows its influence in each and every step of a business. Decisions should be made at the bottom of the business line with the best objective. There is no thrill or inspiration in having only one alternative and choosing it. It can be felt on choosing from different alternatives. Decision making plays major role in every one’s life, when it comes to business it is the analytical approach on choosing particular business approach among various alternatives.      

         

Steps in Decision making:

• ·         Finding out the problem to be solved is the primary step in decision making. Do it in order to clearly identify your decision. This is like goal setting which boosts up the decision making process

• ·         Collect complete details about the problem, is the next important step analysing the problem “If I were given one hour to save the planet, I would spend 59 minutes defining the problem and one minute resolving it.”-says Albert Einstein.Spend more time in evaluating the problem from external sources and internal sources

• ·         Find out the alternative solutions to the problem. When the complete information about the problem is in your hand it is easy to find out a solution to it. This is done in order to get the quick fix

• ·         Choose the best alternative by weighing the alternatives, make assumptions, and make more comparisons. It is the most imperative step to make your own decision

• ·         Now fix your decision and convert it into action ,don’t try to make second guess and review your decision after execution

Advantages of making a decision

• ·         Making fair decisions can create a huge impact in an organization it majorly affects the ROI of an organization by bring huge profitability

• ·         It may also show its impact in a product at its production, advertisement and sales

• ·         Even the well-being of the company depends on proper decision making

• ·         Decision making may be also known as group thinking hence major problems are likely to be avoided

• ·         Decisions leads to bring  a defined solution to the problem

Business growth and advancement depends on the way the decisions are made.