Skills and Management Decision-making Skills

Define the term decision-making : The thinking process of selecting a logical choice from the available options that are in front of you. define: PROBLM SOLVING the process of finding solutions to difficult or complex issues.

Explain the relationship between problem-solving and decision-making :

• Problem solving is a method; decision making is a process. • Decision making is needed during problem solving to reach the conclusion. • Decision making will lead to a course of action or final opinion; problem solving is more analytical and complex.
Outline the consequences of poor decision-making providing an example to demonstrate:

EXAMPLE OF BAD DECISION MAKING:RCA. In the 1960s, RCA began to diversity beyond the scope of its traditional business. It bought an unrelated set of companies, including publisher Random House in 1965, car rental company Hertz in 1967 and frozen food maker Banquet in 1970. The company became hard to manage and it was eventually sold to General Electric Co. (NYSE: GE) in 1986.

In this example: 1. this company bought to many businesses at once causing them to lose lots of money. 2. It became hard to handle so many businesses. 3. So they had to sell the whole company.

How would a manager use the business life cycle to assist in making decisions? So that can track if the Decisions they are making are leading them in the right path to grow or maturity and to stay away of decline. but all decision's do not have the same answer and each one effects the business differently.

Credits:

Created with images by jarmoluk - "document agreement documents" • New America - "Happy Hour w- Harvard Business School Alumni, Bretton Woods II Advisory Council Members and Network-2"

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