Managing under uncertainty

Key word when defining decisions A decision is a conscious adoption of an option from specific alternatives. The decision-maker opts for any possible alternative based on a criterion that suite the context. This is a critical element of management since the administrators have to make decisions. There are idioms that are central to defining decision-making. First, a conscious process implying that the decision-maker is aware of the dilemma that necessitates a decision.Advertising We will write a custom case study sample on Managing under uncertainty specifically for you for only $16.05 $11/page Learn More Alternative is a terminology that denotes options available as solutions. Prior to choosing any alternative, it is critical that managers make an informed decision. The process of appraising the alternatives generates another terminology, evaluation. Evaluation seeks to establish the implications of all the alternatives. Those three terminologies are vi tal in the definition of this process. The terminology denotes the key phases of deciding. The process commences with awareness of the situation that an individual is encountering. Consequently, there is an analysis of potential alternatives. Finally, the process culminates with the selection of an alternative that suite the situation. Description of what constitutes an excellent decision? Fundamentally, a decision is a conscious choice that seeks to resolve a specific situation. Situations necessitating decisions are predominantly unique. This demands the decision-maker to analyze the situation that demands the choice. Thus, guaranteeing that the manager can decide appositely. A reasonable decision emanates from thorough evaluation of the problem. Consequently, there is a generation of all possible alternatives. Nonetheless, it is tricky to make an apt decision since the evaluation of the alternatives is pending. It is imperative for the manager to make an exhaustive appraisal of t he existing choices. Analysis of the alternatives will ensure that the manger has the required information to decide. If the majority’s views are credible, an apt decision should encompass them. A decision-maker should make bold choices based on logics rather than popularity. This will ensure that there no disastrous consequences once an alternative is approved. Conclusively, the constituents of an apt decision will vary depending on the situation. Overall, an apt decision should culminate in the required results. Success in decision-making Success in decision-making will depend on the manager’s approach towards the decision making process. If this process has to succeed, the decision–maker should undertake certain things. First, the manager should analyze the dilemma encountered. Therefore, the manager has to understand the situation that necessitating a decision. Consequently, the manager should conceptualize the dilemma.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This will enable generation of suitable alternatives by the decision-maker. The alternatives denote the options available given the problem. Either of the available option is a viable option for the dilemma. Nevertheless, each alternative has different repercussions. Therefore, it is imperative for the manager to understand the consequences of each alternative. The manager should evaluate the option and establish the consequences. This will enable the manager to choose a suitable alternative. At this phase, the manager considers not only the profitability implications of the decision but also the values an organization may seek to uphold. Additionally, the manager integrates his experience and instincts in decision-making. Challenges you encountered Researching on the topic was tricky since it demanded accurate and timely data. Obtaining credible information was challenging. However, accurate data was necessary since it would culminate in suitable inferences. Amassing such data is tricky since many authorities may be reluctant to reveal it. Additionally, sorting out the doctored information was tough hence; it required thorough evaluation of the data. This case study on Managing under uncertainty was written and submitted by user Joslyn Carver to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.