Importance of Decision Making in Management
Decision-making is the process of choosing a logical and valid choice from the given or available options. Decision-making is one of the key areas that the management have to be accurate as all the process in the management is linked with one another. Decision-making needs to be perfect and before making any decision the managers have to research the past journals of the organization, have to research the market and needs to understand the current demand and the trends in the market. The manager or the executive have to analyse all the options before coming to any conclusion. Communicating the plan with the employee before making any decision is important as the employees gets clarity and they can help the management to provide better solutions and improve the plan.
Article 1
In regards to business processes, process performance and decision making the companies must be aware about the contextual factors, this is important to be properly conscious about the performance standards and effectiveness in decision making processes. The changing environment of business has led to the rise of new situations which are unprecedented and these contextual factors are often not considered well. In terms of such business measurement what is very important is relevant data to be assessed and therefore one of the primary contextual factors are the assessment of relevant data which may be filled in the Data Envelopment Analysis. “However, research lacks of frameworks which structure contextual factors according to their different specifications”. This research has endeavoured in outlining a “conceptualisation of contextual factors”. The author has proposed a framework in which the companies will be guided through different categories of framework. This will be helpful for them to have better awareness of the contextual factors. The functionality of the process has been tested by applying it in a bank which has given better visualisation of the whole process. The framework which is developed has been utilised in a practical scenario of a bank, and the process developed is transfer of money by usage of a money transfer form. The contextual factors to be considered in such situation are numerous and one example can be stated as, Internal Context Dimension, context types is Organisation, example is Workload of the process, the impact on the process is high.
Article 2
The authors in this research has emphasized on the different dimension of distance between various countries as contextual factors and decided on the “outward FDI of firms according to distinct home country contexts”. Dimensions of distance include “socio-economic
Contextual Factors in Business Process Performance
Development distance, cultural and historical distance and physical distance”. The countries taken in this context are China and Spain. It is found in regards of the weight of the dimension of distance is the fact that the distant significantly explains the way investments has been done from Spanish side and “cultural and historical distance significantly explains Chinese outward FDI”. This research by the authors is effective in explaining the dimensions of distance and the way investments are done or the nature of the investments. It is stated by the authors that the distance in terms of socio economic factor has played as a vital role from the Spanish side in terms of FDI, however this factors is not as valid in terms of Chinese FDI decision making. Various companies that has been investing in the European countries especially in Eastern and Central region had faced critical issues because of absence of advanced legal and financial institutions. In terms of historical and cultural distance both Spain and China are effected however this contextual factor is more evident on China. The authors have concluded that distance multidimensionality between countries emerge as important contextual factors in terms of decision making in FDI.
Article 3
The modern day waste management seeks to attain challenging goals and strategies while keeping in mind the community desires and ensures the process is cost-effective, and strictly follows the statutory obligations. In this article the author explains the role of the communication in the decision making process. Communication is vital in any organization. Without proper communication the organizational operation will be not effective. The flow of the communication between the employee and the management needs to be continuous and should be effective. Communication gives clarity to the employee and the other stakeholders of the organization. Before making any decision the organization need to communicate properly to understand whether the stakeholders are comfortable with the change or not. The social acceptability of the plan is necessary so that organization does not face any issue. The public perception of the desired change that the organization is willing to bring needs to be kept in mind. Literacy and scientific evidence have a major role to play in facilitating the public engagement in a way that will empower people. This will allow them to handle the challenges and define those challenges that will have an impact on their lives. Increased ownership and the problem ownership of the solution that is proposed is selected and successfully implemented are the benefits of the such approach.
International Business Decisions with Regards to Distance Dimensions
This research helped to understand the role of the public involvement in the decision making. While making any decision the management needs to consider the public preference and what can be their reaction.
Article 4
In this assignment the author explained about the entrepreneurial decision making. Entrepreneurs are those who bring a new idea and incorporated those ideas to make some product or service that will benefit the society. The entrepreneurs have to come up with proper and planning and plotting before releasing their product. There are number of researches that have been conducted on the organizational behaviour, marketing and psychology, this is the first research that have been conducted on this topic. The absence of the research on the decision making of the entrepreneur is missing is quite surprising as the entrepreneur needs to go through a lot of research. They have to carry out and extensive analysis and research such as high uncertainty, economic condition of the country, time pressure and so on. Entrepreneurs have to be accurate with their products and services as they are new in the market and they have to make a mark in the organization. The entrepreneurs need to consider all the factors for example, how the consumers are going to perceive their product, revenue forecast, how much demand it will create in the market. All these are dependent only on one person and he alone have to make all the decisions.
The article gives detailed information about how the decision-making of the entrepreneurs is one of the most important aspects. This article helped to understand how the entrepreneurs have to make decision by considering a lot of different areas in the environment. The article explained how the entrepreneurs have to go through a vast research in the market before coming out with their services and products.
Article 5
In this journal, the author discussed about improving the end of life communication which will ultimately improve the decision making process. Improving the communication can help in the medical unit to take better decision and it will also help to understand what the patient is wanting from them.
Communication is one of the most important factors in the organization. Without proper communication the employee and other individuals in the organization will not get clarity about their responsibilities and what the organization is aiming to achieve. The flow of communication needs to be accurate and effective so that the misunderstanding between the employees and the management can be reduced. All the members of the organization needs communicate with the other individuals so that they can achieve the task effectively.
Conclusion:
The most important contextual factors in decision-making process are the communication. Communication is one of the most important factors that the organization needs to give importance. The decision making will be effective if the plan is shared by all the stakeholders of the company. Without proper communication the organization will be ineffective and there will be lots of misunderstanding between the stakeholders. The flow of the communication needs to be effective. All the employee of the organization needs to contribute on the decision making process and should suggest ideas how the plan can be improved. The employee should be aware of the decisions that the organization is going to take. The organization should also consider how the public is going to react on the change. Communicating with the employees brings more innovative ideas and helps in effective decision making. Communication helps in understanding what issues the organization might face and what are the areas that can be improved.
Reference list:
Drogendijk, R., & Martín, O. M. (2015). Relevant dimensions and contextual weights of distance in international business decisions: Evidence from Spanish and Chinese outward FDI. International Business Review, 24(1), 133-147. DOI: 2015 Feb 1;24(1):133-47.
Kirkman, R., & Voulvoulis, N. (2017). The role of public communication in decision making for waste management infrastructure. Journal of environmental management, 203, 640-647. DOI: 2017 Dec 1;203:640-7.
Kronsbein, D., Meiser, D., & Leyer, M. (2014). Conceptualisation of contextual factors for business process performance. In Proceedings of the International MultiConference of Engineers and Computer Scientists (Vol. 2, pp. 12-14). DOI: March 12 – 14, 2014.
Shepherd, D. A., Williams, T. A., & Patzelt, H. (2015). Thinking about entrepreneurial decision making: Review and research agenda. Journal of management, 41(1), 11-46. DOI: July 14, 2014
Sinuff, T., Dodek, P., You, J. J., Barwich, D., Tayler, C., Downar, J., … & Heyland, D. K. (2015). Improving end-of-life communication and decision making: the development of a conceptual framework and quality indicators. Journal of pain and symptom management, 49(6), 1070-1080. DOI: 2015 Jun 1;49(6):1070-80.
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