Decision-making processes - introduction
Managing a business successfully involves effective decision-making. Decision-making lies at the heart of good management. Decisions can be based on:
- Scientific data or facts.
- Intuition or 'gut feeling'
Clearly, most decisions are likely to combine aspects of all three factors. A very experienced manager may make faster, but effective decisions based on knowledge, acquired from previous and successful business actions. Less experienced managers may feel more secure if they gather more data to support a chosen course of action.
It must always be remembered that the business environment is dynamic and complex and a previously successful decision may not prove so successful at a later time. Managers must regularly review their decisions in the light of events and make new judgments if evidence suggests they should.