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Making Informed Decisions

Whatever a manager does, he does through decision making” (Peter.F.Drucker). The success of an organization lies in its ability to make effective decisions that can help in wealth maximization. All decisions must be taken with the strategy in mind. Making a good decision requires a thorough knowledge of the organisational strategy, technology involved, current market scenario, regulations involved and many other specific and general knowledge.

In a business organization, the decision making is the outcome of teamwork. The team should be competent to make quality decisions. The team members should have a thorough specialized knowledge to understand the impact the decision has on the process in hand. In a dynamic world, to be in pace with the changing technology, the team members should be provided with adequate training at frequent intervals to make them competent to face the challenges imposed by the changes. In addition, professional journals and professional associations can broaden the way of thinking by coming in contact with people with similar background. Besides the technical skills, the soft skills like interpersonal skills, communication skills, questioning skills etc must be enhanced. Interpersonal skill is a necessity as the decisions are the outcome of team work in an organization. Similarly, the questioning skill makes her to evaluate the task, identify the alternatives available, analyse the pros and cons of the alternatives and finally decide what is best. A decision can be positive or negative, however the reasons for coming into such a conclusion must be thoroughly analysed to avoid repercussions.

Skills alone cannot provide the basis for good decision. The organisational structure should be framed in such a way that the team members have quick access to the required data. An effective communication system is a must for any enterprise. The long term and short term strategy which varies in the competitive market must be informed succinctly to the workforce to avoid baseless decisions. Company policies should not set a barrier in the flow of information between vertical and horizontal levels of the organization.

All decisions should be based on the most current information. Processes should be translucent to take competent decisions. A peep into the case studies, previous history of the organization and its operations, knowledge of the product and services provided by the company and those available in the market can help in broadening the outlook of the decision maker. Similarly the use of assessment tools like Microsoft Dynamics, aid in being in constant touch with the progress, thus assisting in modifications and additions to the current situation. Adherence to Six Sigma helps in eliminating defects by following a disciplined approach in all processes from manufacture to selling, thus, laying the foundation for smooth flow of information. The workforce must be kept informed with the general market scenario to know the degree of competition in existence and to know where they stand. A knowledge of competitors policy helps to draft the decisive factors in their favour.

“Decision making is the end process preceded by deliberation and reasoning”. A good analytical mind powered by thorough technical knowledge backed by an efficient organizational system helps to make good decisions.

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