Over the years, I have been tasked with a simple decision-making process as a supervisor, but as a manager, I am required to make decisions that will have a greater impact on the company. Therefore, right decisions will make the business progress towards achieving its goals as well as meeting its challenges now and in the future.
Achievement of the company’s objective is the criterion that determines if a manager is making right decisions. The primary goal of the manager is to ensure that the firm is moving towards achieving its core objectives through making valid and precise decisions. Therefore, such decisions must be realistic, well informed, as well as able to counter the risk that the company may be exposed to at any time. Thus, poor decisions will contribute to the failure of the enterprise to achieve its goals. The blame will get bestirred on the poor decisions of the current managers of the company.
Similarly, the customers’ feedback is a key determinant of the decisions made by the manager. Whenever first-time clients of the company come back again to buy the services, it will be a sign that he or she is satisfied with the services offered by the company. The services, therefore, must be the product of good decisions made by the managers. The reverse will be true when bad decisions are made because the low-quality services, as a result of poor decisions by the managers, will send the customers away.
Proper risk management is also a determinant of decisions made by the directors of the company. The level of risk preparedness of the company and the ability of management within the company will be useful only if the managers propose right decisions. On the contrary, poor decisions will put the company at further risk and in the case of a disaster, the company may fail to recover hence a total loss may be tremendous. Therefore, the managers must put in place both short and long term procedures on how to encounter various risks that include financial risk to the employees and technological innovations
Communicating your decisions as well as taking action should be done to assure that the manager is making correct decisions. Sharing decisions with the boards of directors, as well as the juniors, will allow them to support or disagree with the chosen alternatives. It makes the managers rethink on the best alternative that suits the entire company. In addition, communicating the decisions to everyone involved in the decision-making process will engage and inspire them in every way . Taking action after making the decisions will ensure that only valid and well-planned decisions are implemented. In case people point out certain flaws in the decisions made by the directors, the manager should have the humility to welcome their suggestions and finally review the decisions appropriately.
An assumption about decision-making is supporting an idea or a claim without proof or merely an unwarranted claim towards a subject of discussion. When I was working in the sales department in the food production industry I made several assumptions. One assumption was that everyday sales were dependent on the advertisement about our company’s products. Therefore, we increased commercial publications. Second assumption was about soft drinks. I once assumed that they were only in demand during the summer as opposed to winter hence the company made losses during winter sales. Thirdly, I thought that our food industry would make huge profits if it opened branches in affluent neighborhoods as opposed to an industrial area where consumers had to travel far to access food staff .
The importance of proper assumption is that it allows the economists to break down the various complex processes and after that develop a theory as well as the realm of understanding. It will also enable the professor to focus on only important and most relevant variables to achieve economic advantage. The theory will later apply to more dangerous scenarios for additional studies. Speaking about assumptions made on the automobiles, its accuracy on the demand of SUVs only depends on rising fuel prices. It means that in case the gas price decreases the demand decreases as well, leading to losses raised by the manufacturers. This assumption will work to enable the company to put alternatives in case the fuel prices fall.
The hypothesis made by the airline was misleading to the consumers because in order to attract more passengers the company must manufacture planes that are safe, comfortable and provide little harm to climate. With this consideration, passengers would be more attracted to board planes that offer excellent comfort as opposed to planes that lack certain services .
In conclusion, a good decision made by every manager of the company will save time, improve the quality of work and retain more employees. Similarly, the size of profit margin and customers’ responses will determine if a manager makes right decisions. Additionally, every manager must communicate their plans to people affected by the policies and take appropriate actions. Further, an assumption made by a manager may steer the company towards achieving economic advantages as well as its goals. On the contrary, assumptions may also prevent the company from improving performance and service delivery with fear of future failure.
Olivia works as an author and ahe is working on the knife essay now .Olivia likes to develop her skills in professional writing. She works on creative orders, often updating her knowledge in various fields. He spends his weekends with friends at thematic conferences and trainings. All customers are satisfied with such a profitable cooperation.
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