The Steps in Decision Making

Decision- Making Case Study
Student:
Professor:
Course title:
Date:
Abstract
The importance of decision making in any business venture cannot be overestimated. Every aspect of business requires decision making be it from the managing team or the subordinates. It is crucial for business managers to follow the right process of decision making so as to come up with viable decision which aid in achieving the stipulated goals of the organization in the long-run. In order to come up with the right decision, the managers should have enough knowledge on the matter on which decision is being made. Having experience on the matter is also essential as is the ability to consult from the others. It is also important for one to be able to admit whenever they have made the wrong decision. This paper examines the process of decision making in a company that intent to add a different brand in their products
The process
Business leaders are always out to look for means of maximizing the profits of the enterprise. They rightfully do so because; the intention of any business enterprise is to make the maximum profit possible. In order to maximize those profits, the leaders need to always come up with the right decisions. Decision-making is not a onetime occurrence, rather it is a process which involves steps that can be analyzed. However, it is important to bear in mind that, although there are the suggested well researched steps in decision making; they cannot always be in a similar in every single process of decision making.
Each decision requires unique consideration and selection of the best approach in order to arrive at the best decision for the matter at hand. In this view, then, it is noted that, some decision may require consultations while others may not. For instance, in making decisions that will affect the employees in an organization, it is always advisable to consult them first, and especially those who will be directly affected by the decision to be made. However, in making decisions for sensitive matters of the business and also during critical times like during emergency; there is no logic in making consultations rather, quick decisions are made. In such circumstances, evaluations should immediately follow to see whether the right decision has been made in order to rectify on any mess.
Identifying the problem
This is the initial step in decision making in all areas of life. It is a very crucial step in making decisions in business enterprises. At this stage, the manager is bound to ask himself several critical questions which lead to proper identification of the problem. In this case, if the manager intents to add a new brand in the market, he needs to ask himself whether such brand will impress the customers and if it is really necessary to have that new brand added in the first place.
Kownatzki (2013) maintains that; in order to come up with viable answers that can lead to proper decision, enough knowledge and experience on the existing brands and the preferences of the customers are required. At this stage, the manager needs to think critically and in an objective way so as not to be influenced by his own subjective desires. For example, if it is only a few people who have shown interest in the new b...