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Chapter
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1
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Introduction
to Decision Making
Given
the decades of research on decision making and its vital importance
to business, why do so many key managerial decisions fail?
Recent research is presented that sheds light on answers to
that question. The central role of decision making in management
and the forces that are shaping it in the new millennium are
also discussed. |
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2
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Definition
of Terms: What is Decision Making?
All
managerial decisions are not alike. They differ significantly
in their nature, scope, and potential impact. Decision making
and related terms are defined, and several of the key conceptual
models of decision making are briefly discussed. |
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3
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The
Evolution of Decision Making
Management
and the decisions that are its lifeblood have been with us
for millennia. In recent years business thinkers have combed
ancient texts, even the Bible, for guidance on making business
decisions. This chapter briefly traces major historical shifts
in approaches to managerial decision making, from aristocracies,
to rationality embodied in bureaucracies, and ultimately to
the "infocracies" that are emerging in this information
age. |
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4
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The
E-Dimension: Decision Making
The
Internet is having a profound and pervasive impact on managerial
decision making. The reputation of decision-support systems
had been tarnished in the decade prior to the Internet, and
DSS implementations suffer from unacceptably high failure
rates. |
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5
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The
Global Dimension
No
business is immune from the pervasive influence of globalization.
This chapter addresses the complex challenges associated with
implementing DSS on a global basis, and with cultural differences
in approaches to decision making. A "cultural prism"
may be used to help managers better understand their own culture
as well as other cultures in which they make decisions.
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6
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The
State of The Art
The
current state of the art in business decision making is multi-faceted.
It begins with the development and implementation of systems
that provide ubiquitous access to large volumes of accurate
and up-to-the-minute information. However, such access is
a necessary but insufficient condition for effective decision
making. |
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7
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Decision
Making in Practice
Making
business decisions is as much art and craft as it is science.
Three exemplary cases are presented that illustrate the nuances
of the art, craft, and science of business decision making.
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8
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A
Glossary of Decision Making
This
chapter provides additional information on key thinkers in
the area of decision making, and tools and resources. It includes
a table of techniques for individual and group decision making,
as well as one on tools for strategic analysis and decision
making. |
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9
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Key
Concepts and Resources
Today the Web provides ready access to an increasing variety
of high quality information, tools, and resources related
to managerial decision making. This chapter provides descriptions
of and links to Web-based knowledge portals; articles, books,
and training resources; associations and organizations, and
decision making and strategic analysis tools and support systems.
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10
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Ten
Steps to Making Decision Making
The
meaning of effectiveness in managerial decision making is
explored. Next, the characteristics of effective decisions
are identified, and the barriers to abandoning faulty decisions
are discussed. Research findings that provide clues to improving
the effectiveness of managerial decision making are then presented,
followed by ten guidelines to support effective decision making.
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