What Is Managerial Decision Making

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Managerial Decision making

I. Define the problem (taking a new job out of town)

II. Identify the criteria (what job is it and the situation)

III. Weigh the criteria (pros and cons)

IV. Generate Alternatives (who the move affects)

V. Take an outsiders view (view of parents)

VI. Debias your judgment (how the situation is perceived)

VII. Ethical considerations (of each alternative) – key components ( what will it help)

VIII. Rate each alternative on each criterion (how important is it)

IX. Compute the optimal decision ( the final decision)

The six step process of decision making has become a great component for making decisions the ethical way. The process helps break down the decision making and take a look at the entire picture. The problem was to make a major decision that I had to make was to take a job out of town that was paying more, or stay in St. Louis and hope and pray that I can find a position here. I had to consider my options because I had a family to provide for. The information that I had gathered was that if would be hard on me and my wife to just move away because we are so close to our families. I understand that your family can’t pay my bills so it was a hard decision to make. Bazerman has a six steps process that helped make the decision that was made. The first step is to define the problem, characterizing the general purpose of your decision. Identify the criteria, specifying the goals or objectives that you want to be able to accomplish. Weight the criteria, deciding the relative importance of the goals. Generate alternatives, identifying possible courses of action that might accomplish your various goals. Rate each alternative on each criterion, assessing the extent to which each action would accomplish each goal. Compute the optimal decision, evaluating each alternative by multiplying the expected effectiveness of each alternative with respect to a criterion times the weight of the criterion, then adding up the expected value of the alternative with respect to all criteria. There is much to be said for intuitive decision making. One obvious advantage is speed: an emotional reaction can be immediate and lead directly to a decision. Another advantage is that basing your decisions on emotions helps to ensure that the decisions take into account what you really care about. If you are pleased and excited about a possible action that is a good sign that the
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