Management decisions - realization and assessment

Abstract

Modern organizations operate in conditions of an extremely dynamic and competitive market, of permanently changing technologies and constantly increasing requirements. As a result of this turbulence of the environment, managers are challenged to constantly take quick, adequate and creative decisions. On one hand, decision-making is considered a daily and required task for managers, since it is related to the performance of each of their managerial functions. On the other hand, this process may be discussed also as a tool for increasing the organizational efficiency due to the fact that improving managers’ decision-making skills leads to a more successful realization of the objectives and tasks of the organization. One of the ways for improving managers’ decision-making skills includes analyzing, summarizing experience and drawing out good practices, based on the decisions made. Therefore, this paper summarizes the different stages of the decision-making process (acknowledging the problem, problem diagnostics, formulation of restrictions, identification of the criteria for choosing a decision, generation of alternatives, assessment of alternatives, choosing an alternative, realization, assessment of the decision and summary of the accumulated experience) and the last three stages of the process are discussed in more details.