Free The Decision Making Essay Sample
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Decision making is basic to contemporary life in its individual, collective and corporate aspects. Likewise, business and financial institutions are faced daily with decisions about investment, research and development, as well as use of resources in a complex and uncertain environment (Ranyard, 1997). Decision making is therefore fundamental to success of any business. Many start-up businesses and companies fail because of poor planning prompted by bad decisions. Lack of self-criticism that leads to biased decisions causes many companies, start-ups and their more mature counterparts, to fail. Start-ups experience this doom more often because there are more dreamers than doers. The decision makers in organizations should therefore be equipped with relevant knowledge on decision making for them to make rational decisions.
Bias during decision making process results into bad decisions. Bias may result from lack of enough critical information or not using information at one’s disposal. The need to use information at one’s disposal effectively especially in strategic management cannot be over emphasized. This is because strategic management entails among others, developing policies and plans, usually in form of projects and programs, which are designed to achieve organizations’ objectives. Hill in his Strategic management theory book emphasizes the importance of strategic managers using information at their disposal effectively. He argues that, if managers do not use information at their disposal effectively, even the best designed strategic planning systems will fail to produce the desired results (Hill, 2009). It is therefore important for strategic managers to learn to make good use of information at their disposal and understand why they sometimes make poor decisions. One crucial way of managers making better use of their knowledge and information is to understand how ordinary cognitive biases can result in good managers making poor decisions.
While in the past, several research have been directed towards various aspects of decision making such as problem analysis, dialogue and critical thinking, this research will try to establish whether decision making topic is important in the business degree. Students in the faculty of business will find themselves working for business organization or even wanting to start their own businesses. The extent to which business failure is attributed to poor management as a result of biased decisions cannot be overlooked. Therefore, a coursework on decision making would give business degree students a competitive edge in the job market.
This research will be carried out on selected companies’ strategic managers and administrators who are involved decision making process in their companies. Data will be collected on variables of interest such as: rating of their ability to make decisions, rating of the outcome of their decisions, training on decision making, and how they avoid bias in decision making. Structured interviews will be conducted on a selected suitable sample size of strategic managers and administrators. The interviewees will also be asked to give their views on how to impart knowledge and skills on decision making in business degree students.
The results obtained from the analysis and interpretation of the information collected will help to know whether decision making topic is important for business degree. Consequently it will help in designing a curriculum for the coursework in line with satisfying the needs of the ever dynamic job market.
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