Decision Making Strategies in Management Essay

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The decision-making lies in every aspect of a person’s life, whether it is something related to their personal record or larger spheres of living. While a single individual makes thousands of choices every day, some of them require a more advanced and specific skill to achieve high and, in some cases, profitable results. For example, in business, politics, sciences, or economics, the ability to resolve and manage particular problems and minimize risks and failures is crucial.

It may be easily achieved if suitable solutions and measures have been taken. These abilities are also suitable for developing leadership and management skills. Some of the versatile models of decision-making processes, strategies, tips, and guidance is using mathematics and statistics, as well as the concept of the trade‐off between anticipation and disappointment as two criteria in process.

The first strategy is to plan out the resolution’s possible positive and negative consequences by creating a Decision Tree. A Decision Tree is a flowchart similar to a tree with branches depicting a result and internal nodes illustrating an attribute or feature. This technique allows visualizing the decision made by using so-called optimism/pessimism bias. “The optimism represents stable individual differences in the level of optimism generally experienced, whereas state optimism captures the optimism that may change based on situation or context” (He, 2021). The method helps to optimize the outcomes of certain decisions, thus decreasing possible risks.

It can be done using the Linear Programming. This technique provides mathematical computation to determine the minimum cost and highest profit. Methods like this are popular in politics, manufacturing industries, and engineering. They allow setting client expectations to an achievable level and avoiding disappointment since “anticipation is endogenously determined from the optimal anticipating process” (He, 2021).

To conclude, decision-making is a skill that can be improved by gaining experience and knowledge about managing resources and calculating variables that affect the results and how parameters of the decision model might change dynamically as the time to the resolution is reduced.

Reference

He, Y., et al. (2019). A Decision making model with utility from anticipation and disappointment. Journal of Multi-Criteria Decision Analysis, 26(1-2), 35-50. Web.

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IvyPanda. "Decision Making Strategies in Management." October 28, 2022. https://ivypanda.com/essays/decision-making-strategies-in-management/.

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