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Decision Making Strategies Report

   

Added on  2020-04-07

8 Pages1599 Words201 Views
Running head: DECISION MAKING STRATEGIESThe Effectiveness of Group and Individual Decision Making in Project ManagementName of the StudentName of the UniversityAuthor’s note

DECISION MAKING STRATEGIESTable of ContentsIntroduction..........................................................................................................................3Importance of Effective Decision Making..........................................................................3Decision Making Strategies.................................................................................................3Different Models of Strategic Decision Making.................................................................4Individual Decision Making................................................................................................5Group Decision Making......................................................................................................6Participation in the Decision Making Process.....................................................................7Conclusion...........................................................................................................................7References............................................................................................................................8

DECISION MAKING STRATEGIESIntroduction Decision making is a process or method of making crucial and major decisions regardingany project or any activity (Hbr.org 2017). In an organization individuals as well as groups cantake decisions through various processes. Both of these decision making processes have theirown advantages as well as limitations. The individuals and groups in the organization have agreat influence on the decision making process in managing projects.This report discusses about the different types of strategies that can be used for decisionmaking. It also points out the success and failure of the various types of strategies that can beused in an organization. This report also gives a brief idea on how to improve the contribution ofthe people in managing projects.Importance of Effective Decision MakingThe business environment is extremely complex and there are several challenges. Inorder to get a successful project outcome proper decision must be taken. These decisions can beinfluenced by group or individuals. A business gets success and generates high revenue whencorrect decisions are taken (Sloanreview.mit.edu 2017). A wrong decision can affect the growthand development of business. It can even shut down a business. Decision making can either beprogrammed or non-programmed. Programmed decision making uses certain procedures andflowcharts. Non-programmed decision making requires the use of creativity and new ideas. Decision Making StrategiesIn order to make correct decisions, some general strategies can be implemented by theorganizations. Optimization is a strategy that suggests the organization to select the best option

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