Discuss some of the major influences that might adversely influence decision making. Briefly outline four practical techniques or approaches that can help in successful decision-making.
Decision-making is only one of the tasks of executives. According to Harvard Business Review (2001), the effective executive has to start out with what is "right" rather that what is acceptable precisely because a compromise is always necessary in the end. But if what will satisfy the boundary conditions is not known, the decision maker cannot distinguish between the right compromise and the wrong compromise----and may end up by making the wrong compromise p. 18.
A list of a few major influences that might adversely influence decision-making (Argyris, 1966; Cowan, 1991; Hammond, Keeney, Raiffa, 1998):
1. Trade-offs - executives must make wise trade-offs when faced with difficult decision-making. All alternatives ...
In decision making, an individual must first define the problem then go through the decision-making process to solve it. The process comprises of defining, developing, and evaluating alternatives before strategizing decisions to solve the problem.