Project Capstone: Management Memo on Decision Making
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What are methods of knowing if you are making good decisions? What assumptions are used in management?
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You have just been promoted from front-line supervisor to be one of the firm's senior managers. During your business education, you learned that the primary role of a manager is to make good decisions. As a supervisor, you had frequently been making routine decisions, but you realize that decision making for the overall company can and will have far greater impact on the company and its employees.
Your boss, the chief executive officer (CEO), realizes that you do not have much practice in this higher level, decision-making process and has asked you to write a memo describing your understanding of how to make important decisions.
Your memo should address the following questions:
- Describe at least 3 criteria that would determine whether the manager is making good decisions. What should be done to better assure that you are making a good decision?
- In the realm of decision making, what are assumptions? Rather than use a dictionary definition, cite several specific assumptions that would go with any real-life decision you have made or have seen made at a company at which you have worked.
- Given the importance of proper assumptions, your boss asked you to assess the accuracy of certain business assumptions and what could you do to test or confirm the credibility of them. The following were major assumptions for each firm:
o An automobile manufacturer's assumption that the demand for SUVs would continue because gas prices would continue to rise
o An airline's assumption that there was a need for an airline that provided no added amenities
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Solution Summary
This solution provides the student with information and details for compiling a memo for your boss regarding making important decisions in 700 words.
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- Describe at least 3 criteria that would determine whether the manager is making good decisions. What should be done to better assure that you are making a good decision?
The three criteria to determine whether or not the manager is making good decisions include:
1) First of all, the decision making of the manager should align with the corporate vision, mission, philosophy, goals and objectives of the organization. All the managerial decisions should be evaluated from the perspective that it closely aligns with the strategic plan of the organization and contribute towards the achievement of strategic goals and objectives.
2) The outcome or consequence of the decision should be evaluated against the planned or desired goal or objective of the decision. If the consequence of the manager's decision is exactly as per the desired objective and helps in addressing the identified problem or issue, we can say that the manager has made a good decision.
3) The effectiveness of the manager's decision can also be evaluated by looking at the assumptions and biases involved in the ...
Education
- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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