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Learning Outcomes
- Know more about the steps towards a correct decision
- Learn about the different styles adopted by managers while deciding
- Classify the decisions and controlling conditions
- Observe how bias and prejudice causes errors in judgment
- What are some of the effective decision-making techniques?
A Manager’s Dilemma
Let us consider an example. When the Harry Potter franchise decided to open its own themed amusement park, it was one of the biggest and most eagerly awaited projects of all time. A roundabout theme park with robotics and live action role playing, complete with idyllic settings based on the Harry Potter books; it was, in popular opinions, a surefire win. The creators promised their clients, absolute authenticity combined with the best of both worlds in one place; a haven for Potter-heads. Yet, Universal Orlando Resort vice-president of creative development Thierry Coup states that success is not guaranteed with this $200 million project. How and why does he say so? How would you approach this project?
With every decision, comes the hours spent behind formulating, analyzing and making it work with all the available information at hand. Managers have to take responsibility for every one of his decisions, and it makes being right that much satisfying. Here we will learn about the variations in the decisions generally made within an organization, the conditions they depend on, and the various philosophies adopted by managers to implement their preferred alternative.
How would you do it?
The sole criteria of ascertaining the efficiency of any managerial employee is his expertise as decision maker. An area manager at any organization to make various decisions throughout the business day, every day; from interviewing, hiring, training, reviewing to merchandising etc, a manager job is manifold and he has to earn his pay by effectively navigating the perilous waters of the market.
For our example, the best part about that job can be elucidated as:
- Retail is an opportunity to meet new people and to understand the human condition better.
- It is rewarding to train someone and watch them claim success on their own.
- Fashion industry is always evolving, which provides ample opportunity for different ventures
- Interaction with subordinates and clients provides a deeper insight to the consumer mind.
- Hire staff and trainees who are properly motivated enough to improve the business.
Although no one would expressly mention it, managing comes with many difficulties as well, such as:
- Subordinates are not as motivated as you are
- People are not being satisfied with your product
- The product has negative perceptions among public
Links of Previous Main Topic:-
- Management and organizations a managers dilemma
- Understanding managements context constraints and challenges
- Managing in a global environment
- Managing diversity
- What is social responsibility
- Managing change and innovation
Links of Next Fundamentals of Management Topics:-
- How is a decision taken
- How is a decision made
- Classification of decisions and decision making conditions
- Styles of decision making
- How to make and implement decisions effectively
- Case application 1 curtain fall
- Case application 2 tumultuous waters
- Summing up decision making managers job
- Check out your managerial instincts
