Critical Importance Of Decision Making

1 INTRODUCTION:

One of the common attribute of every successful organization is that “People are most valuable assets of an organization”. Company runs based on their employees, more professional the employee the more positive outcome gets the organization. But just being professional in a one relevant field is not enough for an employees himself and eventually for the organization he is working for. “Decision Making” plays a very vital role for the success of an individual and as well as for the whole organization. If an employee is an engineer by a profession but he is not effective in a making a reasonable decision at a particular time then he becomes a liability on an organization.

The decision making as a group of people is as important

Also, according to this model, the decision makers are smart and calculating in their efforts to evaluate the environment, then picking up the option that gives the maximum output (March, & Olsen 1976) [3]

3 Decision making- A Critical Successful Factor

In making-decision, managers must keep in view different aspects like profit, investment, time and other varying complexities. But if the managers face a problem like lack of information or time or even both, rather than exhausting themselves by looking through all the available options, they only search for a route of action until an adequate solution is found (Radford 1981) [4]. In other words, this act of picking a solution that is “good enough” is called satisficing (Radford 1981) [5]. So, they make rational choices by narrowing their options.

Good Decisions leads to the successful projects. For the successful completion of a project an organization or an individual must make various decisions regarding requirements, resources, cost, risk and various other issues. Decision making is a critical success factor. Problem solving decisions in organization are usually divided into three different conditions or environment (Noyes t al. 2007)