Decision-making is an act where one or more alternates to a situation are explored and a choice is decided. Decision-making is the heart of all management functions.
The rational decision-making model is a series of steps that managers often follow to make logical, intelligent, and well-founded decisions. The steps are sometimes referred to as the 7 D’s.
- Define the situation
- Describe and collect needed information
- Develop alternatives
- Develop agreement among those involved
- Decided which alternative is best
- Do what is indicated
- Determine whether the decision was a good one, and follow up
A few of the tools and techniques that can be utilized are:
- Brainstorming: Coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas
- PMI: Listing all the pluses of a solution in one column; all the minuses in another, and the implications in a third column
AcqLinks and References:
-  Nickels and McHugh, “Understanding Business” McGraw-Hill Irwin 2010