The goal of a decision-making process is to achieve some desired objective/s. and, to avoid negative, inadvertent consequences. Some of the decisions can provide all of the desired objectives and no inadvertent consequences. A good decision, however, provides the most desired objective/s with the fewest negative consequences (silvae.cfr.washington.edu n. pag). In an organization, good decision-making processes becomes very essential for its success. This major responsibility lies in the hands of managers and leaders of that organization. It is essential to have a good knowledge of the decision making process. There are several steps that are involved in a good decision-making process. This paper examines some of the steps in detail.
Decision-makers or the managers in an organization, are used to depending on their past experiences, must make decisions and take actions in the rapidly changing world today. The effective management of knowledge is critical for organizations that are striving to gain or maintain a competitive advantage over the other similar organizations. Decision-making is the main component of an integrated knowledge management system. It is a major factor for growing organizational record with newly created knowledge and a broader base of perspectives to use in future decision-making situations. These records through integrated knowledge management systems may be able to respond more quickly and appropriately to a rapidly changing environment (Hall et al. 2002).
Managers in an organization have to make several decisions on a daily basis. Some of these decisions are routine and inconsequential and do not require additional resources to solve the problem. However, in this changing world, there are several new problems faced by organizations that make the decision-making process complicated. Besides, some of these decisions could involve financial commitments that may ultimately result in a gain or loss, or could even have an impact on the organizational objectives being achieved or not.