Then, they will have to offer training programs to their staff. Also, they will have to prospect the market and contract designers in order to identify the necessary features of the new line of cars. Finally, they will have to allocate sufficient financial resources for the implementation of their decisions. But what if the company does not possess these resources? They could get them by engaging in downsizing operations. They must then find a most suitable way to communicate the decision to the staff, must get their approval for the changes and must further motivate the remaining personnel to increase their efforts and sustain the organization in reaching its overall goals. Deciders must have visionary minds in order to foresee the effects of the implemented strategies. Then, they must also support their decisions with not just vague estimates, but also with calculi, empirical evidence and the experience of other similar organizations. The role of the manager is vital for the overall success of the organization and no company will reach its goals if it is not being led by a skilled, competent and committed manager. Furthermore, the manager must constantly change himself and adapt to the market and industry features in order to best understand them and make the best informed decision. In other words, the manager must evolve. And that is why the final decision is always left to the senior manager, rather than being made by a subaltern. "Senior managers analyze and act on problems far differently than their more junior colleagues do. Those whose thinking...
In this particular sense, all forces that represent potential risks must be eliminated, and if total elimination is not possible, these risks should be limited to a minimum. These measures and the decisions made at this stage in the process help the organization prepare itself for the eventuality of a negative event occurring. And if this event were to happen, the company will be able to minimize the negative effects.
Decision Making and Accounting Theories Business owners find that they always have to put on business hats when they are starting up or managing their businesses. However in business it is not the owners who are meant to make decisions only, decisions can also be made by employees. When classification of business decisions is done it is on the basis of how predictable that particular decision is. Programmed decisions are those
Business Decision-Making Process Decision-making through Business Environmental Scanning As a relatively new research agency in the market research industry, our firm has two main objectives for this year. The first objective is to increase profitability through increased number and/or higher research costs. The second objective, meanwhile, is to increase the firm's "visibility" in the market research industry, and be recognized as one of the major players in it. In order to achieve
Decision Making Ethics is a philosophical term derived from the Greek word "ethos," meaning character or custom (Sims, 1994, p. 16). Ethics, therefore, is not just an ethereal concept belonging to the domain of philosophers and theologists, but a universal phenomenon that pervades the very functioning of individuals and society. Indeed, ethics can be said to be the guiding set of principles, based on which individual character, social and organizational custom
Decision Making Decision-making Scenario Anderson Children's Hospital (ACH) is an internationally known and recognized pediatric hospital that provides the full range of services from primary to critical care units, located in San Francisco, CA with affiliated care centers throughout the Bay Area. The board of directors at ACH would like to create a mobile-crisis program to be piloted in the City of San Francisco and eventually grow to service the entire Bay Area.
The concept of bounded ethicality raises the possibility that Madoff in fact did not understand that what he was doing was unethical. As an experience hedge fund manager, a rational-thinking Madoff had all the tools to understand the ethics of what he was doing, but bounded ethicality suggests that he may have not fully been able to process the situation. One bound could be a myopic vision of his own
" To that end, the Treasury Department would limit executive compensation for institutions receiving "exceptional assistance" (Geithner and Summers, 2009). Troubles continued in the financial sector -- both Citigroup and the Bank of America needed second rounds of capital infusions, and federal guarantees against losses totaling tens of billions more -- while Ben S. Bernanke, the Federal Reserve chairman, warned that more capital injections might be needed to further stabilize the
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