1. Decision Making Good decision making is vital to a firm’s success.
The management process involves:
Planning: what should the firm do? How do we do it?
Organising: what resources are needed and when?
Coordinating: resources are ready at the right time.
Controlling: plans are being followed.
This process needs to be continually reviewed. Good managers are right more often than not and get key decisions right.
There are 3 ways a decision can be made:
Facts
Intuition
Experience
Decisions usually involve all three. Risk-takers use more intuition, whilst cautious types rely more on facts