In your daily life, you take several decisions regarding what to buy, where to invest, where to spend free time, what to eat, what furniture to buy and so on. Sometimes, you may take a decision individually or in discussion with your friends or family. Likewise, in the corporate world, hundreds of decisions are taken which impact the employees, customers, shareholders and competitors. Since such decisions may involve money and impact a large number of stakeholders, they should be taken after a considerable thought.
In any organization, there is a hierarchy, and important decisions are taken at the board level while managers handling specific tasks may be accountable for the decisions taken in their departments. The success of any organization in the marketplace would depend on how quickly they take decisions.
Here are the various steps involved in managerial decision-making