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If maximizing the quality of outcomes is the decision-objective, maker's the rational decision-making model outlines a number of stages they should take into account.
<h3>What is Decision Making?</h3>
- Making choices between potential actions—which might also include inaction—is referred to as decision-making. Despite the fact that one could argue that management involves making decisions, managers in organizations ultimately fail to implement 50% of their decisions.
- To be as effective as possible at work, you should therefore improve your decision-making skills. Your understanding of how to make decisions both individually and collectively while avoiding common decision-making pitfalls will be improved by reading this chapter.
- The data that is gathered is used by people in all kinds of organizations to make various decisions. Other people's lives and the future of an organization may be impacted by these choices. For instance, the choices made by executives and consulting firms for Enron ultimately cost investors $60 billion, resulted in the layoff of thousands of workers, and wiped out all employee retirement funds. The accounting issues were discovered and attempted to be corrected by Sherron Watkins, a former Enron employee who is now well-known for having come forward. In a similar vein, businesses' decision to trade in mortgage-backed securities is having a negative impact on the US economy as a whole. Each party involved in such outcomes made a choice, and they are all currently dealing with its repercussions.
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