Decision-making Process
Decision making can be regarded as the mental processes (cognitive processes) resulting in the selection of a course of action among several alternative scenarios. Every decision making process produces a final choice. The output can be an action or an opinion of choice. A typical decision-making process involves several steps:
- Objectives must first be established;
- Objectives must be classified and placed in order of importance;
- Alternative actions must be developed;
- The alternatives must be evaluated against all the objectives;
- The alternative that is able to achieve all the objectives is the tentative decision;
- The tentative decision is evaluated for more possible consequences;
- The decisive actions are taken and additional actions are taken to prevent any adverse consequences from becoming problems, which can lead to the processes of problem analysis and decision-making to begin all over again.
Management Information Systems
Information technology refers to the convergence of audio-visual and telephone networks with computer networks through a single cable or link system that unifies signal distribution and management. Business organizations utilize management information systems (MIS), which combine the use of information technology, people, and data/information to provide tools used in making decisions . Management information systems are distinct from other information systems in that they are designed to be used to analyze and facilitate strategic and operational activities in the organization. An MIS supports a business' long-range plans, providing performance analysis reports on areas critical to those plans, with feedback mechanisms that improve guidance for every aspect of the enterprise, including recruitment and training. MIS not only indicates how various aspects of a business are performing, but also why and where. MIS reports include near-real-time performance of cost centers and projects with detail sufficient for individual accountability.
Smartphones Make It Easier for Individuals to Make Informed Decisions.
Technology enables fast access to vast quantities of information, which can lead to better decision-making.