In day to day life we are faced with multiple problems and are forced to make numerous quick decisions, whether our decision-making is effective or not depends upon multiple factors ranging from prior experience, available solutions, costs involved, research, networking and access to requisite resources, etc.
Problem can be defined as an undesired situation in which we experience uncertainty or obstacle in achieving what we want to achieve it counter us from completing work on time. And problems that remain unresolved or that are not solved sufficiently and therefore arrives again after an attempted solution results a source of waste that no company can afford. Those who understand problem solving as a process that begins with an analysis of the root causes and ends with a conscientious review of the results are able to avoid such waste. What’s more, a determined approach can turn problems into opportunities.
They saw a problem, analyzed it and made a decision as to how to resolve that problem for eg. Light bulb invented by Thomas Edison. This is a process that drives business and innovation. It creates progress. It solves everyday challenges and creates new ones. Entrepreneurs, business and salespeople are just like inventors. The really good ones consciously see problems, which they explore and attempt to solve and succeed.
Decision-making is the act of choosing optimal solution between two or more courses of action. Decisions can be made through either an instinctive or reasoned process, or a combination of the two. Decision making is a key skill in the workplace, and if you want to be an effective leader it is very important. Whether you’re deciding which person to hire, which vendor to use, or which strategy to implement, the ability to make a good decision with available information is vital.
Decision-making is an integral part of modern management. No one can afford to make poor decision. Essentially, rational or sound decision- making is taken as primary function of every management. Every manager takes numerous of decisions subconsciously or consciously in a problematic scenario making it as one key component in their role as manager.