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- Executive decision-making is a strategic process where top-level managers assess data, analyze alternatives, and make choices that align with an organization's overall goals. This process often involves identifying potential risks, evaluating financial implications, and ensuring decisions are informed by thorough research and market insights.
www.studysmarter.co.uk/explanations/business-studies/operational-management/executive-decision-making/Executive Decision-Making: Techniques & Definition - StudySmarter
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At any moment in any day, most executives are engaged in some aspect of decision making: exchanging information, reviewing data, coming up with ideas, evaluating alternatives, implementing...
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We believe the time has come to broaden the traditional approach to leadership and decision making and form a new perspective based on complexity science. (For more on this, see the sidebar Understanding Complexity.) Over the past ten years, we have applied the principles of that science to governments and a broad range of industries. Working with ...
Simple contexts are characterized by stability and clear cause-and-effect relationships that are easily discernible by everyone. Often, the right answer is self-evident and undisputed. In this realm of known knowns, decisions are unquestioned because all parties share an understanding. Areas that are little subject to change, such as problems with ...
Nevertheless, problems can arise in simple contexts. First, issues may be incorrectly classified within this domain because they have been oversimplified. Leaders who constantly ask for condensed information, regardless of the complexity of the situation, particularly run this risk. As in the other contexts, leaders face several challenges in the c...
Third, when things appear to be going smoothly, leaders often become complacent. If the context changes at that point, a leader is likely to miss what is happening and react too late. In the exhibit The Cynefin Framework, the simple domain lies adjacent to the chaoticand for good reason. The most frequent collapses into chaos occur because success ...
Leaders need to avoid micromanaging and stay connected to what is happening in order to spot a change in context. By and large, line workers in a simple situation are more than capable of independently handling any issues that may arise. Indeed, those with years of experience also have deep insight into how the work should be done. Leaders should c...
Finally, its important to remember that best practice is, by definition, past practice. Using best practices is common, and often appropriate, in simple contexts. Difficulties arise, however, if staff members are discouraged from bucking the process even when its not working anymore. Since hindsight no longer leads to foresight after a shift in con...
Because the complicated context calls for investigating several optionsmany of which may be excellentgood practice, as opposed to best practice, is more appropriate. For example, the customary approach to engineering a new cell phone might emphasize feature A over feature B, but an alternative planemphasizing feature Cmight be equally valuable.
Another example is the search for oil or mineral deposits. The effort usually requires a team of experts, more than one place will potentially produce results, and the location of the right spots for drilling or mining involves complicated analysis and understanding of consequences at multiple levels. Another example comes from YouTube. The founder...
Another potential obstacle is analysis paralysis, where a group of experts hits a stalemate, unable to agree on any answers because of each individuals entrained thinkingor ego.
Working in unfamiliar environments can help leaders and experts approach decision making more creatively. For instance, we put retail marketing professionals in several military research environments for two weeks. The settings were unfamiliar and challenging, but they shared a primary similarity with the retail environment: In both cases, the mark...
There is a scene in the film Apollo 13 when the astronauts encounter a crisis (Houston, we have a problem) that moves the situation into a complex domain. A group of experts is put in a room with a mishmash of materialsbits of plastic and odds and ends that mirror the resources available to the astronauts in flight. Leaders tell the team: This is w...
Unfortunately, most leadership recipes arise from examples of good crisis management. This is a mistake, and not only because chaotic situations are mercifully rare. Though the events of September 11 were not immediately comprehensible, the crisis demanded decisive action. New Yorks mayor at the time, Rudy Giuliani, demonstrated exceptional effecti...
Yet the chaotic domain is nearly always the best place for leaders to impel innovation. People are more open to novelty and directive leadership in these situations than they would be in other contexts. One excellent technique is to manage chaos and innovation in parallel: The minute you encounter a crisis, appoint a reliable manager or crisis mana...
Business schools and organizations equip leaders to operate in ordered domains (simple and complicated), but most leaders usually must rely on their natural capabilities when operating in unordered contexts (complex and chaotic). In the face of greater complexity today, however, intuition, intellect, and charisma are no longer enough. Leaders need ...
Nov 23, 2022 · Summary. Transformational leaders are exceptional communicators. In this piece, the author outlines four communication strategies to help motivate and inspire your team: 1) Use short words to...
The classification decision rules are as follows: core theories were those rated highly (equal to or above the median score) in all four areas; major theories were rated highly in two or three areas; focused theories were rated highly in one area; and notable theories were the remaining theories.
Apr 9, 2024 · Executive decision-making is the process through which a key decision-maker strategically and rationally determines courses of action within an organization. In other words, executive decision-making refers to big-picture decisions not everyday calls on simple matters.
Jun 26, 2021 · Albers describes the executive process as decision-making, communication, and leadership, Jones as decision-making, gaining acceptance of decisions, planning, and putting plans into effect. Barnard ( 1948 ) admits in The Functions of the Executive that the decision-making process is not sufficiently developed to make it apparent, saying that it ...
When they translate plans into action, executives need to pay particular attention to decision making, communication, opportunities (as opposed to problems), and meetings. Take responsibility for decisions.
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