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Posted: April 11th, 2022
Information plays a crucial role in decision-making
Essay
Information plays a crucial role in decision-making. One of the important tasks of managers in a company is decision making. Therefore, the right kind of information helps managers to make good quality decisions. In this regard, managers use information to identify a problem and put it in a structured manner. Without information regarding a problem or opportunity, the process of decision-making does not even begin (Wang, 2011). Information thus serves to assist the manager to understand the context in which the problem has happened, and make an informed decision on it. Managers use information as an ingredient in generating alternatives for decision-making. Information on possible solutions makes it possible for the manager to generate alternatives. Also, information helps the manager to make plans for the future. For instance, information on market trends can help the manager identify customer preferences, and hence decide on the kinds of tactics a company should adopt to best serve the customers.
Importantly, managers use information to make decisions on the kinds of goals that the company should pursue. For example, information on consumer trends and industry trends can help the manager identify goals that the company should adopt to meet the needs of consumers and the industry. Information can be used in the allocation of company resources as well (Emeagwali, 2017). For example, information on company assets or the company’s financial health usually helps the manager decide on how the company can use its resources in fulfilling its goals and objectives. If I were a manager I would want to have access to information on customer performance, company transactions, consumer trends, industry trends, political trends, stock market trends, employee performance in various departments, and competitor trends on a regular basis so as to make good decisions for my company.
References
Emeagwali, L. (2017). Corporate governance and strategic decision making. BoD – Books on Demand.
Wang, C. (2011). Managerial decision making leadership: The essential pocket strategy book. John Wiley & Sons.
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