Reinsurance Programs – Meaning, Need and its Benefits
In the previous articles, we have already studied about what reinsurance is. However, we have assumed that most ceding insurance companies buy only one reinsurance policy in order to cover their risks. However, this is not the case in reality. In real life, ceding insurance companies have very complex portfolios. As a result, they need […]
Technological Advances in the Insurance Industry
The Fintech revolution has startled many industries. Insurance is one of the industries that have been affected. A large percentage of insurance executives believe that they use outdated technology as a part of their day to day operations. Hence, they are also of the opinion that the insurance industry is prone to attacks and disruptive […]
Role of Employees in Organization Culture
A place where individuals from different backgrounds, religions, communities come together on a common platform to work towards a predefined goal is called an organization. Every organization has set of principles and policies mandatory for all the employees to follow. The beliefs, ideologies and practices of an organization form its culture which gives a sense […]
Decision Makers and the Zero Sum Game
Decision making need not necessarily be a zero sum game where one party benefits at the expense of the other. For instance, it is common in many organizations for decision makers to favor one group over the other which results in a situation where one group wins and the other group loses. This is the […]
Managing in Chaos: A Necessary Skill for Managers and Leaders
The Forces of Chaos The business landscape of the 21st Century is characterized by increasing complexity, disorder, intense competition, hyper speed pace of change, and above all, a 24/7 “always on” culture. This means that chaos is inevitable in such a landscape because of the confluence of all these factors. Therefore, managers and leaders cannot […]
Every organization needs to make decisions at one point or other as part of managerial process. Decisions are made in the best interest of the organization. For that matter, decisions made by the organization are to lighten the way forward.
Be it strategic, business activities or HR matters, processe of making decision is complex, involves professionals of different genre.
While small organization involves all levels of managers, complex organizations largely depend on a team of professionals specially trained to make all sorts of decisions. But remember, such a body alone cannot come out with final decisions. Here, the point is, decision making process is cumulative and consultative process. The process, on the whole, bears its pros and cons and would by and large emanate results and consequences in the organizations’ overall growth and prospects.
Decisions are taken to support organizational growth. The whole fabric of management, i.e. its day to day operation is rightly built on managerial decisions. Top notch companies, as evidenced by their functions, effective communication tools are utilized in addition to normal consultation process to make decisions that would have large scale implications on the company’s prospects.
Discussions and consultations are two main tools that support and eventually bring out decisions. For instance to take a decision on how to embark on new business activity suggested by strategic management team must have developed through series of consultative process, which is now available with implementation team. Here we see the cumulative effect of decision taken at one point by a different body of affairs.
Decision taken by strategic managers is to push new and innovative business line or initiative. At this point the decision taken by such team becomes consultative point for discussion for implementation professionals. There is lot to debate, research and finalize.
Hand-ful of such questions evolved from the decision taken by strategic group has reflective influence on the next level of managerial consultations and meetings.
Let us accept, at this point of discussion, that proposals submitted by business development team would largely depend on another set of deliberations in the board room.
Thus, the final decision to roll out a product or service is through cumulative interim decisions taken by various internal and external parties. And also the final decision is reflective and founded on researches and consultations. Whole process is a chain affair where one decision taken at one point and at one level shall have far reaching implications in the way an organization moves forward.
As a matter of fact, capable of taking critical decisions is one of the many attributes that every manager should have, be it top level or middle or entry level. By nature a human being during his existence and by virtue of his instinct makes decisions for his survival, as social psychologists put it.
By and large, managers are polished individuals to take decisions to affect others, ie the organization’s existence and growth thus is annotative with human endeavor to live and succeed. Success succeeds on the decisions taken, be it by an individual or an organization.
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