Decision Management: How to Assure Better Decisions in Your Company

Decision Management: How to Assure Better Decisions in Your Company

Decision Management: How to Assure Better Decisions in Your Company

Decision Management: How to Assure Better Decisions in Your Company

Synopsis

Why do the people in some companies continually dazzle us with their brilliant decisions while those in others make one blunder after another? Do they understand their businesses better? Are they just plain smarter? Or is it all a matter of luck? The answer, says J. Frank Yates, is none of the above. The real key, rarely recognized, is how the leaders manage the company's decision processes- the leaders' decision management practices. Drawing on his thirty years of research and experience as well as scholarship from psychology, economics, statistics, strategy, medicine, and other fields to explain the fundamental nature of business decision problems, Yates highlights the ten cardinal decision issues crucial to managing the decision-making process- and ultimately better company decisions. He covers problems ranging from recognizing whether a decision is actually called for to assuring that a preferred course of action will be implemented. He shows how solid decisions result when managers ensure that deciders resolve every cardinal issue effectively for every decision problem facing the company. He also reveals how, conversely, chronically poor decisions are traceable to managers allowing- or even creating- conditions that encourage deciders to fall short in how they address at least one of those critical issues.

Excerpt

Welcome to the University of Michigan Business School Management Series. The books in this series address the most urgent problems facing business today. The series is part of a larger initiative at the University of Michigan Business School (UMBS) that ties together a range of efforts to create and share knowledge through conferences, survey research, interactive and distance training, print publications, and news media.

It is just this type of broad-based initiative that sparked my love affair with UMBS in 1984. From the day I arrived I was enamored with the quality of the research, the quality of the MBA program, and the quality of the Executive Education Center. Here was a business school committed to new lines of research, new ways of teaching, and the practical application of ideas. It was a place where innovative thinking could result in tangible outcomes.

The UMBS Management Series is one very important outcome, and it has an interesting history. It turns out that every year five thousand participants in our executive program fill out a marketing survey in which they write statements indicating . . .

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