Management

Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal.

In today's tough and uncertain economy, a company needs strong managers to lead its staff toward accomplishing its goals. But managers are more than just leaders — they're problem solvers, cheerleaders, and planners as well. And managers don't come in one-size-fits-all shapes or forms. Managers fulfill many roles and have many different responsibilities at each level of management within an organization.

One of the main roles of effective managers is Decision Making Role. These managers need to make critical and timely decision making in the conduct of their day to day activities. Though the frequency, risk and level of uncertainty involved may differ, every manager at all levels of the organizational hierarchy involves in decision making.

The role of a manager is to monitor and shape the internal and external environments and to anticipate changes and react quickly to them. Therefore, decision making becomes a very sensitive role of any manager since failing to make appropriate and timely decision may ultimately bring a disaster which can even put the survival of the organization in to question. It even becomes very crucial with the prevailing turmoil in the global economy, political stress of powerful nations, and high dynamism in the internal and external business environment.

In order for organizations of any kind adapt to the changing environments and survive being the leading, critical decisions should be made in every activity. Every managerial activity requires appropriate timely decisions. Decision to engage/disengage in a line of business, resource...