Comparison of “Decision Making”, Written by Stephen P. Fitzgerald and “Decision Making Using Game Theory – an Introduction for Managers”, Written by Anthony Kelly:

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Date Submitted: 06/08/2010 01:59 AM

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Summary of “Decision Making”, written by Stephen P. Fitzgerald:

Decision Making is widely considered to be the primary function that distinguishes management from non-management. Managers have some important decisions to make about how they make decisions. Those choices will become more increasingly critical as the constellation of factors affecting business decisions continues to broaden, deepen, and intensify for instance Continually accelerating pace of change, relentless technological innovation, and constantly shifting markets, organizational structures and boundaries.

A managerial decision typically commits organizational resources to a course of action in order to accomplish something that the organization desires and values. Decisions may concern people (human resources), money (budgeting), buying and selling (marketing), how to do things (operations), or how to do things in the future (strategy and planning). Thus making business decisions involves processes that precede the actual decision, including gathering information and generating, contemplating, and evaluating alternative courses of action, as well as processes of implementation and evaluation that should follow a decision once made. Improving the quality of business decisions, therefore, involves a spectrum of processes that must be taken into account.

Decision effectiveness is influenced by perspectives, success criteria, timeframes, a decision being made and degree of implementation. Ten steps that managers have to do towards achieving effective decision making are 1) do what works, 2) ask the right questions, 3) center yourself, 4) listen, 5) involve others, 6) learn from the best, 7) create easy access to high quality data, 8) include the bigger picture and the planet, 9) make implementation your mantra, and 10) be brave, be humble, share the pain and the glory.

Abstract of “Decision Making using Game Theory – An Introduction for Managers”, written by Anthony Kelly:

“Game theory is the...