Decision making is intertwined with the other functions, such as planning, coordinating and controlling. Decisions are made in order to change the company's current status to a more desirable state of affairs. Therefore, relevant information needs to supply by the Management Accountant to top management to make decision. In an organization, different levels of management are making different types of decision. This can be showed at the figure below.
Levels of decision making
Top level managers, or strategic managers, are also called senior management and executives, are individuals at the top one or two levels in an organization. The Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operational Officer (COO), Chief Informational Officer (CIO), President, Vice President, Chairman and Board of Directors are examples of top level managers. They have the long-term vision for the company. They are not involved in day-to-day tasks need to possess conceptual skill so as to set the goals for the organization as a whole. For example, Jerry Yang, the former chief executive of Yahoo!, was criticized when a $44.6 billion acquisition bid from Microsoft failed under his watch. They frame the organizational policy. They are also responsible for mobilization of resources. They generally make large budgetary decisions for the company and are responsible to the shareholders and the general public. The success or failure of the organization rests on the shoulders of the top level management.
Middle level managers, or middle managers, are those in the levels below top managers. Middle manager's job titles include General Manager (GM), Plant Manager, Regional manager and Divisional manager. Middle level managers are responsible for carrying out the goals set out by top management with setting goals for their departments and other business units. Tactical decisions, the medium term decisions about how to implement strategy, are delegated to middle managers. Middle management decisions might include marketing a new product, communicating with and managing lower management and determining what issues need to be addressed with top level managers. Each individual middle management department develops a strategy to meet its inner departmental goals.
Lastly, lower level management, which included office managers, shift supervisor, department manager, foreperson, crew leader and store manager, are responsible for the daily management of line workers - the employees who actually produce the product or offer the service. Although first line manager typically do not set goals for the organization, they have a very strong influence on the company. These are the managers that most employees interact with on a daily basis. Operational decisions, short term decision or also called administrative decisions about how to implement the tactics affect daily tasks and generally handled by lower level managers. Supervisors or team leaders may decide employee related issues, such as pay rates, training, evaluations and disciplining or terminating employees. For example, supervisor may decide to reward the most productive employee with an employee of the month award, or offer incentives such as gift certificates.
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discuss the importance of measuring variability for managerial decision making
Decision making is one of the many tasks of a manager. They are usually the final decision maker in most situations. They are responsible for making sure everyone under them is doing their job and is trained as well.
Decentralizing
If your motives and intent are pure, trust God and make your move.
There is no much difference in both but here according to grammar "decision-making" treated as a single word whereas "decision making" two different words. As we see the web site and web-site both has same meaning but difference is with hyphen is treated as single word and the other one without hyphen is treated as two different words.
discuss some strengths and weaknesses of group decision-making
Information is needed for decision making at all levels of management.Managers at different organizational levels make differenct types of decisions, control different types of processes, and have different information needs.Three classical levels of management include:strategictactical (middle)operational.
discuss the importance of measuring variability for managerial decision making
Information is needed for decision making at all levels of management.Managers at different organizational levels make differenct types of decisions, control different types of processes, and have different information needs.Three classical levels of management include:strategictactical (middle)operational.
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Marketing Research aid Marketing Managers in decision making . Discuss with suitable examples?
Decision making is one of the many tasks of a manager. They are usually the final decision maker in most situations. They are responsible for making sure everyone under them is doing their job and is trained as well.
discuss how queuing models of decision making tools helpful in a particular organization
surgery, radiation, and observation. The physician and patient should discuss the pros and cons of the different options prior to making a decision about treatment
what is meant by household decision making how can different members of the household be involveld with the different stages of the decision process in the purchase of a car
Decentralizing