The Role of Opinions in Decision-making

Decision-making and Valuation

 

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Decision-making and Valuation > Best Practices

M Y Zainudeen, Management Consultant, Sri Lanka
Opinions play a major role in decision making in the absence of sufficient management information and lack of analytic skills. Although modern management tools emphasize that management information is very important in rational decision making, such decision making is not always possible. There are instances where decision making is purely based on opinions held by the decision maker. Because on one hand analyzing management information takes a long time, and on the other hand the situation demands a quick decision. There are occasions in which a serious turn of opinion takes place with a sudden inflow of new information and knowledge. This is possible only for people who spend quite a lot of time in thinking about the subject matter involved, and are looking for new knowledge. (...) Read more? Sign up for free

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Decision-making and Valuation

 

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