An Approach to Managerial Decision Making Essay

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An Approach to Managerial Decision Making By: xxxxxx ACCT 311 Individual Research Paper December 3, 2013 Definition: man·age·ment- noun \ˈma-nij-mənt\ : The act or skill of controlling and making decisions about a business, department, sports team, etc.: the people who make decisions about a business, department, sports team, etc. : the act or process of deciding how to use something Full Definition of MANAGEMENT The act or art of managing: the conducting or supervising of something (as a business) Judicious use of means to accomplish an end The collective body of those who manage or direct an enterprise (www.merriam-webster.com) Management is something we do whether in our personal or professional lives while continuously making decisions. Managers are a necessity in any type of business. Those in the position of management (manager, CEO's, CFO's, directors, etc.) are broken down into three categories; top, middle and lower management. Top management, the directors, and CEO's, are responsible for overseeing, organizing and running the entire business. Middle management, area supervisors and department managers for example, are responsible for executing and making sure the organizational plans, handed down from top-management, are being followed. Lower-management, supervisors and sector leaders, are responsible for supervision and motivation during the day-to-day operations of the company. These various leaders and managers are responsible for making numerous decisions on a daily basis. (www.typesofmanagement.net) There are several different types of management that vary in styles of decision making. The Democratic style makes decisions based on the majority vote of its employees, thus making the employees feel useful and part of the decision making of the company. By involving the employees, managers can be more up to date and informed on

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