LO2 (MCKI)

Decision-Makers

• individuals or groups who have the authority and responsibility to make decisions

• are individuals or groups who implement the decisions made by the decision makers.

Collaborative Decision Making

• a crucial role in decision-making processes across various contexts, including business, government, nonprofit organizations, and more

• is an approach in which multiple individuals or stakeholders work together to reach a consensus or make a joint decision

• •process of evaluating various options, considering relevant information, and reaching a conclusion or judgment about which course of action to pursue.

Key aspects of collaborative decision-making include:

• •Inclusivity

  •Open Communication

  •Information Sharing

  •Consensus Building

  •Conflict Resolution

• •Understanding Impacts and Concerns

  •Informed Decision-Making

  •Mitigating Conflicts

• •Regulatory and Ethical Considerations

  •Long-Term Sustainability

Features if collaborative decision making

• •Embraces partnership.

  •Combines the knowledge, talents and experiences.

• •Building Support and Buy-In

  •Effective Communication

• •Risk Management

Benefits of Collaborative Decision Making

• Enhanced Problem Solving

• •Shared Ownership

What is the correct sequence of steps in the decision-making process?

• Identify the problem, evaluate alternatives, make the decision, implement the decision

• Evaluate alternatives, implement the decision, make the decision, identify the problem.

Who are stakeholders?

Answer explanation

•Any group or individual who can affect or is affected by the achievement of the firm's objectives.

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Define Networking

• refers to the process of creating and nurturing relationships with people, both personally and professionally, to exchange information, resources, and opportunities. It involves building and maintaining a network of contacts who can provide support, advice, and potential business or career prospects.

• is the development of relationships with groups or people with whom we have similar interests

Why is involving stakeholders important in the decision-making process of an organization?

• ) It ensures decisions are made by a small, select group of experts

• ) It allows for a wide range of perspectives, insights, and risks to be considered.

• It speeds up the decision-making process.

 Which of the following is an example of an external stakeholder?

• Shareholders

• Regulatory authorities