ESSENTIAL ISSUES FOR SUCCESSFUL EXECUTIVE DECISION-MAKING IN THE 21ST CENTURY
No Thumbnail Available
Date
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
Description
The job of a manager is, above all, to make decisions. At any moment in any day, most
executives are engaged in some aspects of decision-making; exchanging information, reviewing
data, coming up with ideas, evaluating alternatives and implementing directives. This article
examines how managers make decisions and focuses on various ways of improving executive
decision-making. Executives are exposed to ways of making effective decisions through various
decision-making strategies dealing with both complex and routine problems. Analysis of
challenges facing decision makers was discussed with advice on how to navigate difficult
decision-making terrains. Descriptive research method was adopted in the study. Instrument
used to gather data was questionnaire designed on 5-point Likert scale of 1-5 ranging from
strongly agree to strongly disagree. Tables and percentages were used to analyze the data
provided in the completed questionnaires. Chi-square inferential statistical tool was used to test
the hypothesis of the study stated in null terms thus: “cutting-edge knowledge of information
technology, intelligence and experience are not the key metrics that drive successful executive
decision-making in the 21st century.” The result of the hypothesis tested showed the calculated
value of chi-square (X2 cal 36.5) exceeded the table value of the chi-square (X2 tab 9.49). The
result led to the rejection of the null hypothesis (Ho) and the acceptance of the Alternative
hypothesis (Hi) thereby lending credence to the fact that executives with cutting-edge knowledge
of modern information technology, intelligence and experience can make successful decisions.
While managers at all levels must play the role of decision makers, the way a successful
manager approaches the decision-making process changes as he or she moves up the position
hierarchy in the organization. The article also explored different types of decision which an
executive can make through the review of literature on types of decisions. Decision-making has
become increasingly challenging to executives especially with the explosion in information and
communication technology under the 21st century business environment The article emphasizes
that effective decision-making compels the executive to seek broad spectrum of input from inside
and outside sources. Information from customers, suppliers, employees and stakeholders are
also instrumental to successful decision-making.
Keywords
H Social Sciences (General)