MANAGERIAL DECISION MAKING IN AN ORGANIZATION: A THEORETICAL FRAMEWORK

Akanbi, Paul Ayobami

Department of Business Administration

Ajayi Crowther University, Oyo, Oyo State

E-mail address is paulayobami@yahoo.com

ABSTRACT

Organizations regardless of their types and sizes are bound to take decisions from time to time about their operations .All functions performed in the organization( profit or not for profit) are decision-oriented.   The object of this paper is to highlight the various theoretical backgrounds as regards decision making which sometimes, eventually leads to the achievement of organizational goals and objectives .This paper also considered existent models of decision making and various managerial levels at which decisions are made. The paper was concluded that managerial decision making styles such as participative, consultative and democratic can enhance organizational effectiveness and efficiency.  It was recommended that routine decisions should be delegated, experts’ opinions should be gotten for technical decisions and that all stakeholders should be consulted and carried along during decision making.

Keywords: decision, decision making, managerial decision making styles, problem solving, decision making process