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ESSENTIAL ISSUES FOR SUCCESSFUL EXECUTIVE DECISION-MAKING IN THE 21ST CENTURY

OBI, JAMES NWOYE (2016) ESSENTIAL ISSUES FOR SUCCESSFUL EXECUTIVE DECISION-MAKING IN THE 21ST CENTURY. International Journal of Social Science and Management Development, 7 (2). pp. 1-28. ISSN 2856-2111

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Abstract

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.

Item Type: Article
Uncontrolled Keywords: Decision-making, technology, executive, information
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Mrs Hannah Akinwumi
Date Deposited: 16 Jan 2018 10:14
Last Modified: 16 Jan 2018 10:14
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/10025

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