The Importance of Making Managerial Decisions in Efficienct Functioning of Today’s Organizations

Abstract

The article studies importance and consequences of making managerial decisions in today’s organizations. The role of executives and managers in the process of decision-making was shown and the conclusion was drawn that their adequate fulfillment is essential for successful work of the organization. The author describes goals being pursued in making managerial decisions: maximum profit, optimization of resources and strengthening positions on market. Apart from that, the author studies key objectives, which face executives in decision making, such as elaboration of strategic decisions, identifying priorities, managing risks and providing productivity and innovation.