Inclusiveness in decision making and avoiding unnecessary costs for successful decision making

The objective of this study is to examine the effects of inclusiveness in decision making on the costs of decision making and its implementation. This study is based on multiple regression model and the individual effects of each of the explanatory variables will be evaluated by applying partial derivatives. The findings of this study suggest that inclusiveness in decision making brings unity, cohesion, and team spirit and thus reduces the cost of correct decision making and its implementation. In addition, if decisions are made on the basis of consensus of all stakeholders as well as the employees, the cost of correct decision making will decrease, and it is most likely that correct decisions will be made because of the consensus and presence of democratic institutions. Listening to the practitioners and seeking expert advice may also reduce cost and it is most likely that correct decisions will be made. Maintaining goodwill and harmony will also promote cooperative attitudes and thus will reduce the cost of correct decision making and its implementation. Empowering, honoring, providing incentive bonus and recognizing the great contributions of the employees will truly motivate the employees and cost of decision making will decline and most likely correct decisions will be made which will eventually place the firm or the corporation or the state on the road to success and prosperity. This study will be immensely useful to decision makers, top managers in private and public enterprises, policy makers, research scholars, and academicians across the globe.