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Management
What is Decision Making?
Factors:
g Perception. g Goals.
g Priority. g Values.
g Acceptability. g Demands.
g Risk. g Style.
g Resources. g Judgement.
Barriers to Good Decision Making
• Hasty - Making quick decisions without having much thought.
• Narrow - Decision making is based on very limited information.
• Scattered - Our thoughts in making decisions are disconnected or
disorganized.
• Fuzzy - Sometimes, the lack of clarity on important aspects of a
decision causes us to overlook certain important considerations.
Decision Making Process
Steps Tips
1. Define the decision clearly. • A lot of decision making goes wrong at the starting point.
• the more specific your definition of the decision is to made, the
clearer will be your analysis and the likelihood of success.
2. Consider all the possible choices. • Successful decision makers explore all of the possible choices of
the situation.
• In fact many of the less obvious choices turn out to be the most
effective ones.
3. Gather all relevant information and • In many cases, we may lack sufficient information to make an
evaluate all the pros and cons of each informed decision.
possible choice.
• Analyze the advantages and disadvantages of each choice
4. Select the choice that seems to best meet • Synthesize all what you learned in previous steps and make a
the needs of the situation. conclusion that you believe to be your “best” choice.
5. Implement a plan of action and then • Once you have selected your best choice, you need to develop and
monitor the results, making necessary implement a specific and concrete plan of action.
adjustments.
• As you begin taking the steps in your plan, you will discover that
adjustments need to be made.
Six C's of Decision Making
• Construct a clear picture of precisely what must be decided.
• Compile a list of requirements that must be met.
• Collect information on alternatives that meet the requirements.
• Compare alternatives that meet the requirements.
• Consider the "what might go wrong" factor with each alternative.
• Commit to a decision and follow through with it.
Managerial Decision Making
• Decision making: the process by which managers
respond to opportunities and threats by analyzing
options, and making decisions about goals and
courses of action.
Incomplete information: most managers do not see all alternatives and decide
based on incomplete information.
Why Information is Incomplete
Ambiguous
Uncertainty Information
& risk
Incomplete
Information
Implement chosen
alternative
Reassess Reassess
alternative alternatives
accept, modify, reject accept 1 or 2, combine
Organizational Learning & Creativity
Build complex,
Develop Personal
challenging
Mastery
mental models
Encourage
Systems
Thinking
Build Shared Promote Team
Vision Learning
Creating a Learning Organization