Introduction to Decision Making
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Introduction to Decision Making Presentation Transcript

  • 1. ITRODUCTION TO DECISION MAKING Dr. Akhlas Ahmed Preston University MBA Class, Lecture # 01 June 21st 2014
  • 2. DECESION MAKING…  Please write a one sentence definition of decision making.
  • 3. DECESION MAKING…  The process of examining your possibilities options, comparing them, and choosing a course of action.
  • 4. DECESION MAKING… Be sure you are right ----then go ahead: Davy Crocket
  • 5. MAKING EFFECTIVE DECISIONS…  Factors that may effect on effective decision  Goals  Perception  Priority  Values  Acceptability  Demands  Risk  Style  Resources  Judgment
  • 6. GOALS
  • 7. PERCEPTION
  • 8. PRIORITY
  • 9. VALUES
  • 10. ACCEPTABILITY
  • 11. DEMANDS
  • 12. RISK
  • 13. STYLE
  • 14. RESOURCES
  • 15. JUDGEMENT
  • 16. SIX C’s OF DECESION MAKING 1. Construct 2. Compile 3. Collect 4. Compare 5. Consider 6. Commit
  • 17. CONSTRUCT… Construct a clear picture of precisely what must be decided
  • 18. COMPILE… Compile a list of requirements that must be met.
  • 19. COLLECT… Collect information on alternatives that meet the requirements.
  • 20. COMPARE… Compare alternatives that meet the requirements.
  • 21. CONSIDER… Consider the “what might go wrong” factor with each alternative.
  • 22. COMMIT… Commit to a decision and follow through with it.
  • 23. INHERENT PERSONAL TRAPS… 1. Trying too hard to play it safe. 2. Letting fears and biases tilt your thinking and analysis. 3. Getting lost in the minutia can cause trouble. 4. Craving for unanimous approval. 5. Trying to make decisions which are outside your realm of authority.
  • 24. INHERENT SYSTEM TRAPS… 1. Willing to begin with too little, inaccurate, or wrong information. 2. Overlook viable alternatives or waste time considering alternatives which have no realistic prospects. 3. Not following the six C’s 4. Failure to clearly define the results you expect to achieve. 5. Worst of all, failure to reach a decision.
  • 25. DECESION MAKING IN MANAGEMENT…
  • 26. RECOMMENDED TEXT BOOKS Making Management Decisions by Cooke and Slack: Prentice Hall International
  • 27. Thanks