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Decision Making 1
 

Decision Making 1

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    Decision Making 1 Decision Making 1 Presentation Transcript

    • Pros and Cons PROS CONS • The best model to • Expensive Process identify and verify the • Time Consuming problem Processes • The best solution to • Delays in Decision the problem identified Making • Making decisions • Reduce the complexity in the processes • Unambiguous processRetrieved from http://leadership-management.knoji.com/is-the-rational-decision-making-method-right-for-your-organization/
    • Example 1) You wish to buy a new and expensive laptop and trying to decide on a particular brand consults with a number of friends and relatives. 2) You decides to purchase ACER. While at the store, the saleswoman, explains and proves to John that he can do much better with his budget if he goes for APPLE gives better value for money with respect to cost, performance and fidelity, design, warranties as well as style. 3) You nevertheless, even if he would receive more value for his money with APPLE being the rational choice, opts for ACER.Retrieved from http://suite101.com/article/bounded-rationality-a255278
    • Pros and Cons PROS• Faster in making the decision• The most satisfying decision making CONS• Not the best solution• Having flaw
    • INTUITION • Intuitive Decision making; – It’s making decision based on the basis of experience, feelings and accumulated judgment. • Decision making situations where intuitive approach can help most include the following: – Expedient decision making and rapid response are required. – Fast paced change. The factors on which you base your analysis change rapidly. – The problem is poorly structured. – The factors and rules that you need to take into account are hard to articulate in an unambiguous way. – You have to deal with ambiguous, incomplete, or conflicting information. – There is no precedent.Retrieved from http://www.time-management-guide.com/intuition-decision-making.html
    • INTUITION  3 key features that characterize the intuitive mode of thinking:  The process is dominated by your subconscious mind, even if you use your conscious mind to formulate or rationalize the final results.  The information is processed in parallel rather than sequentially. Instead of going through a logical sequence of thoughts one by one, you see the situation more as a whole, with different fragments emerging in parallel.  You are more connected with your emotions. For example, it may occur to you that an option you consider does not feel right, even though there is no clear logic to prove that.Retrieved from http://www.time-management-guide.com/intuition-decision-making.html
    • Types of Intuition • Primitive instincts of self-preservation • Conditioned emotional responses, which range from fear, aversion, suspicion, attraction, and attachment. • Bodily intuition includes messages about bodily needs and conditions. • Mystical intuition encompasses a wide variety of subjective experiences • Interpersonal intuition refers to the ability to pick up clues about relationships. • Practical intuition – in solving everyday problems, the capacity of anticipating the problem and finding the best solution, quickly and effortlessly. • Expertise intuition is domain-specific and it is closely related to expert knowledge and critical insight.Retrieved from http://www.drpaulwong.com/index.php?view=article&catid=42%3Acl&id=77%3Aintuition-the-best-kept-secret-for-survival-and-success&tmpl=component&print=1&page=&option=com_content&Itemid=59
    • Examples 1. Bill Gates says, "you cannot ignore your intuition." Oprah states, "My business skills have come from being guided by my intuition", and Donald Trump admits in his book, "Ive built a multibillion dollar empire by relying on my gut instinct”. 2. A fire chief who, shortly after entering a burning house, commanded all his men leave the house immediately without really understanding why. He said the decision came from his gut, that “something wasn’t right” and he wanted his men out of the house. 3. Ray Croc bought the McDonalds franchise in the initial stages of its development for what was an exorbitant price. He couldn’t afford it but said ‘My funny-bone instinct kept urging me on.’ 4. Conrad Hilton was bidding on the world’s largest hotel and the amount that apparently popped into his head was only 200 dollars higher than the next bid. He described problem solving as ‘I keep listening in a sort of inside silence until something clicks and I feel a right answer.Retrieved from http://annhawkins.com/2010/05/why-should-you-trust-your-business-intuition/
    • Pros and Cons PROS CONS • Quick decision • Flawed information • Helps ensure that it • Short term emotional takes into account what bias you really care about • Insufficient because you have consideration of positive feelings about alternatives the decision you will be • Risque well motivated to carry it out. • Prejudices • Lack of opennessRetrieved from http://www.rapid-business-intelligence-success.com/intuitive-decision-making.html ,http://www.decision-making-solutions.com/intuitive_decision_making.html
    • Way to Improve Decision Making • Use a structured process when time allows • Reflect on a decision before implementing • Examine beliefs • Communicate • Learn to recognize and interpret your emotions • Situational assessment and case studiesRetrieved from http://www.decision-making-solutions.com/intuitive_decision_making.html