Decision making

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Assignment, Principles of Management, BBA-BI 1st semester, Ace Institute of Management

Assignment, Principles of Management, BBA-BI 1st semester, Ace Institute of Management

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  • 1. Copyright© Chhitiz Shrestha
  • 2.  An act of choice Decision making is the process of identifying and choosing alternative courses of action. “Decision making can be regarded as an outcome of mental processes leading to the selection of a course of action among several alternatives.” – wikipedia.com Copyright© Chhitiz Shrestha
  • 3. Types of decision: Types by frequency • Programmed decision • Non-Programmed decision Types by Nature • Operating decision • Tactical decision • Administrative /Strategic decisions Copyright© Chhitiz Shrestha
  • 4.  Autocratic Consultative Group Process Copyright© Chhitiz Shrestha
  • 5.  Certainty Risk Uncertainty Certainty Risk Uncertainty High Low Management control Decision making under Different conditions Copyright© Chhitiz Shrestha
  • 6.  Identifying the problem Generating alternative solutions Evaluating alternatives Making the choice Implementing the decision Evaluating the decision Copyright© Chhitiz Shrestha
  • 7.  Established – 2008 500+ shareholders 11 Board of directors Sections › Account department › Education Department › Legal Advisors › Credit department Copyright© Chhitiz Shrestha
  • 8. › Counseling committee› Market management committee› Chief Executive Officer› Management team› Women empowerment commission Copyright© Chhitiz Shrestha
  • 9.  Remittance service Saving accounts › Normal Saving (Interest rate 7%) › Five Star Saving (interest rate 6.5%) › Fixed Deposit Saving (interest rate 7%-10%) › Social Security Saving (interest rate negotiable) Copyright© Chhitiz Shrestha
  • 10.  By Frequency › Programmed decisions  Carried out by the office authorities, like the General Manager  Involves things like lending money, depositing money and so on. › Non-programmed decisions  Carried out by the top level authorities, like the board members  E.g. creating a branch office, hiring managers, etc. Copyright© Chhitiz Shrestha
  • 11. Copyright© Chhitiz Shrestha
  • 12.  By nature: › Operating Decisions  E.g. Checking inventory level, operational monitoring and distribution level › Tactical Decisions  E.g. Diversification, Investment and expansion › Administrative /Strategic decisions  E.g. Acquiring resources, rules and values of the organization and reward system Copyright© Chhitiz Shrestha
  • 13.  There are six steps to making an effective decision: › Create a constructive environment. › Generate good alternatives. › Explore these alternatives. › Choose the best alternative. › Check your decision. › Communicate your decision, and take action. Copyright© Chhitiz Shrestha
  • 14.  Brainstorming, Queuing theory, Probabilities and payoffs, Copyright© Chhitiz Shrestha
  • 15.  Level of faith and trust increases, Provides initiatives, Diverse alternatives are generated, Builds up team work. Copyright© Chhitiz Shrestha
  • 16.  Group think Copyright© Chhitiz Shrestha
  • 17.  Conflict of ideas May take more time Copyright© Chhitiz Shrestha
  • 18.  5 Star finance company › Special thanks to Mr. Pathak Books Internet › www.google.com › www.wikipedia.com › www.mindtools.com Copyright© Chhitiz Shrestha
  • 19. Copyright© Chhitiz Shrestha
  • 20. Copyright© Chhitiz Shrestha