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Decision making

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  • 1. Decision Making
    • Decision making is defined as the process of selecting a course of action or alternative among different alternatives
    Er.Sartaj Singh Bajwa
  • 2. Characteristics Of DM
    • DM is based on rational thinking
    • It is a process of selecting the best from among alternatives available
    • It involves the evaluation of various alternatives available
    • DM is aimed to achieve organizational goals
    • Commitment of management
    Er.Sartaj Singh Bajwa
  • 3. Types Of Decisions
    • Organizational (decisions taken by individuals in the organization as an executive )and Personal decisions (decisions taken on the own )
    • Routine (relating to day to day operations) & Strategic decisions (relating to policy matters)
    • Programmed decisions that have been encountered and made in the past have objectively correct answers are solvable by using simple rules, policies, or numerical computations
    • Non Programmed decisions are new, novel, complex decisions having no proven answers decision maker must create or impose a method for making the decision
    • Individual and Group Decisions
    • Policy (basic policies of the organization) and Operative Decision (decisions regarding day to day operations)
    Er.Sartaj Singh Bajwa
  • 4. Decision Making Process
    • Defining the problem
    • Analysis of the problem
    • Generating alternative courses of action
    • Evaluation of alternatives
    • Making the choice ( with experience )
    • Implementing
    • Evaluating
    Er.Sartaj Singh Bajwa
  • 5. Effective Decision Making
    • There are three aspects of effective decision :
    • Action orientation ( directed towards relevant and controllable aspects of the environment )
    • Goal direction ( directed to achieve the goals of the organization )
    • Efficiency in implementation ( taking into consideration the internal and external factors which come into the efficient implementation )
    Er.Sartaj Singh Bajwa
  • 6. Guidelines for making Effective Decision
    • Categorical Interpretation ( logical decision )
    • Application of limiting factor ( considering all the limiting factors within and outside the organization )
    • Adequate information
    • Considering other views
    • Timelines
    Er.Sartaj Singh Bajwa

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