Presentation Decision making skills : Topics Covered in this Presentation - What is Decision Making Meaning and Definition Importance of Decision Making Process of Decision Making Techniques of Decision Making Modern Techniques

1. DECISION – MAKING
SKILLS
PRINCIPLE OF MANAGEMENT PRESENTATION
(GROUP – 5)

2. WHAT IS DECISION MAKING ?

3. EXAMPLES OF DECISION MAKING
IN DAY-TO-DAY LIFE
• Deciding what to wear
• Deciding what to eat for dinner
• Choosing which book to read
• Deciding what task to do next

4. MEANING AND DEFINITION
• “ The Process Of Identifying And Selecting A Course Of Action To
Solve A Specific Problem.”
- By James Stoner
• In Simple words : Decision Making is the process of making
choices by identifying a decision, gathering information, and
choosing the correct alternative

5. • To Plan, Organize, Lead & Control.
1. BASIS OF MANAGERIAL
FUNCTIONS
• Guiding Framework Within Employees.
2. PROVIDES DIRECTION
• Monitoring Performance & Corrects
Them.
3. BASIS OF EFFECTIVE
CONTROL
• Provides Creative Solutions To Problems.
4. MEANS TO PROBLEM
SOLVING
• Motivates Them To Deliver Better
Results.
5. MOTIVATES SUBORDINATES
IMPORTANCE OF DECISION - MAKING

6. • Effective Decision Benefits Stakeholders.
6. Enhances Corporate
Image
• Helps firms to gain
advantage.
7. Develops
Competitive Advantage
• Creative Decisions Facilitates
Innovation.
8. Brings Customer
Satisfaction
• Good Decisions Promotes Effectiveness.
9. Path To Success
• To Make More Decisions At Faster Pace.
10. To Face Challenges

7. PROCESS OF DECISION-MAKING
1. Defining The Problem.
2. Generating Alternative
Solutions.
3. Evaluating Alternatives.

8. 4. Choosing Alternatives.
5. Implementation.
6. Follow-up.

9. TECHNIQUES OF DECISION-MAKING
I. PROGRAMMED DECISION-MAKING
Linear Programming.
Game Theory.
Simulation.
Queuing Theory.
1
2
3
4

10. Network Techniques.
Probability Decision Theory.
Payoff Matrix.
Decision Tree.
55
6
7
8

11. Brainstorming Technique.
Nominal Group Technique.
Delphi Technique.
Quality Circles.
Heuristic Technique.
II. NON-PROGRAMMED DECISION MAKING

12. SUMMARY
• What is Decision Making
• Meaning and Definition
• Importance of Decision Making
• Process of Decision Making
• Techniques of Decision Making
• Modern Techniques