The document discusses concepts related to decision making. It defines decision making as choosing among options to achieve objectives in a given situation. Decisions are complex due to risks and tradeoffs. Rational decisions effectively achieve goals while considering constraints. Methods for evaluating decisions include optimization techniques, payoff analysis, and decision tree analysis. Sensitivity analysis assesses how sensitive outcomes are to changes in variables. Goal seeking analysis determines what variable values achieve a specified goal. Personal behaviors also influence decision making outcomes.
Decision making is a critical function of management. However, care needs to be taken to ensure that decisions are not taken on an emotional basis.
For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/ZEcPAc
what is decision making, conditions of decision making, decision making under certainty, decision making under uncertainty, decision making under risk, process of decision making, how to effactive decision making
Within this Presentation Will help you to improve the basic understanding about Decision Making Process as well as to help the Group for Making Decision.
Decision making, Importance of
Decision-Making, Characteristics of
Decision-Making, Essentials for effective
Decision-Making, Types/ categories of Problems and Decisions, TYPES OF BUSINESS DECISIONS, Open decision making System, Decision Making Environment, The Classical Model of decision making, Decision making process, Decision Making Style
Decision making is a critical function of management. However, care needs to be taken to ensure that decisions are not taken on an emotional basis.
For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/ZEcPAc
what is decision making, conditions of decision making, decision making under certainty, decision making under uncertainty, decision making under risk, process of decision making, how to effactive decision making
Within this Presentation Will help you to improve the basic understanding about Decision Making Process as well as to help the Group for Making Decision.
Decision making, Importance of
Decision-Making, Characteristics of
Decision-Making, Essentials for effective
Decision-Making, Types/ categories of Problems and Decisions, TYPES OF BUSINESS DECISIONS, Open decision making System, Decision Making Environment, The Classical Model of decision making, Decision making process, Decision Making Style
Decision Making: Decision Making Process, Stages in Decision Making, Individu...Ashish Hande
Decision Making: Decision Making Process, Stages in
Decision Making, Individual and Organizational Decision
Making, Decision Making Models, Information System
support for Decision Making Phases
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
2. The word ‘decision’ is derived from the Latin root decido, meaning to cut off.
3. The concept of decision, therefore, is settlement, a fixed intention bringing to a conclusive result, a judgment, and a resolution.
4.
5. Influenced by personal values: The personal values of the decision maker play a major role in decision making. The culture, the discipline and the individual’s commitment to goals will decide the process and success of the decision. Made in institutional settings and business environment : The decision making process requires creativity, imagination and a deep understanding of human behavior. The process covers number of tangible and intangible factors affecting the decision process.
6.
7. A rational decision is the one which effectively and efficiently, ensures the achievement of the goal for which the decision is made.
8. If it is raining, it is rational to look for a cover so that you do not get wet.
9. If you are in business and want to make profit, then you must produce goods and sell them at a price higher than cost of production
10.
11. Simon Herbert A differentiates among the types of rationality.
14. Subjectively rational if it maximizes the attainment of value within limitation of the knowledge and awareness of the subject.
15. Consciously rational to the extent the process of the decision-making is deliberate and a conscious one.
16.
17. Gross Bertram M suggests three dimensions of rationality :The degree of satisfaction of human interest. The degree of feasibility in achieving the objectives. A consistency in decision-making.
18.
19. 5. Other limitations : are the need for a compromise among the different positions, misjudging the motives and values of people, poor communications, misappraisal of uncertainties and risks, and inability to handle the available knowledge and human behavior.
20.
21. Decision-making is a process which the decision maker uses to arrive at a decision. The core of this process is described by Herbert Simon in a model.
22. There are three phases in this model.Intelligence: Raw data collected, processed and examined. Identifies a problem calling for a decision. Design: Inventing, developing and analyzing the different decision alternatives and testing the feasibility of implementation. Assess the value of the decision outcome. Choice: Select one alternative as a decision, based on the selection criteria.
23.
24.
25.
26.
27. There are two types of systems based on the managers knowledge about the environment:
32. The condition of this system is:The manager does not know all the decision alternatives. The outcome of the decision is also not known fully. The knowledge of the outcome may be a probabilistic one. No method , rule or model is available to study and finalize one decision among the set of decision alternatives. It is difficult to decide an objective or a goal and therefore, the manager resorts to that decision, where his aspirations or desires are met best.
33.
34. The types of decisions are based on the degree of knowledge about the outcomes or the events yet to take place.
35. If the manager has full and precise knowledge of the event or outcome which is to occur, then the decision making is not a problem. If the manager has full knowledge, then it is a situation of certainty.
36. If he has partial knowledge or a probabilistic knowledge, then it is decision-making under risk.
37.
38. Decision-making in the operations management , is a situation of certainty. This is mainly because the manager in this field, has fairly good knowledge about the events which are to take place, has full knowledge of environment, and has a predetermined decision alternatives for choice or for selection.
41. Decision making is a complex situation. To resolve the complexity, the decisions are classified as programmed and non-programmed decisions.
42. If a decision can be based on a rule, method or even guidelines, it is called the programmed decision. If the stock level of an item is 200 numbers, then the decision to raise a purchase requisition for 400 numbers, is a programmed-decision-making situation.
43.
44. The programmed decision-making can be delegated to a lower level in the management cadre.
45. A decision which cannot be made by using a rule or a model is the non-programmed decision. Such decisions are infrequent but the stakes are usually larger.
46.
47.
48.
49. The method of decision tree can be adopted, if the decision-making situation can be described as a chain of decisions.
50. The process of decision-making is sequential and a chain of decisions achieves the end objective.
51.
52. Linear Programming, Integer Programming, Dynamic Programming, Queuing Models, Inventory Models, Capital Budgeting Models and so on are the examples of optimization techniques.
53. These methods are used in cases where decision-making situation is closed, deterministic and requires to optimize the use of resources under conditions of constraints.
54.
55. When all the alternatives and their outcomes are not known with certainty, the decision is made with the help of payoff analysis.
56. The payoff matrix is constructed where the rows show the alternatives and the columns show the conditions or the states of nature with the probability of occurrence.
57. The intersection of column and row shows the vaue of an outcome resulting out of the alternative and the state of the nature.
58.
59.
60. Utility is measured in terms of utile. Money has a value of a different degree to different decision makers depending upon the amount, and also the manner in which it is received.
61. If rupee 1 is equal to 1 utile, then Rs 100 million is not 100 million utile but could be much more.
62. The utile value will be different if the money is received in one lot as against in parts in several years.
63.
64.
65. When a decision maker must make a sequence of decisions, the decision tree analysis is useful in selecting the set of the decisions.
66. The method of analysis can be explained by an example.
67.
68.
69. In this decision situation there are two decision points and six paths as given below.
70.
71.
72. Since the highest expected cash flow path is ACEH, the decision is to invest in a small capacity in the Ist phase and invest in the remaining capacity in the second phase with the assistance of the collaboration.
73.
74. The process is executed through analytical modeling of problem and solution.
75. The model is analyzed in four ways:What if analysis Goal Seeking Analysis Sensitivity Analysis Goal Achieving Analysis
76.
77. The considered values of variables or relationship in the model may not hold good and therefore solution needs to be tested for an outcome, if the considered values of variables or relationship change. This method of analysis is called ‘What if analysis’.
78.
79. The model with changed lead time would compute the cost of holding inventory under new conditions.
80. Such type of analysis can be done for purchase price change, demand forecast variations and so on.
81. Such analysis helps a manager to take a more learned decisions.
82.
83. But in sensitivity analysis, a special case of what if analysis, only one variable is changed and rest are kept unchanged.
84. In the problem of inventory, sensitivity analysis can be used to assess the cost of holding inventory, if cost of item increases by 20 per cent in sensitivity analysis, you are testing how sensitive is the cost of holding inventory to the change in cost of item.
85.
86. In goal seeking analysis, goal is fixed and you go down to analyze the variables and values, which would help to seek that goal.
87. For example in our inventory problem you would fix a goal of achieving the cost of holding inventory of an item at the level of Rs. 10,00,000.
88.
89. In Optimization analysis, you come to know which are critical constraints and which are limiting the value of goal.
90.
91. A manager, being a human being, behaves in a peculiar way in a given situation. The response of one manager may not be the same as that of the two other managers, as they differ on the behavioral platform.
92. Even though tools, methods and procedures are evolved, the decision is many a times influenced by personal factors such as behaviour.