The document discusses various aspects of decision making including: 1) The decision making process which involves identifying problems, criteria, alternatives, analyzing options, selecting an alternative, implementing, and evaluating. 2) Barriers to good decision making such as being hasty, narrow, scattered, or fuzzy. 3) Tools that can help facilitate decision making including the SWOT analysis technique of identifying strengths, weaknesses, opportunities, and threats. 4) Different decision making styles like directive, analytical, conceptual, and behavioral.

1. DECISION MAKING CSH Pharma Group

2. What you think what is decision making?

3. Which Mobile Phone should I buy? What are the things you consider before making a decision?

4. What are the things you consider before making a decision?

5. Decision Making Decision Making What is Decision Making? 2. Barriers to Good Decision Making 4. Decision Making Tools 3. Decision Making Process

6. Decision Making The process of examining your possibilities options, comparing them, and choosing a course of action. A choice from two or more alternative

7. Barriers to Good Decision Making “ Successful leaders have the courage to take action while others hesitate.” - John C. Maxwell

8. Hasty - Making quick decisions without having much thought. Narrow - Decision making is based on very limited information. Scattered - Our thoughts in making decisions are disconnected or disorganized. Fuzzy - Sometimes, the lack of clarity on important aspects of a decision causes us to overlook certain important considerations.

9. Making Effective Decisions Perception. Priority. Acceptability. Risk. Resources. Goals. Values. Demands. Style. Judgment.

10. Six C's of Decision Making Construct. 2. Compile. 3. Collect. 4. Compare. 5. Consider. 6. Commit

11. Construct a clear picture of precisely what must be decided. Compile a list of requirements that must be met . Collect information on alternatives that meet the requirements

12. Compare alternatives that meet the requirements. Consider the " what might go wrong " factor with each alternative. Commit to a decision and follow through with it.

13. The Decision-Making Process Identification of a Problem Identification of Decision Criteria Allocation of Weights to Criteria Development of Alternatives Analysis of Alternatives Selection of an Alternatives Implementation of the Alternatives Evaluation of Decision Effectiveness

14. Making Decisions: Rationally rational decision-making: Describe choices that are consistent and value maximizing within specified constraints.

15. Making Decisions: Bounded Rationality bounded rationality decision-making: Behavior that is rational within the parameters of a simplified decision-making process, which is limited (or bounded) by an individual’s ability to process information.

16. Intuition decision-making: Intuition decision-making: a subconscious process of making decision on the basis of experience and accumulated judgment .

17. Decision Making Styles

18. Directive Style A decision making style characterized by low tolerance for ambiguity and a rational way of thinking. They’re efficient and logical Directive types makes fast decisions and focus on the short run

19. Analytical Style A decision making style characterized by a high tolerance a high tolerance ambiguity and a rational way of thinking. They want more information before making decision and consider more alternatives

20. Conceptual Style A decision making style characterized by a high tolerance for ambiguity and an intuitive way of thinking. Very broad in the their outlook and will look at many alternatives They focus on the long run and very good at finding creative solutions to problem

21. Behavioral Style A decision making style characterized by a high tolerance a low tolerance ambiguity and an intuitive way of thinking. They’re concerned about the achievements of subordinates and are receptive to suggestion from others

22. Decision Making Tools Tool to facilitate better decisions: SWOT ANALYSIS

23. SWOT ANALYSIS T hreats O pportunities W eaknesses S trengths

24. SWOT analysis is a great technique for identifying your S trengths and W eaknesses and study any O pportunities and T hreats you face. It is also a powerful strategic planning tool used to evaluate a project or in a business venture or in any other situation of an organization or individual requiring a decision in pursuit of an objective. It involves monitoring the marketing environment internal and external to the organization or individual.

25. T hreats External conditions that are harmful to achieving the objective. O pportunities External conditions that are helpful to achieving the objective. W eaknesses Attributes of the organization that are harmful to achieving the objective. S trengths Attributes of the organization that are helpful to achieving the objective.

26. T hreats How can we D efend against each Threat? O pportunities How can we E xploit each Opportunity? W eaknesses How can we S top each Weakness? S trengths How can we U se each Strength?

27. Internal Factors  Organization External Factors  External Environment S trengths W eaknesses O pportunities T hreats

28. SWOT Analysis – Errors to Be Avoided Conducting a SWOT analysis before defining and agreeing upon an objective (a desired end state). SWOTs should not exist in the abstract. They can exist only with reference to an objective. Opportunities external to the company are often confused with strengths internal to the company. They should be kept separate. SWOTs are sometimes confused with possible strategies. SWOTs are descriptions of conditions, while possible strategies define actions.

29. Group decision-making

30. Advantages and Disadvantages of Group-Aided Decision Making Advantages Disadvantages 1. Greater pool of knowledge 2. Different perspectives 3. Greater comprehension 4. Increased acceptance 5. Training ground 1. Social pressure 2. Minority domination 3. Logrolling 4. Goal displacement 5. “Groupthink”

31. Group Problem Solving Techniques Definition of consensus – . . . reached when all members can say they either agree . . . Or have had their “day in court” and were unable to convince the others of their viewpoint. In the final analysis, everyone agrees to support the outcome

32. Other approaches to a group decision Unanimity A minority or one decides

33. Brainstorming - disciplined process Silent idea (optional) Ideas/opinions solicited and written on a board, disallowing criticisms, allowing piggy-backing on ideas, clarification Delphi technique is another, more formal form of brainstorming. Involves several rounds of questionnaire, feedback, etc. Useful in cases where participants are not in the same place.

34. Nominal Group Technique – used to narrow down options through voting. Computer-aided Decision Making Uses computers to manage brainstorming or Delphi questioning

35. Any Questions?