This document discusses decision making and various aspects related to it. It covers:
- The decision making process and its key steps like information gathering, evaluating alternatives, and selecting an option.
- Individual and organizational decision making approaches. Individual decisions are faster but limited by information, while organizational decisions involve multiple stakeholders.
- Models of organizational decision making like rational, bounded rationality, garbage can, and contingency models. These models account for real-world limitations and complexities.
- The role of management information systems in supporting decision making with timely, accurate data and analysis to facilitate planning and control. Decision support systems are also discussed.
- Methods for decision making like payoff matrices and decision trees to
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
The document discusses managerial decision making. It defines decision making as identifying and resolving problems and capitalizing on opportunities. There are 7 steps in the decision making process: 1) identifying problems/opportunities, 2) setting objectives, 3) generating alternatives, 4) evaluating alternatives, 5) making a decision, 6) implementing strategies, and 7) monitoring/evaluating. It also discusses rational and behavioral models of decision making and techniques for improving group decision quality like brainstorming.
The document discusses various types and approaches to decision making. It defines decision making and lists the types of decisions managers face, including basic, administrative, organizational, policy, individual, group, and routine decisions. It also outlines the steps in the decision making process, including defining the problem, gathering information, developing options, choosing an option, planning/executing, and following up. The document further discusses problem solving, scientific, quantitative, and creative approaches to decision making. It provides examples of quantitative techniques like linear programming and simulation that use mathematical models for decisions with uncertainty.
The document discusses decision making processes. It defines decision making as responding to problems by selecting solutions to benefit stakeholders. There are typically four steps: 1) identifying problems, 2) generating alternatives, 3) evaluating options, and 4) implementing and monitoring solutions. Decision making can involve programmed decisions using policies, procedures, or rules, or non-programmed decisions for novel situations with uncertainty or risk. Effective decision making requires overcoming barriers like complacency, avoidance, or panic, and following a deliberative process to decide on actions.
This document discusses decision making, including its meaning, definition, and process. Decision making is defined as selecting a course of action from alternatives based on criteria. The decision making process involves 6 steps: 1) identifying the problem, 2) gathering information, 3) identifying alternatives, 4) analyzing alternatives, 5) choosing the best alternative, and 6) reviewing the decision. The document also discusses types of decisions like programmed/non-programmed and routine/strategic. Finally, it outlines four approaches to decision making: intuition, structural, incremental, and opportunistic.
The document describes various aspects of the managerial decision-making process, including the rational-economic and behavioral models of decision making. It discusses the seven steps in the decision-making process, concepts related to bounded rationality and escalation of commitment. Group decision making techniques like brainstorming and nominal group technique are described, as well as tools for strategic decision making like the growth-share matrix.
This document discusses decision making, including defining decision making, recognizing the need for decisions, characteristics of decision making, and the significance and process of decision making. It outlines several techniques used in decision making, such as pros and cons, cost-benefit analysis, and lexicographic and scientific methods. It also discusses types of decisions like programmed versus non-programmed and organizational versus personal decisions. Finally, it covers styles of decision making and levels of decision making within an organization.
“Decision-making involves the selection of a course of action from among two or more possible alternatives in order to arrive at a solution for a given problem”
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
The document discusses managerial decision making. It defines decision making as identifying and resolving problems and capitalizing on opportunities. There are 7 steps in the decision making process: 1) identifying problems/opportunities, 2) setting objectives, 3) generating alternatives, 4) evaluating alternatives, 5) making a decision, 6) implementing strategies, and 7) monitoring/evaluating. It also discusses rational and behavioral models of decision making and techniques for improving group decision quality like brainstorming.
The document discusses various types and approaches to decision making. It defines decision making and lists the types of decisions managers face, including basic, administrative, organizational, policy, individual, group, and routine decisions. It also outlines the steps in the decision making process, including defining the problem, gathering information, developing options, choosing an option, planning/executing, and following up. The document further discusses problem solving, scientific, quantitative, and creative approaches to decision making. It provides examples of quantitative techniques like linear programming and simulation that use mathematical models for decisions with uncertainty.
The document discusses decision making processes. It defines decision making as responding to problems by selecting solutions to benefit stakeholders. There are typically four steps: 1) identifying problems, 2) generating alternatives, 3) evaluating options, and 4) implementing and monitoring solutions. Decision making can involve programmed decisions using policies, procedures, or rules, or non-programmed decisions for novel situations with uncertainty or risk. Effective decision making requires overcoming barriers like complacency, avoidance, or panic, and following a deliberative process to decide on actions.
This document discusses decision making, including its meaning, definition, and process. Decision making is defined as selecting a course of action from alternatives based on criteria. The decision making process involves 6 steps: 1) identifying the problem, 2) gathering information, 3) identifying alternatives, 4) analyzing alternatives, 5) choosing the best alternative, and 6) reviewing the decision. The document also discusses types of decisions like programmed/non-programmed and routine/strategic. Finally, it outlines four approaches to decision making: intuition, structural, incremental, and opportunistic.
The document describes various aspects of the managerial decision-making process, including the rational-economic and behavioral models of decision making. It discusses the seven steps in the decision-making process, concepts related to bounded rationality and escalation of commitment. Group decision making techniques like brainstorming and nominal group technique are described, as well as tools for strategic decision making like the growth-share matrix.
This document discusses decision making, including defining decision making, recognizing the need for decisions, characteristics of decision making, and the significance and process of decision making. It outlines several techniques used in decision making, such as pros and cons, cost-benefit analysis, and lexicographic and scientific methods. It also discusses types of decisions like programmed versus non-programmed and organizational versus personal decisions. Finally, it covers styles of decision making and levels of decision making within an organization.
“Decision-making involves the selection of a course of action from among two or more possible alternatives in order to arrive at a solution for a given problem”
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 involves weighing ever-changing factors, unclear information, and conflicting views. The document discusses various decision making models and characteristics including programmed versus nonprogrammed decisions, certainty versus risk/uncertainty/ambiguity, and classical, administrative, and political models. It also covers steps in the decision making process, styles of decision making, and techniques for improving decision making such as decision trees and influence diagrams.
1. Decision making involves developing and analyzing alternatives and choosing among them. Most decisions stem from problems.
2. Decisions can be either programmed (routine) or non-programmed (unique), requiring more judgment.
3. Better decision making involves increasing knowledge, reducing biases through self-analysis, using creativity and intuition, having the right timing, and not overemphasizing finality.
4. Group decision making combines resources but can result in groupthink; tools like brainstorming, Delphi technique, and nominal group technique aim to improve outcomes.
The document discusses managerial decision-making. It describes the decision-making process as involving identifying a problem, selecting alternatives, and evaluating the effectiveness of the decision. It notes that decision-making is the distinctive characteristic of managers and involves committing resources to strategic courses of action. The document also discusses approaches to decision-making like rationality and intuition, factors that influence decisions, and techniques for improving group decision-making like devil's advocacy and dialectical inquiry.
This document discusses managerial decision making. It begins by defining decision as a choice between alternatives and decision making as the process of identifying problems and opportunities to resolve them. It then discusses various characteristics, types, and importance of decision making. The document outlines different decision making models including classical, administrative, and political models. It also discusses decision analysis tools like influence diagrams and decision trees. Finally, it discusses different decision styles like directive, analytical, conceptual, and behavioral. Overall, the document provides an overview of key concepts and approaches related to managerial decision making.
This document discusses models of decision making, including the rational-economic model and behavioral model. The rational-economic model assumes perfect information and rational decision making, which is unrealistic. The behavioral model acknowledges human limitations. It also discusses concepts like bounded rationality, intuition, and escalation of commitment. Participative decision making involves groups and has advantages like more information but also disadvantages like social pressure. Techniques like brainstorming can improve group decision making quality.
The document summarizes a team presentation on decision making. It discusses the decision making process, approaches to decision making like rational, bounded rationality and intuition-based decision making. It also covers types of decisions, decision making conditions, and decision making approaches like quantitative, systems and environmental approaches. Evidence-based management and its role in decision making is explained. The key aspects of decision making covered are identification of problems, alternatives, analysis, evaluation and implementation.
This document discusses decision making processes in organizations. It describes common issues in decision making like changing workplace trends, the impact of information technology, and cultural factors. The typical decision making process involves recognizing the problem, identifying alternatives, assessing risks, choosing a preferred option, implementing it, and evaluating results. Decisions vary in importance and urgency, and different strategies are appropriate depending on these factors. Intuition, heuristics, and creativity can influence decision making by aiding judgment under uncertainty. The standard decision making process involves gathering facts, identifying alternatives, assessing them, and deciding, though this may be adapted based on the situation.
This document outlines the decision making process for a business class. It defines decision making and discusses the role of managers. It also describes the 5 steps of the decision making process: 1) identify the problem, 2) generate alternatives, 3) choose an action, 4) implement, 5) evaluate. Finally, it discusses types of decisions, problem solving styles, and the business environment for decision making.
The document discusses various aspects of managerial decision making including:
- The rational decision making process that managers use which involves recognizing a need for a decision, identifying alternatives, evaluating alternatives, selecting a preferred alternative, implementing the decision, and monitoring the decision.
- Decisions are made at different levels in an organization from senior management to individual employees and involve varying degrees of structure.
- Managers must make decisions under conditions of certainty, risk, and uncertainty and can use approaches like risk analysis and preference theory.
- Information systems like MIS, DSS, ESS, and GDSS provide support for decision making at different levels through structured data and analysis tools.
- Group decision making techniques aim to improve productivity and
The document discusses decision making in management. It provides details on:
1. The group members involved in the decision making process.
2. Key aspects of decision making including defining problems, evaluating alternatives, and implementing and monitoring decisions.
3. Types of decisions like strategic, tactical, and operational and factors to consider under uncertainty like risk analysis and decision trees.
This document discusses decision making and various aspects related to it. It defines decision making as the process of selecting an action from alternatives to fulfill objectives. It then describes the characteristics, types, and techniques of decision making. The types discussed are routine vs strategic, policy vs operating, and programmed vs non-programmed decisions. Quantitative techniques like marginal cost analysis and qualitative group techniques like brainstorming and the Delphi method are also summarized. Finally, the document outlines the rational model and bounded rationality in decision making.
Managerial decision making involves cutting off undesirable alternatives to select the best option. Decisions range from routine programmed decisions to complex non-programmed decisions with uncertainty. Models for decision making include the classical rational model, administrative bounded rationality model, and political model that considers conflict. The decision process involves defining the problem, gathering information, developing alternatives, selecting an option, implementing it, and evaluating outcomes. Personal decision styles like directive, analytical, conceptual, and behavioral also influence the approach. Participation levels in group decisions range from autocratic to democratic based on factors like expertise and commitment.
Decision making is a key management function that involves choosing between alternatives. There are different types of decisions like mechanistic, analytical, and judgmental. Effective decision making follows principles like considering alternatives and limitations. Decisions can be strategic, administrative, or operational. Decentralization distributes authority so managers can make job-related decisions, while balancing centralized controls and measurements. This allows top management to focus on goals and strategies, while developing managers' abilities through responsibility.
The document discusses decision making, including defining it as choosing between alternatives. It outlines the steps in decision making as identifying the problem, criteria, alternatives, choosing one, and evaluating. It also discusses factors that affect decision making like inadequate information, time constraints, and the decision maker's experience and values. Group decision making can benefit from more perspectives but is slower, and individual decisions may be quicker but narrower in perspective. Modern approaches to problem solving include brainstorming, nominal group technique, and Delphi technique.
There are two main types of business decisions - programmed decisions which follow set rules, and non-programmed decisions which require creativity. Making decisions involves recognizing the problem, gathering information, developing alternatives, choosing a solution, implementing it, and evaluating. Models for decision-making include rational, bounded rationality, garbage can, decision theory using decision trees, and game theory for decisions involving multiple parties. Strategy involves integrating goals and policies into a cohesive plan through formulation, implementation, and adaptation.
Decision making (Principles of Management)Denni Domingo
The document discusses decision making and provides information on key concepts related to the decision making process. It defines what a decision is, the different types of decisions (programmed vs non-programmed), elements of the decision making situation, conditions like risk and uncertainty, and the rational decision making process. It also covers tools that can be used, including probability theory, decision trees, and concepts like expected value. The overall document serves to outline the fundamental concepts involved in decision making.
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 involves weighing ever-changing factors, unclear information, and conflicting views. The document discusses various decision making models and characteristics including programmed versus nonprogrammed decisions, certainty versus risk/uncertainty/ambiguity, and classical, administrative, and political models. It also covers steps in the decision making process, styles of decision making, and techniques for improving decision making such as decision trees and influence diagrams.
1. Decision making involves developing and analyzing alternatives and choosing among them. Most decisions stem from problems.
2. Decisions can be either programmed (routine) or non-programmed (unique), requiring more judgment.
3. Better decision making involves increasing knowledge, reducing biases through self-analysis, using creativity and intuition, having the right timing, and not overemphasizing finality.
4. Group decision making combines resources but can result in groupthink; tools like brainstorming, Delphi technique, and nominal group technique aim to improve outcomes.
The document discusses managerial decision-making. It describes the decision-making process as involving identifying a problem, selecting alternatives, and evaluating the effectiveness of the decision. It notes that decision-making is the distinctive characteristic of managers and involves committing resources to strategic courses of action. The document also discusses approaches to decision-making like rationality and intuition, factors that influence decisions, and techniques for improving group decision-making like devil's advocacy and dialectical inquiry.
This document discusses managerial decision making. It begins by defining decision as a choice between alternatives and decision making as the process of identifying problems and opportunities to resolve them. It then discusses various characteristics, types, and importance of decision making. The document outlines different decision making models including classical, administrative, and political models. It also discusses decision analysis tools like influence diagrams and decision trees. Finally, it discusses different decision styles like directive, analytical, conceptual, and behavioral. Overall, the document provides an overview of key concepts and approaches related to managerial decision making.
This document discusses models of decision making, including the rational-economic model and behavioral model. The rational-economic model assumes perfect information and rational decision making, which is unrealistic. The behavioral model acknowledges human limitations. It also discusses concepts like bounded rationality, intuition, and escalation of commitment. Participative decision making involves groups and has advantages like more information but also disadvantages like social pressure. Techniques like brainstorming can improve group decision making quality.
The document summarizes a team presentation on decision making. It discusses the decision making process, approaches to decision making like rational, bounded rationality and intuition-based decision making. It also covers types of decisions, decision making conditions, and decision making approaches like quantitative, systems and environmental approaches. Evidence-based management and its role in decision making is explained. The key aspects of decision making covered are identification of problems, alternatives, analysis, evaluation and implementation.
This document discusses decision making processes in organizations. It describes common issues in decision making like changing workplace trends, the impact of information technology, and cultural factors. The typical decision making process involves recognizing the problem, identifying alternatives, assessing risks, choosing a preferred option, implementing it, and evaluating results. Decisions vary in importance and urgency, and different strategies are appropriate depending on these factors. Intuition, heuristics, and creativity can influence decision making by aiding judgment under uncertainty. The standard decision making process involves gathering facts, identifying alternatives, assessing them, and deciding, though this may be adapted based on the situation.
This document outlines the decision making process for a business class. It defines decision making and discusses the role of managers. It also describes the 5 steps of the decision making process: 1) identify the problem, 2) generate alternatives, 3) choose an action, 4) implement, 5) evaluate. Finally, it discusses types of decisions, problem solving styles, and the business environment for decision making.
The document discusses various aspects of managerial decision making including:
- The rational decision making process that managers use which involves recognizing a need for a decision, identifying alternatives, evaluating alternatives, selecting a preferred alternative, implementing the decision, and monitoring the decision.
- Decisions are made at different levels in an organization from senior management to individual employees and involve varying degrees of structure.
- Managers must make decisions under conditions of certainty, risk, and uncertainty and can use approaches like risk analysis and preference theory.
- Information systems like MIS, DSS, ESS, and GDSS provide support for decision making at different levels through structured data and analysis tools.
- Group decision making techniques aim to improve productivity and
The document discusses decision making in management. It provides details on:
1. The group members involved in the decision making process.
2. Key aspects of decision making including defining problems, evaluating alternatives, and implementing and monitoring decisions.
3. Types of decisions like strategic, tactical, and operational and factors to consider under uncertainty like risk analysis and decision trees.
This document discusses decision making and various aspects related to it. It defines decision making as the process of selecting an action from alternatives to fulfill objectives. It then describes the characteristics, types, and techniques of decision making. The types discussed are routine vs strategic, policy vs operating, and programmed vs non-programmed decisions. Quantitative techniques like marginal cost analysis and qualitative group techniques like brainstorming and the Delphi method are also summarized. Finally, the document outlines the rational model and bounded rationality in decision making.
Managerial decision making involves cutting off undesirable alternatives to select the best option. Decisions range from routine programmed decisions to complex non-programmed decisions with uncertainty. Models for decision making include the classical rational model, administrative bounded rationality model, and political model that considers conflict. The decision process involves defining the problem, gathering information, developing alternatives, selecting an option, implementing it, and evaluating outcomes. Personal decision styles like directive, analytical, conceptual, and behavioral also influence the approach. Participation levels in group decisions range from autocratic to democratic based on factors like expertise and commitment.
Decision making is a key management function that involves choosing between alternatives. There are different types of decisions like mechanistic, analytical, and judgmental. Effective decision making follows principles like considering alternatives and limitations. Decisions can be strategic, administrative, or operational. Decentralization distributes authority so managers can make job-related decisions, while balancing centralized controls and measurements. This allows top management to focus on goals and strategies, while developing managers' abilities through responsibility.
The document discusses decision making, including defining it as choosing between alternatives. It outlines the steps in decision making as identifying the problem, criteria, alternatives, choosing one, and evaluating. It also discusses factors that affect decision making like inadequate information, time constraints, and the decision maker's experience and values. Group decision making can benefit from more perspectives but is slower, and individual decisions may be quicker but narrower in perspective. Modern approaches to problem solving include brainstorming, nominal group technique, and Delphi technique.
There are two main types of business decisions - programmed decisions which follow set rules, and non-programmed decisions which require creativity. Making decisions involves recognizing the problem, gathering information, developing alternatives, choosing a solution, implementing it, and evaluating. Models for decision-making include rational, bounded rationality, garbage can, decision theory using decision trees, and game theory for decisions involving multiple parties. Strategy involves integrating goals and policies into a cohesive plan through formulation, implementation, and adaptation.
Decision making (Principles of Management)Denni Domingo
The document discusses decision making and provides information on key concepts related to the decision making process. It defines what a decision is, the different types of decisions (programmed vs non-programmed), elements of the decision making situation, conditions like risk and uncertainty, and the rational decision making process. It also covers tools that can be used, including probability theory, decision trees, and concepts like expected value. The overall document serves to outline the fundamental concepts involved in decision making.
Similar to Decision making models FOR MANAGERS .pptx (20)
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
-------------------------------------------------------------------------------
Find out more about ISO training and certification services
Training: ISO/IEC 27001 Information Security Management System - EN | PECB
ISO/IEC 42001 Artificial Intelligence Management System - EN | PECB
General Data Protection Regulation (GDPR) - Training Courses - EN | PECB
Webinars: https://pecb.com/webinars
Article: https://pecb.com/article
-------------------------------------------------------------------------------
For more information about PECB:
Website: https://pecb.com/
LinkedIn: https://www.linkedin.com/company/pecb/
Facebook: https://www.facebook.com/PECBInternational/
Slideshare: http://www.slideshare.net/PECBCERTIFICATION
हिंदी वर्णमाला पीपीटी, hindi alphabet PPT presentation, hindi varnamala PPT, Hindi Varnamala pdf, हिंदी स्वर, हिंदी व्यंजन, sikhiye hindi varnmala, dr. mulla adam ali, hindi language and literature, hindi alphabet with drawing, hindi alphabet pdf, hindi varnamala for childrens, hindi language, hindi varnamala practice for kids, https://www.drmullaadamali.com
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
What is Digital Literacy? A guest blog from Andy McLaughlin, University of Ab...
Decision making models FOR MANAGERS .pptx
1. Management Information System
Decision Making:
▪ Decision making process
▪ Stages in Decision making
▪ Individual and Organizational Decision making
▪ Decision Making Models
▪ Information System Support for Decision making phases
4. ●Decision making is the mental process of
selecting a course of action from a set of
alternatives.
●Decision-making is the selection based on
some criteria from two or more possible
alternatives. “-—George R.Terry
5. Decision-making Process
●Decision-making is a cognitive process that
results in the selection of a course of action
among several alternative scenarios.
●Decision-making is a daily activity for any
human being and also to business organizations.
●Corporate decision-making is the most critical
process as Effective and successful decisions
result in profits, while unsuccessful cause losses.
6. ●In a decision-making process, we choose one
course of action from a few possible
alternatives.
●In the process of decision-making, we may use
many tools, techniques, and perceptions.
●We may also make our own private decisions
or may prefer a collective decision.
●Decision-making is hard and many corporate
decisions involve some level of dissatisfaction
or conflict with another party.
7. Steps in Decision Making Process
Step 1: Identification of the Purpose of the Decision
Step 2: Information Gathering
Step 3: Principles for Judging the Alternatives
Step 4: Brainstorm and Analyze the Choices
Step 5: Evaluation of Alternatives
Step 6: Select the Best Alternative
Step 7: Execute the decision:
Step 8: Evaluate the Results:
8. Step 1: Identification of the Purpose
of the Decision
●Thorough analysis of the problem. Couple of
questions one should ask when it comes to
identifying the purpose of the decision.
●What exactly is the problem?
●Why the problem should be solved?
●Who are the affected parties of the problem?
●Does the problem have a deadline or a specific
time-line?
9. Step 2: Information Gathering
●A problem may be related to many stakeholders
and can have dozens of factors involved and
affected.
●One must gather as much as information related
to the factors and stakeholders involved in the
problem. Information gathering tools should be
used.
10. Step 3: Principles for Judging the Alternatives
●Baseline criteria for judging the alternatives
should be set up. Organizational goals as well as
the corporate culture should be taken into
consideration.
●Ex: Profit is one of the main concerns in every
decision making process. Companies usually do
not make decisions that reduce profits, unless it
is an exceptional case.
11. Step 4: Brainstorm and Analyze the Choices
● Brainstorming to list down all the ideas is the best
option. Before the idea generation step, it is vital to
understand the causes of the problem and prioritization
of causes.
● Use of Cause-and-Effect diagrams and Pareto Chart
tool.
● Generate all possible solutions (alternatives) for the
problem in hand.
12. Step 5: Evaluation of Alternatives
●Use judgment principles and decision-
making criteria to evaluate each alternative.
●Experience and effectiveness of the
judgment principles come into play. You
need to compare each alternative for their
positives and negatives.
13. Step 6: Select the Best Alternative
●The selection of the best alternative is an
informed decision since you have already
followed a methodology to derive and
select the best alternative.
14. Step 7: Execute the decision:
●Convert your decision into a plan or a
sequence of activities.
●Execute your plan by yourself or with the
help of subordinates.
15. Step 8: Evaluate the Results:
●Evaluate the outcome of your decision.
●See whether there is anything you should
learn and then correct in future decision
making.
●This is one of the best practices that will
improve your decision-making skills.
18. Individual Decision Making
●Individuals have a tendency to think and
question before performing.
●Individual decision making has certain pros
and cons as mentioned below:
19. Pros of Individual Decision Making
●An individual generally makes prompt decisions.
●Individuals do not escape responsibilities. They
are accountable for their acts and performance.
●Individual decision making saves time, money
and energy as individuals make prompt and
logical decisions generally.
●Individual decisions are more focused and
rational.
20. Cons of Individual Decision Making
●Individual has limited potential of collecting
more and full information while making
decisions.
●An individual while making any decision uses
his own intuition and views.
●An individual can’t discover a hidden talent and
core competency.
●An individual may not take into consideration
every members interest.
21. Individual Decision Making
managers should
●Rational approach –
Ideal method for how
make decisions.
●Bounded rationality perspective –
How decisions are made under severe time
and resource constraints
23. Bounded Rationality Perspective
●There is a limit to how rational managers
can be
- time and resource constraints
- Non-programmed decisions
●Constraints and Tradeoffs
– Constraints impinge (force to..) the decision
maker
●The Role of Intuition
– Experience and judgment rather than logic
26. Organizational Decision Making:
● Organizational decision making:
The process of responding to a problem
by searching for and selecting a solution
or course of action that will create value
for organizational stakeholders
Types:
❖
❖
Programmed Decision
Non-Programmed Decision
27. Decision Making - Types
Programmed Decision:
– Routine, virtually automatic decision making that
follows established rules or guidelines.
Non-Programmed Decision:
– Non-routine decision made in response to unusual or
novel opportunities and threats.
– The are no rules to follow since the decision is new.
28. Design Essentials
●Most decisions are not made in a logical manner
●Individuals make decisions, but organizational
decisions are not made by a single individual
●Conflict exists when problems are not agreed on
●The garbage can model has become a
description of decision-making
●Organizations operate in high-velocity
environments
●Allowing biases to cloud decision making can
have negative consequences
30. 1. Management Science Approach
●Similar to rational individual approach
– Structured
●Based on technology
31. Management Science
Approach
●Use of statistics to identify relevant variables
●Remove human element
●Very successful for military problems
●Good tool for decisions where variables can be
indentified and measured
●A drawback of management science is that
quantitative data are not rich and lack tacit
knowledge
32. Models of Organizational Decision Making
1. The rational model:
● The rational model: decision making is a
straightforward, three-stage process
– Underlying assumptions
● Decision makers have all the information they need
● Decision makers can make the best decision
● Decision makers agree about what needs to be done
33. 2. Carnegie Model
● Introduces a set of more realistic assumptions
about the decision-making process
– Satisficing: limited information searches to identify
problems and alternative solutions
– Bounded rationality: a limited capacity to process
information
– Organizational coalitions: solution chosen is a result
of compromise, bargaining, and accommodation
between coalitions
34. Differences Between the
Rational and Carnegie Models
Rational model Carnegie model
Informationisavailable Limited information isavailable
Decisionmakingiscostless Decisionmakingiscostly
Possiblealternativesaregenerated Limited rangeof alternativesare
generated
Solutionischosen by unanimous
agreement
Solutionischosen by bargaining
and compromise
Soln chosen isbest fortheorgn Soln chosen issatisficingforthe
orgn
38. 3. Incrementalist model:
Incrementalist model:
Managers select alternative courses of action that are
only slightly, or incrementally, different from those
used in the past
Reduce the chances of making a mistake
–
– They correct or avoid mistakes through a succession of
incremental changes
– Tries to explain how organizations improve their
programmed decisions over time
39. 4. The unstructured model:
Describes how decision making takes place in
environments of high uncertainty
Unstructured model recognizes uncertainty in
the environment
– Managers rethink their alternatives when they
hit a roadblock
– Tries to explain how organizations make non-
programmed decisions
40. 5. The garbage can model:
● In this model a view of decision making takes the
unstructured process to the extreme
– Decision makers are as likely to start decision making from the
solution side.
– Create decision-making opportunities that they can solve with
ready-made solutions based on their competencies and skills
– Different champion form different alternatives
– Decision making becomes a “garbage can” in which problems,
solutions, and people all mix.
– Selection of an alternative depends on which person’s or
group’s definition of the current situation holds a way
41. Garbage Can Model
●Pattern or flow of multiple decisions
●Think of the whole organization
●Explain decision making in high uncertainty
- organized chaos:
– Problematic preferences
– Unclear, poorly understood technology
– Turnover
●Streams of events instead of defined
problems and solutions
42. Consequences of the Garbage Can Model
1. Solutions may be proposed even when
problems do not exist
2. Choices are made without solving
problems
3. Problems may persist without being
solved
4. A few problems are solved
46. HERBERT SIMON MODEL
●He describes the model in three phases :
I. Intelligence: Raw data collected, processed and
examined, Identifies a problem calling for a
decision.
II.Design: Inventing, developing and analyzing the
different decision alternatives and testing the
feasibility of implementation. Assess the value of
the decision outcome.
III.Choice: Select one alternative as a decision, based
on the selection criteria.
48. Intelligence phase:
●MIS collects the data. The data is scanned,
examined, checked and edited.
●Data is sorted and merged with other data and
computations are made, summarized and
presented.
●The attention of the manager is drawn to all
problem situations by highlighting the
significant differences between the actual and
the expected, the budgeted or the targeted.
49. Design phase:
●In the design phase, the manager develops
a model of the problem situation on
which he can generate and test the
different decision alternatives.
50. Choice phase:
●The manager evolves selection criteria
such as maximum profit, least cost,
minimum wastage, least time taken and
highest utility.
●The criterion is applied to the various
decision alternatives and the one which
satisfies the most is selected.
51. ●Ex: A manager finds on collection and through
the analysis of the data that the manufacturing
plant is underutilized and the products which are
being sold are not contributing to the profits as
desired. The problem identified, therefore, is to
find a product mix for the plant, whereby the
plant is fully utilized within the raw material and
the market constraints, and the profit is
maximized.
58. ●Unstructured decisions (usually related to
the long-term strategy of the organization);
●Semi-structured decisions (some decision
procedures can be pre-specified but not
enough to lead to a definite recommended
decision);
●Structured decisions (the procedure to
follow, when a decision is needed, can be
specified in advance).
60. MIS Role in Decision making
1. MIS is a system providing
management with accurate and timely
information to facilitate the decision
-making process and
organizations planning,
enable the
control, and
operational functions to be carried out
effectively.
61. 2. MIS increase competitiveness of the
firm by reducing cost and improving
processing speed.
3. The power of technology has
transformed the role of information in a
business firm. So, information is considered
as the lifeblood of an organization.
62. 4. MIS and its organizational subsystems
contribute to the decision making process in
many ways.
– Decisions regarding operational improvements
– Selecting new business opportunities for
maximizing the company's profit.
63. 5. MIS sets the stage for accomplishments in
the other area, which is DSS, the virtual
office and knowledge based systems.
6. The MIS keeps a continuous supply of
information flowing to the management.
64. MIS and decision making
process
MIS
Processes
Information
Flow
User’s
Processes
Decision
ata
ow
65. Forms of MIS
●Management Support Systems (MSS)
●Decision Support Systems (DSS)
●Executive Support Systems (ESS)
●Specialized Processing Systems (PS)
68. 1. Payoff Matrix:
●A payoff matrix is defined as a visual
representation of all the possible outcomes that can
occur when two people or groups have to make a
strategic decision.
●The decision is referred to as a strategic decision
because each decision maker has to take into
consideration how their choice will affect their
opponent's choice and how their opponent's choice
will affect their own choice.
69. ●The payoff matrix illustrates each possible
strategy that one side can choose, as well as
every combination of outcomes that are
possible based on each opponent's choice.
●On the basis of Expected value the decision
is taken. (EV = Probability * Outcome)
70. Ex: Assume that a marketing manager of a computer manufacturer is to
choose from three alternatives -
1. Modify the existing PC to improve its design and processing power
2. Launch a new PC having latest technology
3. Do nothing i.e. leave the P.C. as it is
There are three states of nature that affects the pay-off from each of the
alternative strategies –
i. A competitor may launch a new PC with the latest technology
ii. Government may impose high excise duty on manufacturers of PC to
encourage the use of laptop
iii.Conditions will remain as they are.
The various pay-offs are as below-
Strategies State of Nature
Same Condition (0.40) New Competitor (0.40) Govt. Ban (0.20)
S1: (Modify) 7 5 -5
S2: (New Product) 10 3 -13
S3: (Do nothing) 5 1 -2
71. Case-1: As every thing is certain.
●EV of S1 = 3.8
●EV of S2 = 2.6
●EV of S3 = 2.0
The strategy S1 will be selected i.e.
The decision to Modify the existing PC to
improve its design and processing power
should be taken by the company.
72. Case 2: The probabilities of happenings are not given i.e. the
state is uncertain (unstructured type decision)
Strategies State of Nature
Same Condition New Competitor Govt. Ban
S1: (Modify) 7 5 -5
S2: (New Product) 10 3 -13
S3: (Do nothing) 5 1 -2
Using Maximax criterion the strategy S2 will be selected
(Optimistic approach) as Maximax payoff is =10
Using Maximin criterion the strategy S3 will be selected
(Pessimistic approach) as Maxmin payoff = 5
73. 2. Decision Tree
What is Decision Tree?
●A decision tree is a graphical
representation of possible solutions to a
decision based on certain conditions.
●It's called a decision tree because it starts
with a single box (or root), which then
branches off into a number of solutions, just
like a tree.
74. ●Making a decision tree requires a
systematic, documented thought process.
●Decision trees help formalize the
identify more
brainstorming process to
potential solutions.
●On the basis of Expected value the decision
is taken. (EV = Probability * Outcome)
●Symbols used in decision tree –
Decision Point
Chance Event
Elimination of Action
75. Ex: The company may have high or low
penetration and market share. The
probabilities and net gain are as shown in
table. Which Channel the company should
select?
Channels High Penetration Low Penetration
Direct Sales Probability 0.60 0.40
Net Gains Rs. 40 Lakhs Rs. 30 Lakhs
Selling Agent Probability 0.80 0.20
Net Gains Rs. 45 Lakhs Rs. 20 Lakhs
76. Gain 40 lakhs
EV = 24 lakhs
Total EV =
36 lakhs
EV = 12 lakhs
Gain 30 lakhs
Gain 45 lakhs
EV = 36 lakhs
Total EV =
40 lakhs
EV = 04 lakhs
Gain 20 lakhs