The document discusses various models and techniques for decision making. It describes the classical and administrative models, noting that the latter recognizes limitations in information processing. Key steps in the administrative model include framing the problem, generating alternatives, and learning from feedback. Group decision making can reduce biases but also risks groupthink. Techniques like devil's advocacy and dialectical inquiry aim to overcome this. Building a learning organization and promoting creativity also support better decision making. Brainstorming, nominal group technique, and the Delphi method are approaches to generating alternatives.
This document discusses decision making and decision making processes. It defines decision making as choosing between two or more alternatives. The decision making process involves identifying the problem, criteria, weighting criteria, developing alternatives, choosing an alternative, implementing it, and evaluating the decision. There are two types of decisions - programmed decisions which are routine, and non-programmed decisions which are unusual situations. The document also summarizes classical, administrative, and Herbert Simon models of decision making.
Management decision making involves a process and various methods. The document discusses classical, behavioral, and modern management theories. It also outlines the decision making process as identifying a problem, searching for alternatives, evaluating options, choosing an alternative, taking action, and reviewing results. Methods of decision making discussed include simulation and Markov analysis. Examples of using simulation and Markov chains to model real-life scenarios like customer brand selection are provided. Future applications of simulation in design and innovation are also discussed.
The document discusses various models and techniques for decision making. It describes the classical and administrative models, with the latter recognizing that managers have bounded rationality and incomplete information. Various steps in decision making are outlined, including recognizing the need, framing the problem, generating alternatives, choosing, implementing, and learning from feedback. Group decision making techniques like brainstorming and the nominal group technique are also summarized.
The document discusses decision making in organizations. It notes that decisions made by Enron executives resulted in large losses for investors and employees. It also discusses McDonald's decision to offer healthier options in response to customer concerns about nutrition. The document outlines several models of decision making, including rational, intuitive, creative, administrative, political, and ethical models. It also discusses challenges that can negatively impact decision making such as cognitive biases.
Managers make two types of decisions: programmed and non-programmed. Programmed decisions are repetitive and involve structured problems with clear goals and available information. Non-programmed decisions are unique, less frequent decisions that involve unstructured problems with ambiguous goals and information. The decision-making process involves identifying problems, developing alternative solutions, evaluating those alternatives, and making a choice. Effective decision-making is logical, consistent, straightforward, reliable, flexible, and uses only necessary information and analysis. Decision-making risk depends on certainty of information and predictability of outcomes, ranging from minimal risk under certainty to highest risk under uncertainty.
Session 7 groups bba g-i - introduction to management - decision making and ...Diego Thomas
This document summarizes key points from a lecture on managerial decision making and information technology. It discusses what decisions are, different types of decisions, and three models of decision making - classical, administrative, and political. It also outlines the six steps in the managerial decision making process and techniques for improving decision making such as participative decision making. Finally, it covers decision styles and levels of participation in decision making by subordinates.
This document discusses different types of decision making processes. It defines decision making as choosing the best alternative to reach objectives. There are several types of decisions discussed - programmed decisions which are routine, rational decisions which follow a multi-step process of intelligence, design, choice and implementation, bounded rationality decisions which are made with constraints, and non-programmed decisions which are novel with no set rules. The document also outlines the typical steps in a general decision making process as recognizing the need, framing the problem, generating and assessing alternatives, choosing among alternatives, implementing, and learning from feedback.
The document outlines four models of decision making:
The rational-economic model assumes decision makers are completely rational and seek to maximize payoffs by considering all information and alternatives.
The administrative model recognizes limitations in rationality and information, so decision makers use heuristics and satisfice rather than optimize.
The implicit favorite model finds decision makers have implicit favorites before evaluating alternatives, then bias criteria to justify pre-existing choices.
The political model views decision making as negotiation among stakeholders with different agendas, using bargaining, persuasion and information control to sway outcomes.
This document discusses decision making and decision making processes. It defines decision making as choosing between two or more alternatives. The decision making process involves identifying the problem, criteria, weighting criteria, developing alternatives, choosing an alternative, implementing it, and evaluating the decision. There are two types of decisions - programmed decisions which are routine, and non-programmed decisions which are unusual situations. The document also summarizes classical, administrative, and Herbert Simon models of decision making.
Management decision making involves a process and various methods. The document discusses classical, behavioral, and modern management theories. It also outlines the decision making process as identifying a problem, searching for alternatives, evaluating options, choosing an alternative, taking action, and reviewing results. Methods of decision making discussed include simulation and Markov analysis. Examples of using simulation and Markov chains to model real-life scenarios like customer brand selection are provided. Future applications of simulation in design and innovation are also discussed.
The document discusses various models and techniques for decision making. It describes the classical and administrative models, with the latter recognizing that managers have bounded rationality and incomplete information. Various steps in decision making are outlined, including recognizing the need, framing the problem, generating alternatives, choosing, implementing, and learning from feedback. Group decision making techniques like brainstorming and the nominal group technique are also summarized.
The document discusses decision making in organizations. It notes that decisions made by Enron executives resulted in large losses for investors and employees. It also discusses McDonald's decision to offer healthier options in response to customer concerns about nutrition. The document outlines several models of decision making, including rational, intuitive, creative, administrative, political, and ethical models. It also discusses challenges that can negatively impact decision making such as cognitive biases.
Managers make two types of decisions: programmed and non-programmed. Programmed decisions are repetitive and involve structured problems with clear goals and available information. Non-programmed decisions are unique, less frequent decisions that involve unstructured problems with ambiguous goals and information. The decision-making process involves identifying problems, developing alternative solutions, evaluating those alternatives, and making a choice. Effective decision-making is logical, consistent, straightforward, reliable, flexible, and uses only necessary information and analysis. Decision-making risk depends on certainty of information and predictability of outcomes, ranging from minimal risk under certainty to highest risk under uncertainty.
Session 7 groups bba g-i - introduction to management - decision making and ...Diego Thomas
This document summarizes key points from a lecture on managerial decision making and information technology. It discusses what decisions are, different types of decisions, and three models of decision making - classical, administrative, and political. It also outlines the six steps in the managerial decision making process and techniques for improving decision making such as participative decision making. Finally, it covers decision styles and levels of participation in decision making by subordinates.
This document discusses different types of decision making processes. It defines decision making as choosing the best alternative to reach objectives. There are several types of decisions discussed - programmed decisions which are routine, rational decisions which follow a multi-step process of intelligence, design, choice and implementation, bounded rationality decisions which are made with constraints, and non-programmed decisions which are novel with no set rules. The document also outlines the typical steps in a general decision making process as recognizing the need, framing the problem, generating and assessing alternatives, choosing among alternatives, implementing, and learning from feedback.
The document outlines four models of decision making:
The rational-economic model assumes decision makers are completely rational and seek to maximize payoffs by considering all information and alternatives.
The administrative model recognizes limitations in rationality and information, so decision makers use heuristics and satisfice rather than optimize.
The implicit favorite model finds decision makers have implicit favorites before evaluating alternatives, then bias criteria to justify pre-existing choices.
The political model views decision making as negotiation among stakeholders with different agendas, using bargaining, persuasion and information control to sway outcomes.
Decision-making is the process of selecting a course of action from alternatives to achieve desired goals. It involves identifying problems, gathering information, developing alternatives, evaluating alternatives based on criteria, and implementing a solution. Effective decision-making requires accuracy, considering the environment, timely decisions, communicating decisions, participative decision-making, and implementing decisions. It plays an important role in management. Challenges can include incomplete information, an unsupportive environment, lack of acceptance by others, ineffective communication, and incorrect timing.
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Definition of Decision making, Factors Controlling Decision making, 6C's of Decision Making, Steps of Decision Making, Decision making techniques, Definition of Negotiation, Stages of negotiation, fundamentals of negotiation, Negotiation styles and Negotiation concepts.
DECISION MAKING
Individual decision making
Decision –making is the “selection of a course of action from among alternatives; it is the core of planning.” - Koontz and Weihrich
Decision-making means selecting a course of action out of alternative courses to solve a problem. Decisions may be major or minor, strategic or operational, long-term or short-term. They are made for each functional area at each level. The importance of decisions, however, varies at each level.
Decision making is a modest attempt to match environmental opportunities with organisation’s strengths. It is based on forecasts and assumptions about environmental factors.
FEATURES OF DECISION MAKING
Identify the Problem
Diagnose the Problem
Establish Objectives
Collect Information
Generate Alternatives
Evaluate Alternatives
Select the Alternatives
Implement the Alternative
Monitor the Implementation
TYPES OF DECISIONS
TECHNIQUES OF DECISION MAKING
Linear programming
Simulation
Probability theory
Decision tree
Queuing theory
Gaming theory
Network theory
Modern techniques for making programmed decisions:
Creative Techniques
i. Brainstorming
ii. Nominal Group Technique
The document discusses the decision-making process used by managers. It involves 7 steps: 1) defining the problem, 2) identifying limiting factors, 3) developing alternatives, 4) analyzing alternatives, 5) selecting the best alternative, 6) implementing the decision, and 7) establishing control and evaluation. Developing alternatives can involve techniques like brainstorming, nominal group technique, and Delphi technique. Groups generally make better decisions than individuals due to broader perspectives and buy-in, though it can be more time-consuming. Managers must then analyze the pros, cons, costs/benefits of each alternative before selecting the optimal solution based on feasibility, effectiveness, and consequences. Implementation and evaluation ensure the decision achieves intended results
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 decision making including:
1. The categories of decisions are programmed and non-programmed.
2. The situations of decision making include certainty, risk, uncertainty, and ambiguity.
3. The typical steps in decision making are identifying the problem, gathering information, developing options, evaluating alternatives, selecting an option, implementing the decision, and evaluating outcomes.
This document discusses key aspects of managerial decision making including:
- The rational and bounded rationality models of decision making
- The decision making process and common errors/biases that can occur
- The role of intuition in decision making
- Different types of decisions managers face like programmed vs nonprogrammed and certainty vs risk vs uncertainty
- Group decision making advantages and disadvantages
- Contemporary issues like forecasting, creativity, and ringisei decision making in Japanese companies.
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
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.
The document discusses various aspects of decision making. It defines decision making as choosing one alternative from among options. It describes the decision making process as recognizing the need for a decision, identifying alternatives, choosing the best option, and implementing it. Decision making can occur under certainty, risk, or uncertainty. Rational models of decision making propose a logical, step-by-step process while behavioral models recognize limitations and biases that influence decisions. Political forces, intuition, escalation of commitment, risk tolerance, and ethics also shape organizational decision making.
In this presentation you guys will get to know techniques of decision making which includes types of decision making, their description, Techniques of decision making(briefly described in easiest way).
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 recognizing a problem, searching for information, and defining alternatives. It is the process of choosing an action from two or more options based on preferences. There are different types of decisions including programmed vs non-programmed, routine vs strategic, and individual vs group. Programmed decisions deal with common problems using predetermined rules, while non-programmed decisions require careful analysis for unique situations. Decisions can also be classified as major/minor, delayed/quick, and individual/group.
This presentation discusses decision making. It defines decision making as the act of making up your mind after consideration. There are two types of decision making situations: programmed, which are routine decisions made through predetermined rules, and non-programmed, which are novel situations without set rules. The presentation outlines factors for effective decision making like perception, priority, and judgment. It also describes the four functions of decision making: planning, controlling, organizing, and leading. Models of decision making discussed include the rational model and non-rational models like satisficing and incremental. The 6 C's of decision making and managing diversity in group decision making are also summarized.
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
This presentation provides an overview of decision making and the decision making process. It discusses the importance of decision making, the traditional approach to decision making, and the steps involved in decision making including defining the problem, developing alternatives, evaluating alternatives, and implementing the solution. It also covers types of decision making such as routine vs strategic, different techniques for group decision making including the Delphi technique and nominal group technique, and tools for decision making like decision trees.
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
DECISION MAKING – DEFINITION, CHARACTERISTICS, ELEMENTS, PROCESS, TYPES AND P...AMALDASKH
The document discusses decision making, including its objectives, introduction, definitions, characteristics, elements, process, principles, characteristics of good decisions, administrative problems, and types. It defines decision making as the selection of alternatives based on criteria. The key aspects of decision making are identifying problems, collecting information, discovering alternatives, analyzing alternatives, selecting the best alternative, implementing decisions, and verifying results. Good decisions are action-oriented, goal-directed, and efficiently implemented. Administrative problems can include ensuring accurate information, timely decisions, and effective communication and participation. The main types of decisions are programmed, non-programmed, major, minor, operative, and crisis decisions.
“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”
Management Support Systems (MSS) enable senior management to access common, shared sources of internal and external information that have been summarized in easy-to-access, graphical displays. The most successful MSS are developed as one aspect of a distributed, enterprise information system that enables flexible and integrated information sharing and communication both inside organizations and with external partners. MSS function as an integrated approach to sharing information in an easy-to-use, highly visual, and personalized way so managers can get up-to-date information on industry news, competitor trends, and internal activities.
Port authority - NY airports community roundtable invite - 4-7-15broadwayflushing
The Port Authority is establishing a New York Airports Community Roundtable (NYACR) to address noise issues around JFK and LGA airports. The NYACR will consist of two airport committees - one each for JFK and LGA, with 32 voting members representing communities around each airport. The airport committees will elect an NYACR Executive Committee to set bylaws and policies. The committees will meet quarterly and address specific issues for each airport. The next meeting on April 7th will begin establishing the NYACR Executive Committee.
Decision-making is the process of selecting a course of action from alternatives to achieve desired goals. It involves identifying problems, gathering information, developing alternatives, evaluating alternatives based on criteria, and implementing a solution. Effective decision-making requires accuracy, considering the environment, timely decisions, communicating decisions, participative decision-making, and implementing decisions. It plays an important role in management. Challenges can include incomplete information, an unsupportive environment, lack of acceptance by others, ineffective communication, and incorrect timing.
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
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Decision making
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Decision makingDecision makingDecision making
Definition of Decision making, Factors Controlling Decision making, 6C's of Decision Making, Steps of Decision Making, Decision making techniques, Definition of Negotiation, Stages of negotiation, fundamentals of negotiation, Negotiation styles and Negotiation concepts.
DECISION MAKING
Individual decision making
Decision –making is the “selection of a course of action from among alternatives; it is the core of planning.” - Koontz and Weihrich
Decision-making means selecting a course of action out of alternative courses to solve a problem. Decisions may be major or minor, strategic or operational, long-term or short-term. They are made for each functional area at each level. The importance of decisions, however, varies at each level.
Decision making is a modest attempt to match environmental opportunities with organisation’s strengths. It is based on forecasts and assumptions about environmental factors.
FEATURES OF DECISION MAKING
Identify the Problem
Diagnose the Problem
Establish Objectives
Collect Information
Generate Alternatives
Evaluate Alternatives
Select the Alternatives
Implement the Alternative
Monitor the Implementation
TYPES OF DECISIONS
TECHNIQUES OF DECISION MAKING
Linear programming
Simulation
Probability theory
Decision tree
Queuing theory
Gaming theory
Network theory
Modern techniques for making programmed decisions:
Creative Techniques
i. Brainstorming
ii. Nominal Group Technique
The document discusses the decision-making process used by managers. It involves 7 steps: 1) defining the problem, 2) identifying limiting factors, 3) developing alternatives, 4) analyzing alternatives, 5) selecting the best alternative, 6) implementing the decision, and 7) establishing control and evaluation. Developing alternatives can involve techniques like brainstorming, nominal group technique, and Delphi technique. Groups generally make better decisions than individuals due to broader perspectives and buy-in, though it can be more time-consuming. Managers must then analyze the pros, cons, costs/benefits of each alternative before selecting the optimal solution based on feasibility, effectiveness, and consequences. Implementation and evaluation ensure the decision achieves intended results
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 decision making including:
1. The categories of decisions are programmed and non-programmed.
2. The situations of decision making include certainty, risk, uncertainty, and ambiguity.
3. The typical steps in decision making are identifying the problem, gathering information, developing options, evaluating alternatives, selecting an option, implementing the decision, and evaluating outcomes.
This document discusses key aspects of managerial decision making including:
- The rational and bounded rationality models of decision making
- The decision making process and common errors/biases that can occur
- The role of intuition in decision making
- Different types of decisions managers face like programmed vs nonprogrammed and certainty vs risk vs uncertainty
- Group decision making advantages and disadvantages
- Contemporary issues like forecasting, creativity, and ringisei decision making in Japanese companies.
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
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.
The document discusses various aspects of decision making. It defines decision making as choosing one alternative from among options. It describes the decision making process as recognizing the need for a decision, identifying alternatives, choosing the best option, and implementing it. Decision making can occur under certainty, risk, or uncertainty. Rational models of decision making propose a logical, step-by-step process while behavioral models recognize limitations and biases that influence decisions. Political forces, intuition, escalation of commitment, risk tolerance, and ethics also shape organizational decision making.
In this presentation you guys will get to know techniques of decision making which includes types of decision making, their description, Techniques of decision making(briefly described in easiest way).
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 recognizing a problem, searching for information, and defining alternatives. It is the process of choosing an action from two or more options based on preferences. There are different types of decisions including programmed vs non-programmed, routine vs strategic, and individual vs group. Programmed decisions deal with common problems using predetermined rules, while non-programmed decisions require careful analysis for unique situations. Decisions can also be classified as major/minor, delayed/quick, and individual/group.
This presentation discusses decision making. It defines decision making as the act of making up your mind after consideration. There are two types of decision making situations: programmed, which are routine decisions made through predetermined rules, and non-programmed, which are novel situations without set rules. The presentation outlines factors for effective decision making like perception, priority, and judgment. It also describes the four functions of decision making: planning, controlling, organizing, and leading. Models of decision making discussed include the rational model and non-rational models like satisficing and incremental. The 6 C's of decision making and managing diversity in group decision making are also summarized.
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
This presentation provides an overview of decision making and the decision making process. It discusses the importance of decision making, the traditional approach to decision making, and the steps involved in decision making including defining the problem, developing alternatives, evaluating alternatives, and implementing the solution. It also covers types of decision making such as routine vs strategic, different techniques for group decision making including the Delphi technique and nominal group technique, and tools for decision making like decision trees.
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
DECISION MAKING – DEFINITION, CHARACTERISTICS, ELEMENTS, PROCESS, TYPES AND P...AMALDASKH
The document discusses decision making, including its objectives, introduction, definitions, characteristics, elements, process, principles, characteristics of good decisions, administrative problems, and types. It defines decision making as the selection of alternatives based on criteria. The key aspects of decision making are identifying problems, collecting information, discovering alternatives, analyzing alternatives, selecting the best alternative, implementing decisions, and verifying results. Good decisions are action-oriented, goal-directed, and efficiently implemented. Administrative problems can include ensuring accurate information, timely decisions, and effective communication and participation. The main types of decisions are programmed, non-programmed, major, minor, operative, and crisis decisions.
“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”
Management Support Systems (MSS) enable senior management to access common, shared sources of internal and external information that have been summarized in easy-to-access, graphical displays. The most successful MSS are developed as one aspect of a distributed, enterprise information system that enables flexible and integrated information sharing and communication both inside organizations and with external partners. MSS function as an integrated approach to sharing information in an easy-to-use, highly visual, and personalized way so managers can get up-to-date information on industry news, competitor trends, and internal activities.
Port authority - NY airports community roundtable invite - 4-7-15broadwayflushing
The Port Authority is establishing a New York Airports Community Roundtable (NYACR) to address noise issues around JFK and LGA airports. The NYACR will consist of two airport committees - one each for JFK and LGA, with 32 voting members representing communities around each airport. The airport committees will elect an NYACR Executive Committee to set bylaws and policies. The committees will meet quarterly and address specific issues for each airport. The next meeting on April 7th will begin establishing the NYACR Executive Committee.
Laporan ini berisi ringkasan praktek kerja industri siswa SMK Roudlotul Huda di bidang teknologi informasi dan komunikasi. Siswa melakukan instalasi jaringan, desain website, dan perakitan komputer untuk menunjang pengetahuan dan keterampilannya.
Dan Tran is seeking a challenging position utilizing his 20 years of experience in management, sales, and real estate. He has held positions as general manager of a currency exchange, operations manager of a fitness club and restaurant, real estate consultant, and most recently vice president of a title company where he expanded market share. Tran has a bachelor's degree in organizational leadership and is proficient in Microsoft Office and customer service.
Decision Making process is a very important step of any organisation's sustainability. It is a part of planning process. So if decision making is strong enough of any organisation, the organisation can survive long and effectively.
Managerial decision making involves responding to opportunities and threats by analyzing options and choosing courses of action. There are two types of decisions - programmed decisions which are routine, and non-programmed decisions which are unusual situations with no set rules. The classical model assumes all information is available, but the administrative model recognizes information is often incomplete. Effective decision making involves framing the problem, generating alternatives, evaluating alternatives, choosing an alternative, implementing it, and learning from feedback. Group decision making can reduce biases but risks groupthink; techniques like devil's advocacy and diversity can improve it. Organizational learning and creativity help decision making by challenging assumptions and encouraging new ideas.
The document discusses decision making processes including:
1. Characteristics like certainty, uncertainty, risk, and incomplete information managers face.
2. The steps in decision making: recognizing a decision is needed, generating alternatives, evaluating them, choosing, implementing, and learning from feedback.
3. Techniques to improve group decision making like devil's advocacy and dialectic inquiry to reduce biases.
This document discusses managerial decision making. It describes the classical and administrative models of decision making and notes that in reality, managers have incomplete information due to uncertainty, risk, time constraints, and other factors. The document outlines the steps in decision making and discusses cognitive biases and groupthink that can negatively impact decisions. It emphasizes that developing a learning organization through techniques like developing shared visions and systems thinking can help address these challenges.
The document discusses various models and techniques for decision making. It describes the classical and administrative models of decision making. The classical model assumes all information is available, while the administrative model recognizes limitations in information and manager's cognitive abilities. Several group decision making techniques are also outlined: nominal group technique, Delphi technique, and stepladder technique. The nominal group technique structures participation to ensure all members contribute ideas. The Delphi technique avoids meeting the decision makers directly and relies on anonymous questionnaires. The stepladder technique structures the entry of group members to improve participation.
Principi del Management - Manager come Costruttore di DecisioniManager.it
La Guida completa sui Principi di Management la trovate su https://www.manager.it/default.asp?page=A_princMng.html§ion=s_formazione . Decision Making, Decision Maker, Informtions, Steps, Alternatives, Cognitive Biases, Learning Organisation, Individual Creativity, Group Creativity
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.
This document discusses decision making in business management. It defines decision making as identifying problems and finding alternatives to solve them. Managers must make various decisions to ensure the organization runs smoothly. The decision making process involves identifying the problem, forming alternatives, analyzing the alternatives, selecting the best alternative, and evaluating the results. Decision making authority depends on the scope and level of the decision. Techniques for decision making include brainstorming, nominal group technique, and Delphi technique.
Decision making involves selecting a course of action from available alternatives. It is a key part of management and permeates planning, organizing, leading, and controlling. There are different types of decisions and decision making styles. The decision making process generally involves identifying a problem or opportunity, developing alternatives, analyzing alternatives, and selecting and implementing a course of action. Group decision making uses techniques like brainstorming, storyboarding, and Delphi to gather input from multiple individuals.
Decision making involves selecting a course of action from available alternatives. It is a key part of management and permeates planning, organizing, leading, and controlling. There are different types of decisions and decision making styles. The decision making process generally involves identifying a problem or opportunity, developing alternatives, analyzing alternatives, and selecting and implementing a course of action. Group decision making uses techniques like brainstorming, storyboarding, and Delphi to gather input from multiple individuals.
This document discusses decision making in management. It defines decision making as identifying problems and opportunities to resolve them. Managers must generate alternatives, evaluate them, choose one, implement it, and learn from the results. The document outlines common decision making biases that can lead to poor decisions. It also discusses advantages and disadvantages of group decision making. Overall, the document emphasizes that decision making is a key part of management and outlines best practices for promoting effective decision making.
Principles of ManagementManagerial Decision Making2.1 What are.pdfagmobiles
Principles of Management
Managerial Decision Making
2.1 What are the basic characteristics of managerial decision-making?
Managers are constantly making decisions, and those decisions often have significant impacts
and implications for both the organization and its stakeholders. Managerial decision-making is
often characterized by complexity, incomplete information, and time constraints, and there is
rarely one right answer. Sometimes there are multiple good options (or multiple bad options),
and the manager must try to decide which will generate the most positive outcomes (or the
fewest negative outcomes).
Decision-making is the action or process of thinking through possible options and selecting one.
Notice this a process. In other words, we can break this procedure down into individual parts to
better understand how to make a decision.
Normally stakeholders have completing needs, priorities, and values. Part of a manger's job - as
we saw last chapters - is to balance and prioritize these requests. Stakeholder analysis is a
process we will learn about in future chapters.
2.1 Review Questions:
What are some negative outcomes of poor decision making?
Managers frequently make decisions without complete information. In this regard, what ability
must an effective manager develop?
Does every managerial decision have a single correct answer? Conversely, does every
managerial decision have a single incorrect answer?
How can a manager consider ethics in decision making?
Maximizing shareholder wealth has come under scrutiny lately, especially when this objective is
at odds with other stakeholders or ethical practice. Do you think the main objective of
management is to increase value for shareholders? Why or why not?
2.2 What are the two systems of decision-making in the brain?
The brain processes information to make decisions using one of two systems: either the logical,
rational (reflective) system or the quick, reactive system.
Considering the role of emotions, emotional intelligence is the ability to recognize, understand,
pay attention to, and manage ones own emotions and the emotions of
others. It involves self-awareness and self-regulationessentially, this is a toggling back and forth
between emotions and logic.
2.2 Review Questions:
Would it be better if you used the reflective or reactive system? Which do you tend to use - and
with what result?
Consider the following statement: The quick route is not always the best decision-making path to
take Have you ever made a quick decision that ended badly?
Describe each of the following elements of emotional intelligence:
Self-awareness
Self-regulation
Empathy
Social skills
2.3 What is the difference between programmed and nonprogrammed decisions?
Programmed decisions are those that are based on criteria that are well understood, while
nonprogrammed decisions are novel and lack clear guidelines for reaching a solution.
Managers can establish rules and guidelines for programmed decisions based on known.
Managers are responsible for making effective decisions that help achieve organizational objectives. Decision making involves generating alternatives, evaluating them based on criteria like legality and feasibility, choosing an alternative, implementing it, and learning from the results. Good decision making considers cognitive biases and uses techniques like brainstorming to promote creativity. Creating a learning organization where people continuously improve allows managers to make better non-programmed decisions and adapt to changing environments.
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.
The document outlines learning objectives for a chapter on decision making. It discusses the eight steps in the decision-making process, factors that influence decision making like bounded rationality and intuition. It also describes different types of decisions, biases that can affect decision making, and strategies for effective decision making in complex environments.
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.
The document discusses different types of decision making processes used by managers, including programmed decisions which are routine, and non-programmed decisions which are unusual situations. It also describes classical and administrative models of decision making, with the classical model assuming all information is available and the administrative model recognizing that managers have limited information and cognitive abilities. The administrative model challenges the assumptions of the classical model and acknowledges that decision making involves risk, uncertainty, ambiguity, incomplete information, and time constraints.
Importance & Steps in Decision Making_Parakramesh Jaroli_Pacific UniversityParakramesh Jaroli
The document discusses the importance and steps of decision making. It states that decision making is important for performing management functions like planning, organizing, directing and controlling. It also allows managers to solve problems, limit risks, utilize resources optimally and achieve objectives. The key steps in decision making are: 1) identifying problems, 2) diagnosing problems, 3) establishing objectives, 4) identifying constraints, 5) finding alternatives, 6) evaluating alternatives, 7) selecting an appropriate alternative, and 8) implementing the decision. Effective decision making is essential for the success of management and organizations.
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Importance & Steps in Decision Making_Parakramesh Jaroli_Pacific University
Decisionmakinginmanagement 100104122821-phpapp02
1.
2. Decision making: the process by which
managers respond to opportunities and threats
by analyzing options, and making decisions
about goals and courses of action.
Decisions in response to opportunities:
managers respond to ways to improve
organizational performance.
Decisions in response to threats: occurs when
managers are impacted by adverse events to
the organization.
3. Programmed Decisions: routine, almost
automatic process.
Managers have made decision many times before.
There are rules or guidelines to follow.
Example: Deciding to reorder office supplies.
Non-programmed Decisions: unusual situations
that have not been often addressed.
No rules to follow since the decision is new.
These decisions are made based on information, and a
manger’s intuition, and judgment.
Example: Should the firm invest in a new technology?
4. Classical model of decision making: a
prescriptive model that tells how the decision
should be made.
Assumes managers have access to all the
information needed to reach a decision.
Managers can then make the optimum decision by
easily ranking their own preferences among
alternatives.
Unfortunately, mangers often do not have all
(or even most) required information.
5. Rank each alternative
from low to high
Select best
alternative
List alternatives
& consequences
Assumes all information
is available to manager
Assumes manager can
process information
Assumes manager knows
the best future course of
the organization
6. Administrative Model of decision making:
Challenges the classical assumptions that managers have and
process all the information.
As a result, decision making is risky.
Bounded rationality: There is a large number of alternatives
and information is vast so that managers cannot consider it
all.
Decisions are limited by people’s cognitive abilities.
Incomplete information: most managers do not see all
alternatives and decide based on incomplete information.
8. Recognize need for
a decision
Frame the problem
Generate & assess alternatives
Choose among alternatives
Implement chosen
alternative
Learn from feedback
9. 1. Recognize need for a decision:
Managers must first realize the need
for which a decision must be made.
10. Recognize need for
a decision
Frame the problem
Generate & assess alternatives
Choose among alternatives
Implement chosen
alternative
Learn from feedback
11. 2. Frame the problem: managers must
frame problem for which decision is to
be made.
12. Recognize need for
a decision
Frame the problem
Generate & assess alternatives
Choose among alternatives
Implement chosen
alternative
Learn from feedback
13. 3. Generate alternatives: managers must develop feasible
alternative courses of action.
▪ If good alternatives are missed, the resulting
decision is poor.
▪ It is hard to develop creative alternatives, so
managers need to look for new ideas.
Evaluate alternatives: what are the advantages and
disadvantages of each alternative?
▪ Managers should specify criteria, then evaluate.
14. Recognize need for
a decision
Frame the problem
Generate & assess alternatives
Choose among alternatives
Implement chosen
alternative
Learn from feedback
15. 4. Choose among alternatives: managers
rank alternatives and decide.
▪ While ranking, all information needs to be
considered.
16. Recognize need for
a decision
Frame the problem
Generate & assess alternatives
Choose among alternatives
Implement chosen
alternative
Learn from feedback
17. 5. Implement choose alternative: managers
must now carry out the alternative.
▪ Often a decision is made and not implemented.
18. Recognize need for
a decision
Frame the problem
Generate & assess alternatives
Choose among alternatives
Implement chosen
alternative
Learn from feedback
19. 6. Learn from feedback: managers should
consider what went right and wrong with
the decision and learn for the future.
▪ Without feedback, managers never learn from
experience and might repeat the same mistake.
20. Recognize need for
a decision
Frame the problem
Generate & assess alternatives
Choose among alternatives
Implement chosen
alternative
Learn from feedback
21. Is the possible course of action:
Legal?
Ethical ?
Economical?
Practical?
22. Is it legal? Managers must first be sure that
an alternative is legal both in this country and
abroad for exports.
Is it ethical? The alternative must be ethical
and not hurt stakeholders unnecessarily.
Is it economically feasible? Can our
organization’s performance goals sustain this
alternative?
Is it practical? Does the management have the
capabilities and resources to do it?
23. Suggests decision makers use heuristics to deal
with bounded rationality.
A heuristic is a rule of thumb to deal with complex
situations.
If the heuristic is wrong, however, then poor
decisions result from its use.
Systematic errors can result from use of an
incorrect heuristic.
These errors will appear over and over since the
rule used to make decision is flawed.
25. Prior hypothesis bias: manager allows strong prior
beliefs about a relationship between variables and
makes decisions based on these beliefs even when
evidence shows they are wrong.
Representativeness: decision maker incorrectly
generalizes a decision from a small sample or one
incident.
Illusion of control: manager over-estimates their ability
to control events.
Escalating commitment: manager has already
committed considerable resource to project and then
commits more even after feedback indicates problems
26. Many decisions are made in a group setting.
Groups tend to reduce cognitive biases and can call
on combined skills, and abilities.
There are some disadvantages with groups:
Group think: biased decision making resulting
from group members striving for agreement.
Usually occurs when group members rally around
a central manger’s idea (CEO), and become blindly
committed without considering alternatives.
The group tends to convince each member that the
idea must go forward.
27. Devil’s Advocacy: one member of the group acts
as the devil’s advocate and critiques the way the
group identified alternatives.
Points out problems with the alternative selection.
Dialectical inquiry: two different groups are
assigned to the problem and each group evaluates
the other group’s alternatives.
Top managers then hear each group present their
alternatives and each group can critique the other.
Promote diversity: by increasing the diversity in a
group, a wider set of alternatives may be
considered.
28. Devil’s Advocacy
Presentation of
alternative
Critique of
alternative
Reassess
alternative
accept, modify, reject
Dialectic Inquiry
Alter. 1
Debate the two
alternatives
Reassess
alternatives
accept 1 or 2, combine
Alter. 2
29. Organizational Learning: Managers seek to improve
member’s ability to understand the organization and
environment so as to raise effectiveness.
The learning organization: managers try to improve the
people’s ability to behave creatively to maximize
organizational learning .
Creativity: is the ability of the decision maker to
discover novel ideas leading to a feasible course of
action.
A creative management staff and employees are the key to
the learning organization.
31. Senge suggests top managers follow several steps to build
in learning:
Personal Mastery: managers empower employees and
allow them to create and explore.
Mental Models: challenge employees to find new, better
methods to perform a task.
Team Learning: is more important than individual learning
since most decisions are made in groups.
Build a Shared Vision: a people share a common mental
model of the firm to evaluate opportunities.
Systems Thinking: know that actions in one area of the
firm impacts all others.
32. Organizations can build an environment
supportive of creativity.
Many of these issues are the same as for the
learning organization.
Managers must provide employees with the
ability to take risks.
If people take risks, they will occasionally fail.
Thus, to build creativity, periodic failures
must be rewarded.
This idea is hard to accept for some managers.
33. Brainstorming: managers meet face-to-face
to generate and debate many alternatives.
▪ Group members are not allowed to evaluate
alternatives until all alternatives are listed.
▪ Be creative and radical in stating alternatives.
▪ When all are listed, then the pros and cons of each
are discussed and a short list created.
Production blocking is a potential problem
with brainstorming.
▪ Members cannot absorb all information being
presented during the session and can forget their own
alternatives.
34. Nominal Group Technique: Provides a more
structured way to generate alternatives in
writing.
▪ Avoids the production blocking problem.
▪ Similar to brainstorming except that each member is
given time to first write down all alternatives he or she
would suggest.
▪ Alternatives are then read aloud without discussion until
all have been listed.
▪ Then discussion occurs and alternatives are ranked.
35. Delphi Technique: provides for a written
format without having all managers meet face-
to-face.
▪ Problem is distributed in written form to managers who
then generate written alternatives.
▪ Responses are received and summarized by top
managers.
▪ These results are sent back to participants for feedback,
and ranking.
▪ The process continues until consensus is reached.
Delphi allows distant managers to participate.