Organizational Planning And Goal Setting MGT 201 Helpful Slides For Management Students Of Different Universities In Karachi And All Over Pakistan And World
The rational model is the first attempt to know the decision-making process.
As per the rational decision-making model, the decision-maker has full or perfect information about alternatives and he devotes sufficient time to understand the situation and make decisions.
A rational decision-making model is a multi-step process for making choices between various alternatives. The process of rational decision-making favors logic, objectivity, & analysis over subjectivity and insight.
Decision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions. Using a step-by-step decision-making process can help you make more deliberate, thoughtful decisions by organizing relevant information and defining alternatives.
Decision making, Importance of
Decision-Making, Characteristics of
Decision-Making, Essentials for effective
Decision-Making, Types/ categories of Problems and Decisions, TYPES OF BUSINESS DECISIONS, Open decision making System, Decision Making Environment, The Classical Model of decision making, Decision making process, Decision Making Style
Decision Making: Decision Making Process, Stages in Decision Making, Individu...Ashish Hande
Decision Making: Decision Making Process, Stages in
Decision Making, Individual and Organizational Decision
Making, Decision Making Models, Information System
support for Decision Making Phases
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).
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
The rational model is the first attempt to know the decision-making process.
As per the rational decision-making model, the decision-maker has full or perfect information about alternatives and he devotes sufficient time to understand the situation and make decisions.
A rational decision-making model is a multi-step process for making choices between various alternatives. The process of rational decision-making favors logic, objectivity, & analysis over subjectivity and insight.
Decision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions. Using a step-by-step decision-making process can help you make more deliberate, thoughtful decisions by organizing relevant information and defining alternatives.
Decision making, Importance of
Decision-Making, Characteristics of
Decision-Making, Essentials for effective
Decision-Making, Types/ categories of Problems and Decisions, TYPES OF BUSINESS DECISIONS, Open decision making System, Decision Making Environment, The Classical Model of decision making, Decision making process, Decision Making Style
Decision Making: Decision Making Process, Stages in Decision Making, Individu...Ashish Hande
Decision Making: Decision Making Process, Stages in
Decision Making, Individual and Organizational Decision
Making, Decision Making Models, Information System
support for Decision Making Phases
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).
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
ReadySetPresent (Decision Making PowerPoint Presentation Content): 100+ PowerPoint presentation content slides. Successful and effective strategic decision making is a guarantee to increase productivity in every workplace. Decision Making PowerPoint Presentation Content slides include topics such as: the 6 C’s of decision making, inherent personal and system traps, 10+ slides on decision trees, 10+ slides on decision making methods and tips, 4 slides on the GOR approach to decision making, 8 slides on common pitfalls in decision making, 4 slides on effective strategies in making decisions, 35+ slides on the 8 major decision making traps and how to effectively minimize each, 7 slides on different decision making perspectives, 25 slides on the 3 different types of analysis (grid analysis – paired comparison analysis, and cost/benefit analysis), 4 slides on utilizing planning and overarching questions, 4 modes of decision making and 6 factors in decision making and more!
“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”
Chapter Two
Decision Making
Decision Making: is defined as the process of selecting or choosing the best course of action from numbers of alternatives based on the criteria. Because managers are continually confronted with opportunities and problems, they must constantly analyze the effect of different decisions on their organizations and select the alternative that will move the firm toward its stated objectives.
Types of Decisions: Several authors believe that there are two types of decisions: programmed & non-programmed decisions.
A. Programmed decisions: These decisions are "programmable" because of a specific procedure can be worked out to resolve them based on experience in similar situations.
• Once a standard procedure has been established, it can be used to treat all like situations.
• They usually involve an organization's every day operational and administrative activities
• They are primarily found at the middle and lower levels of management.
• Data used in making a programmed decision usually are complete and well defined.
• Participants know the details and agree on how to resolve the problem.
B. Non-programmed Decisions: are used to solve nonrecurring problems/Non-Repetitive problems.
• No well-established procedure exists for handling them, primarily because managers do not have experience to draw upon.
• In contrast to programmed decisions, available data are usually incomplete.
• Non programmable decisions are commonly found at the middle and top levels of management and often is related to an organization's policy-making activities such as whether to add a product to the existing product line, to reorganize the company, or to acquire another firm, are examples
The steps in decision making process include the following:
1. Ascertain the need for a decision/Identify the problem:
The decision making process begins by determining a problem exists; that is, there is an unsatisfactory condition.
2. Establish decision criteria:
Once the need for a decision has been determined, there comes a need to establish decision criteria which requires identifying those characteristics that are important in making the decision.
3. Allocate weights to criteria
The identified criteria should be weighted based on their importance and arranged in priority. This is because some are obviously more important than others and we need to weight each criterion to reflect its importance in the decision.
4. Develop Alternatives
This involves developing a list of the alternative that may be viable in dealing with the stated problem.
5. Evaluate Alternatives
Once the alternatives are enumerated. The decision maker must critically evaluate each one and identify the strong and weak points when compared against the criteria and the weights established. In evaluating each alternative, we not only consider things that can be measured in numerical terms such as time and various types of fixed & operating costs,
MGT 201 Helpful Slides For Management Students Of Different Universities In Karachi And All Over Pakistan And World The Environment And Corporate culture
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Memorandum Of Association Constitution of Company.pptseri bangash
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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2. DECISION MAKING
Choices from two or more alternatives
All organizational members make decisions
Such as choosing the right staff, how to promote staff?
How to buy raw material? Which price to set? Which
market to offer products? And many more……
3. TYPES OF DECISION MAKING
PROGRAMMED DECISION:
A decision made in response to a
situation which has occurred often
enough to enable decision rules to
be developed and applied in the
future
NON PROGRAMMED DECISION :
A decision made in response to a
situation that is unique, is the poorly
defined and largely unstructured
and has important consequences for
the organization
4. Decision-Making Process
◦ A comprehensive, 8-step process
◦ Step 1 - Identifying a Problem
Problem - Discrepancy between an existing and a desired state of
affairs
◦ Must be such that it exerts pressure to act
◦ Manager is unlikely to characterize a situation as a problem unless s/he has
resources necessary to act
DECISION MAKING PROCESS
5. ◦ Step 2 - Identifying Decision criteria
Decision criteria - What’s relevant in making a decision
◦ Step 3 - Allocating Weights to the Criteria
Must weight the criteria to give them appropriate priority in the decision
◦ Step 4 - Developing Alternatives
List the viable alternatives that could resolve the problem without
evaluating them
◦ Step 5 - Analyzing Alternatives
Each alternative is evaluated against the criteria
DECISION MAKING PROCESS
(cont..)
6. ◦ Step 6 - Selecting an Alternative
Choosing the best alternative from among those
considered
◦ Step 7 - Implementing the Alternative
implementation - Conveying the decision to those
affected by it and getting their commitment to it
◦ Participation in decision-making process inclines people to support
the decision
◦ Decision may fail if it is not implemented properly
◦ Step 8 - Evaluating Decision Effectiveness
Determine whether the problem is resolved
DECISION MAKING PROCESS
(cont..)
7. The Decision-Making Process
Problem
Identification
“My salespeople
need new computers”
Identification
of
Decision
Criteria
Price
Weight
Warranty
Screen type
Reliability
Screen size
Allocation of
Weights to
Criteria
Reliability 10
Screen size 8
Warranty 5
Weight 5
Price 4
Screen type 3
Development of
Alternatives
Acer
Compaq
Gateway
HP
Micromedi
a
NEC
Sony
Toshiba
Implementation
of an Alternative
Gateway
Evaluation
of Decision
Effectiveness
Analysis of
Alternatives
Acer
Compaq
Gateway
HP
Micromedia
NEC
Sony
Toshiba
Selection of an
Alternative
Acer
Compaq
Gateway
HP
Micromedia
NEC
Sony
Toshiba
8. Decisions in the Management
Functions
Decision in Management functions
9. The Manager As Decision Maker
Rational Decision Making
◦ Decisions are consistent, value-maximizing
choices within specified constraints
◦ Managers assumed to make rational decisions
◦ Assumptions of Rationality - decision maker
would:
◦ Be objective and logical
◦ Carefully define a problem
◦ Have a clear and specific goal
◦ Select the alternative that maximizes the likelihood of achieving the
goal
◦ Make decision in the firm’s best economic interests
Managerial decision making seldom meets all the tests
10. The Manager As Decision Maker
(cont.)
Bounded Rationality
◦ Behave rationally within the parameters of a
simplified decision-making process that is limited
by an individual’s ability to process information
◦ Satisfies - Accept solutions that are “good
enough”
◦ Escalation of commitment - Increased
commitment to a previous decision despite
evidence that it may have been wrong.
Refusal to admit that the initial decision may
have been WRONG
11. The Manager As Decision Maker
(cont.)
Role of Intuition
◦ Intuitive decision making - Subconscious
process of making decisions on the basis of
experience and judgment
Does not rely on a systematic or thorough analysis of the
problem
Generally complements a rational analysis
A fireman making decision
A jet pilot making decision
A doctor while operation
HOW DO WE MAKE DECISIONS?
12. The Manager As A Decision Maker
(cont..)
Types of Problems and Decisions
◦ Well-Structured Problems - Straightforward,
familiar, and easily defined.
◦ Programmed Decisions - Used to address
structured problems
◦ Minimize the need for managers to use discretion
◦ Facilitate organizational efficiency
Procedure - series of interrelated sequential steps used to
respond to a structured problem
Rule - explicit statement of what to do or not to do
Policy - guidelines or parameters for decision making
13. The Manager As A Decision Maker
(cont..)
Types of Problems and Decisions (cont.)
◦ Poorly-Structured Problems - New, unusual
problems for which information is ambiguous or
incomplete
◦ Non programmed Decisions - Used to address
poorly- structured problems
Produce a custom-made response
More frequent among higher-level managers
◦ Few decisions in the real world are either fully
programmed or non programmed
14. The Manager As A Decision Maker
(cont.)
Decision-Making Conditions
◦ Certainty - Outcome of every alternative is
known
Idealistic rather than realistic
◦ Risk - Able to estimate the probability of
outcomes stemming from each alternative
Expected value - the conditional return from
each possible outcome
15. The Manager As A Decision Maker
(cont..)
Decision-Making Styles
◦ Two dimensions define the approach to decision
making
Way of thinking - Differs from rational to intuitive
Tolerance for ambiguity - Differs from a need for
consistency and order to the ability to process many
thoughts simultaneously
◦ Define four decision-making styles
Directive - Fast, efficient, and logical
Analytic - Careful and able to adapt or cope with new
situations
Conceptual - Able to find creative solutions
Behavioral - Seek acceptance of decisions