PROBLEM SOLVING & DECISION MAKING
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This document outlines the problem solving and decision making process. It involves 7 steps: identifying the problem, collecting relevant information, developing alternatives, evaluating each alternative, selecting the best alternative, implementing the decision, and following up and evaluating. It also discusses what constitutes a problem, developing alternatives, making a decision, decision tools like expected value analysis and decision trees, decision making styles, ethics in decision making, and group decision making.
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The document outlines the 7 steps involved in decision making:
1. Identify the decision or problem that needs to be addressed.
2. Gather relevant information to make an informed decision.
3. Identify multiple alternatives or potential solutions.
4. Weigh the pros and cons of each alternative based on feasibility, acceptability, and desirability.
5. Choose the alternative with the highest chance of success.
6. Create a plan to implement the chosen alternative.
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Steps in decision maKing - ENGINEERING ECONOMICS & FINANCIAL ACCOUNTING - DR....
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The document outlines the 7 steps involved in decision making:
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2. Gather relevant information to make an informed decision.
3. Identify multiple alternatives or potential solutions.
4. Weigh the pros and cons of each alternative based on feasibility, acceptability, and desirability.
5. Choose the alternative with the highest chance of success.
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Steps in decision maKing - ENGINEERING ECONOMICS & FINANCIAL ACCOUNTING - DR....
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Nursing Administration
Decision making
This document discusses decision making, including defining it as selecting the most desirable alternative to solve a problem. It describes characteristics of decision making such as having alternatives, being goal-oriented, and involving judgment. It also outlines types of decisions like programmed vs non-programmed and strategic vs tactical. Additionally, it details the rational decision making model as a 6 step process including defining the problem, identifying criteria, evaluating alternatives, and selecting an optimal decision. Finally, it discusses decision making under conditions of certainty, uncertainty, and risk.
Decision making by suresh aadi8888
1. The document discusses decision making, outlining key principles, types, strategies, and processes involved.
2. Decision making involves defining problems, gathering alternatives, evaluating options, selecting a solution, and following up on outcomes.
3. Decisions can be programmed, for routine issues, or non-programmed, for unique problems, and involve varying levels of risk and uncertainty.
Decision making
The document discusses decision making as the essence of a manager's job. It outlines the key steps in the decision making process as identifying problems, criteria, alternatives, selecting an alternative, implementing it, and evaluating. Decision making can involve structured problems with clear goals or unstructured problems. Managers use rational decision making but are bounded by limited information processing. Intuition also plays a role in decision making based on experience. Decision conditions can involve certainty, risk or uncertainty. The document discusses different decision making styles and potential biases.
Decision Making process.ppt
The document outlines the decision-making process that managers go through. It involves 8 steps: 1) identifying the problem, 2) identifying decision criteria, 3) allocating weights to criteria, 4) developing alternatives, 5) analyzing alternatives, 6) selecting an alternative, 7) implementing the decision, and 8) evaluating the decision's effectiveness. The document also discusses rational decision making and how bounded rationality, intuition, and biases can influence the process. Managers must make decisions under conditions of certainty, risk, and uncertainty.
Similar to PROBLEM SOLVING & DECISION MAKING (20)
EFFECTIVE BUSINESS DECISION MAKING CONCEPTS AND PROCESS
EFFECTIVE BUSINESS DECISION MAKING CONCEPTS AND PROCESS
PROBLEM SOLVING & DECISION MAKING
- 2. Decision Making Process • Identify the Problem • Collect Relevant Information • Develop Alternatives • Evaluate each Alternative • Select the Best Alternative • Implement the Decision • Follow-up and Evaluate
- 3. What is a Problem? A discrepancy between an existing and a desired state of affair. Also, Identifying the real problem is no easy task
- 4. Problem Identified What are the surrounding circumstances & Is there more than one way to resolve the issues???
- 5. Alternatives Developed Identify the strengths and weakness of each alternative & Select the one that best addresses the salient discrepancies
- 6. Make a Decision • Implement the decision and take the steps necessary to ensure correct timing and execution. • Follow-up and evaluate the results
- 7. Decision Tools Expected Value Analysis It permits decision makers to place a monetary value on the various consequences likely to result from the selection of a particular course of action. Decision Tree Encompass’ expected value analysis by assigning probabilities to each possible outcome and calculating payoffs for each decision path.
- 8. Decision Making Styles ❑ Directive - Low tolerance for ambiguity, Seeks rationality, Efficient and logical, Makes quick decisions, Short term focus ❑ Analytic - High tolerance for ambiguity, Requires more information, Considers more alternatives, Careful and adaptable. ❑ Conceptual - Very broad in outlook, Considers many alternatives, Good at finding creative solutions, Focus long range. ❑ Behavioral - Work well with others, Concerned with achievements of subordinates, Receptive to suggestions, Avoids conflict, Seeks acceptance.
- 11. Any Questions?