decision and decision making
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4/19/12
Presentation on
Decision Making
Presented By:-
Krishna SarathiDeb
Asad
Hussain
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Decision and DecisionMaking
o Decision= choice made from
available alternatives.
o Decision Making= process of identifying problems andopportunities and resolving them.
Decision and Decision
Making
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Characteristics of Decision Making
Ø Goal-oriented activity.
Ø Existence of alternative course of action.
Ø
Positive or Negative.Ø Both Science and Art.
Ø Situational.
Ø May be Voluntary or Induced.Ø Complex Mental Exercise.
Ø Ongoing Activity.
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Importance of Decision Making
o It makes it possible to adopt the best course of actionin carrying out a given task.
o It ensures optimum use of the enterprise resources.
o It helps to find a solution to any problem in a work place.
o It promotes efficiency.
o The conflicts in an organization are resolved throughdecisions.
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Problems in Decision Making
ü Lack of knowledge of the alternative courseof action.
ü Indecisiveness.
ü Failure to make correct diagnosis.
ü Quick Decisions.
ü Unavailability of necessary information.ü Resistance.
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Guidelines for Effective Decision Making
• Anticipate organizational problems and develop solutions.
•
Approach Professionals.• Avoid to Postpone decisions.
• Have access to information.
• Involving the Subordinates.
• Take Follow-up action.
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Process of Decision Making
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Types of Decisions
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Decision Situations
• Certainty: All the information the decision maker needs is fully available.
• Risk : Outcome of the decision is not known,information is inadequate..
• Uncertainty: Information about alternatives and futureevents is incomplete.
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Decision Styles
I. Directive Style: People who prefer simple, clear-cutsolutions to problems, make decision quickly.
II. Analytical Style: Complex solutions based on as
much data that can be gathered, carefully consider alternatives.
III. Conceptual Style: Consider a broad amount of information, like to talk to others about the problems
and possible solutions.
IV. Behavioral Style: Have a deep concern for others asindividuals, like to talk to people one-on-one.
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Factors of Decision Making
1) Tangible Factors: E.g., Profits,Production, Sales, Purchases,Inventory level.
1) Intangible Factors: E.g., Consumersatisfaction, Employee attitude,Manager-Subordinate Relationship.
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Decision Making Models
Ø Classical model: Decision Maker is rational and useslogic.
Ø Administrative Model: Rational procedures are notused, managers settle for a satisfying rather than amaximizing solution.
Ø Political model: Closely resembles the realenvironment where most managers and decisionmakers operate.
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Methods of Decision Making
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Contd.
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