Decision Making DECISION MAKING Decision making is the

  • Slides: 8
Download presentation
Decision Making

Decision Making

DECISION MAKING • Decision making is the developing concepts leading to the selection of

DECISION MAKING • Decision making is the developing concepts leading to the selection of a course of action among variations. Every decision making process produces a final choice or • Decision-making is a 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. There is no exception

Decision-making is a daily activity for any human being. There is no exception about that. When it comes to business organizations, decision-making is a habit and a process as well. Effective and successful decisions result in profits, while unsuccessful ones cause losses. Therefore, corporate decision-making is the most critical process in any organization. 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.

Phases of Decision Making Process Intelligence Design Choice Implementation

Phases of Decision Making Process Intelligence Design Choice Implementation

Stages in Decision Making

Stages in Decision Making

Phases of Decision Making Process Intelligence gathering – Raw data collected, processed and examined.

Phases of Decision Making Process Intelligence gathering – Raw data collected, processed and examined. – Identifies a problem calling for a decision. – MIS collects the data. Data is scanned, examined, checked and edited. – Data is sorted and merged with other data and computations are made, summarized and presented. – Here all the problem situations are highlighted by significant differences between the actual and expected, the budgeted or targeted.

Design Inventing, developing and analysing the different decision alternatives and testing the feasibility

Design Inventing, developing and analysing the different decision alternatives and testing the feasibility of implementation. Assess the value of the decision outcome. Here, Manager develops a model of the problem situation on which he can generate and test the different decisions to facilitate its implementation.

Choice Select one alternative as a decision, based on the selection criteria The

Choice Select one alternative as a decision, based on the selection criteria The manager evolves a selection criteria such as maximum profit, least cost, minimum waste, least time taken and highest utility. The criterion is applied to the various decision alternatives and the one which satisfies the most is selected. Implementation Testing the selected alternative

DECISION MAKING DECISION MAKING Decision Making is concernedDECISION MAKING DECISION MAKING Decision Making is concerned
DECISION MAKING Decision Making Decision Making a choiceDECISION MAKING Decision Making Decision Making a choice
DECISION MAKING AND ORGANIZING DECISION MAKING Decision makingDECISION MAKING AND ORGANIZING DECISION MAKING Decision making
Rational Decision Making SSEF 2 Decision Making DecisionRational Decision Making SSEF 2 Decision Making Decision
Decision Making DECISION MAKING A decision is aDecision Making DECISION MAKING A decision is a
Decision Making Spring 2007 Decision Making 1 DecisionDecision Making Spring 2007 Decision Making 1 Decision
Decision Making An Introduction 1 Decision Making DecisionDecision Making An Introduction 1 Decision Making Decision