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    Decision Making

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    Vivek unnikrishnan
    The document outlines the process of decision making, defining it as identifying a choice between alternatives and selecting a course of action. It describes decision making as involving gathering information, weighing alternatives, and taking action. The key steps are identified as defining the problem, gathering information, identifying alternatives, weighing the evidence, choosing an alternative, taking action, and reviewing the decision. Effective decision making is important for success.

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    Decision Making

    Uploaded by

    Vivek unnikrishnan
    33 views12 pages
    The document outlines the process of decision making, defining it as identifying a choice between alternatives and selecting a course of action. It describes decision making as involving gathering information, weighing alternatives, and taking action. The key steps are identified as defining the problem, gathering information, identifying alternatives, weighing the evidence, choosing an alternative, taking action, and reviewing the decision. Effective decision making is important for success.

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    DECISION MAKING

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    The document outlines the process of decision making, defining it as identifying a choice between alternatives and selecting a course of action. It describes decision making as involving gathering information, weighing alternatives, and taking action. The key steps are identified as defining the problem, gathering information, identifying alternatives, weighing the evidence, choosing an alternative, taking action, and reviewing the decision. Effective decision making is important for success.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    33 views12 pages

    Decision Making

    Uploaded by

    Vivek unnikrishnan
    The document outlines the process of decision making, defining it as identifying a choice between alternatives and selecting a course of action. It describes decision making as involving gathering information, weighing alternatives, and taking action. The key steps are identified as defining the problem, gathering information, identifying alternatives, weighing the evidence, choosing an alternative, taking action, and reviewing the decision. Effective decision making is important for success.

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    © All Rights Reserved
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    of 12

    DECISION MAKING:

     Decision making is the process of making choices by identifying a


    decision, gathering information, and assessing alternative resolutions.
    An effective decision-making helps to achieve the desired goals or
    objectives by solving such problems. Thus the decision-making lies all
    over the enterprise and covers all the areas of the enterprise.
     Scientific decision-making is well-tried process of arriving at the best
    possible choice for a solution with a reasonable period of time.
     Decision means to cut off deliberations and to come to a conclusion.
    Decision-making involves two or more alternatives because if there is
    only one alternative there is no decision to be made.
    DEFINITIONS:

     R.S. Davar defined decision-making as “the selection based on some


    criteria of one behavior alternative from two or more possible
    alternatives. To decide means ‘to cut off’ or in practical content to come
    to a conclusion.”
     According to McFarland “A decision is an act of choice where in an
    executive forms a conclusion about what must be done in a given
    situation. A decision represents behavior chosen from a number of
    possible alternatives.”
     Henry Sisk and Cliffton Williams defined “A decision is the election of
    a course of action from two or more alternatives; the decision making
    process is a sequence of steps leading to that selection”.
    ESSENTIAL STEPS FOR DECISION MAKING:
    Defining the business decision-making process:

     The business decision-making process is a step-by-step process allowing


    professionals to solve problems by weighing evidence, examining
    alternatives, and choosing a path from there. This defined process also
    provides an opportunity, at the end, to review whether the decision was
    the right one.

    7 decision-making process steps:


     Though there are many slight variations of the decision-making
    framework floating around on the Internet, in business textbooks, and in
    leadership presentations, professionals most commonly use these seven
    steps.
    1. Identify the decision:

     To make a decision, you must first identify the problem you need to
    solve or the question you need to answer. Clearly define your decision.
    If you misidentify the problem to solve, or if the problem you’ve chosen
    is too broad, you’ll knock the decision train off the track before it even
    leaves the station.
     If you need to achieve a specific goal from your decision, make it
    measurable and timely so you know for certain that you met the goal at
    the end of the process.
    2. Gather relevant information:

     Once you have identified your decision, it’s time to gather the
    information relevant to that choice. Do an internal assessment, seeing
    where your organization has succeeded and failed in areas related to
    your decision. Also, seek information from external sources, including
    studies, market research, and, in some cases, evaluation from paid
    consultants.
     Beware: you can easily become bogged down by too much information
    —facts and statistics that seem applicable to your situation might only
    complicate the process.
    3. Identify the alternatives

     With relevant information now at your fingertips, identify possible


    solutions to your problem. There is usually more than one option to
    consider when trying to meet a goal—for example, if your company is
    trying to gain more engagement on social media, your alternatives could
    include paid social advertisements, a change in your organic social
    media strategy, or a combination of the two.
     As you collect information, you will probably identify several possible
    paths of action, or alternatives. You can also use your imagination and
    additional information to construct new alternatives. In this step, you
    will list all possible and desirable alternatives.
    4. Weigh the evidence
     Once you have identified multiple alternatives, weigh the evidence for
    or against said alternatives. See what companies have done in the past to
    succeed in these areas, and take a good hard look at your own
    organization’s wins and losses. Identify potential pitfalls for each of your
    alternatives, and weigh those against the possible rewards.
     As you go through this difficult internal process, you’ll begin to favor
    certain alternatives: those that seem to have a higher potential for
    reaching your goal. Finally, place the alternatives in a priority order,
    based upon your own value system.
    5.Choose among alternatives:
     Here is the part of the decision-making process where you make the
    decision. Hopefully, you’ve identified and clarified what decision needs
    to be made, gathered all relevant information, and developed and
    considered the potential paths to take. You are perfectly prepared to
    choose.
     Once you have weighed all the evidence, you are ready to select the
    alternative that seems to be best one for you. You may even choose a
    combination of alternatives. Your choice may very likely be the same or
    similar to the alternative you placed at the top of your list at the end.
    6. Take action:
     Once you’ve made your decision, act on it! Develop a plan to make your
    decision tangible and achievable. Develop a project plan related to your
    decision, and then set the team loose on their tasks once the plan is in
    place.
     When the decision is put into action, it brings certain results. If a good
    decision is taken and implemented properly, its results should
    correspond with the objectives. So, results of the decision indicate
    whether decision-making and its implementation are proper. But all
    decisions cannot be said to be perfect and flawless.
    7. Review your decision:

     After a predetermined amount of time—which you defined in step one


    of the decision-making process—take an honest look back at your
    decision. Did you solve the problem? Did you answer the question? Did
    you meet your goals?
     If so, take note of what worked for future reference. If not, learn from
    your mistakes as you begin the decision-making process again.
     If the decision has not met the identified need, you may want to repeat
    certain steps of the process to make a new decision. For example, you
    might want to gather more detailed or somewhat different information
    or explore additional alternatives.
    Conclusion:
     Timely and well-thought decision making is extremely important for
    success in today’s time. We must take a logical approach for decision
    making. We must also inculcate the habit of decision making.
     Even with reliable and accurate information, the decision maker ought
    to have good problem solving skills and astute decision making abilities
    to arrive at sound judgments regarding the everyday problems and
    issues, them comes his authority to ensure decision proper
    implementation.

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