6/27/2014

Decision Science
Assignment – 1 to 3

Kyaw Thike Tun
ID No. - 213

Yangon Institute of Economics | Department of Management Studies | Online MBA Programme |

1. Describe the decision-making process and discuss the manager’s role in making decisions. Given example of a decision that can be quantified and one that is primarily a qualitative decision.
Decision making process involves five steps: 1. Define the problem. 2. Identify the alternative 3. Determine the criteria 4. Evaluate the alternative 5. Choose an alternative
Decision-making is important skill for business and life. Decision-making is especially important for management and leadership. There are processes and techniques to improve decision-making and the quality of decisions. Decision-making is more natural to certain personalities, so the managers should focus more on improving the quality of their decisions. Managers that are less natural decision-makers are often able to make quality assessments, but then need to be more decisive in acting upon the assessments made.
Good decision-making requires a mixture of skills: creative development and identification of options, clarity of judgment, firmness of decision, and effective implementation. Here are some useful methods for effective decision-making: First a simple step-by-step process for effective decision-making. Today’s managers confront difficult decisions daily and must consider an increasingly wide range of criteria in making those decisions. In the past, such decisions were often judged only on the basis of a single attribute, such as profit or cost. However, cost or profit alone often does not fully capture the desirability of a decision alternative.

2. What is the difference between decision making and problem solving?
Decision Making and Problem Solving are two key management