Premium Essay

1. Decision Making and Techniques of Decision Making

In: Business and Management

Submitted By JSKIRAN
Words 357
Pages 2
We use our decision making skills to solve problems by selecting one course of action from several possible alternatives. Decision making skills are also a key component of time management skills.
Decision making can be hard. Almost any decision involves some conflicts or dissatisfaction. The difficult part is to pick one solution where the positive outcome can outweigh possible losses. Avoiding decisions often seems easier. Yet, making your own decisions and accepting the consequences is the only way to stay in control of your time, your success, and your life. If you want to learn more on how to make a decision, here are some decision making tips to get you started.
A significant part of decision making skills is in knowing and practicing good decision making techniques. One of the most practical decision making techniques can be summarized in those simple decision making steps: 1. Identify the purpose of your decision. What is exactly the problem to be solved? Why it should be solved? 2. Gather information. What factors does the problem involve? 3. Identify the principles to judge the alternatives. What standards and judgement criteria should the solution meet? 4. Brainstorm and list different possible choices. Generate ideas for possible solutions. See more on extending your options for your decisions on my brainstorming tips page. 5. Evaluate each choice in terms of its consequences. Use your standards and judgement criteria to determine the cons and pros of each alternative. 6. Determine the best alternative. This is much easier after you go through the above preparation steps. 7. Put the decision into action. Transform your decision into specific plan of action steps. Execute your plan. 8. Evaluate the outcome of your decision and action steps. What lessons can be learnt? This is an important step for further development of...

Similar Documents

Premium Essay

Decisions in Paradise

...Decisions in Paradise Introduction There are different decision-making styles organizations choose to use when working on the most effective solution. When an organization chooses a decision-making technique, the organization must determine what style would work best. There is a process Innovative Services will use when coming to the solution. The purpose of this paper is to identify how to choose the proper technique, apply the technique, and analyze the steps toward the most effective decision-making style for Innovative Services in Kava. Choosing a Decision-Making Technique For Kava, Innovative Services must choose a decision-making technique, a technique that will show growth in the Kava community. The technique must clarify and define the issues, gather information, and analyze the pros and cons. The decision-making technique must give direction toward the goals with the most probability for success. There are restrictions to resources. With the resources available, the costs, and people involved, the decision-making process must positively affect those involved not only for the decision-making process but to implement the changes made. Applying the Decision-Making Technique Innovative Services is determined to help Kava. To establish a greater presence in Kava, Innovative Services would benefit by using the rational decision-making technique. The greater presence could come in different forms. It is up to Innovative Services to determine what is good for the......

Words: 808 - Pages: 4

Premium Essay

Business of Baseball

...Chapter 2 Making Decisions In this chapter, students will explore the importance of decision-making to managers and learn how to make effective decisions. |LEARNING OBJECTIVES | | 1. Describe the eight steps in the decision-making process. 2. Explain the four ways managers make change. 3. Classify decisions and decision-making conditions. 4. Describe different decision-making styles and discuss how biases affect decision making. 5. Identify effective decision-making techniques. |It’s Your Career | | Be a Better Decision Maker Decisions are an essential part of your life, personally and professionally. Each and every day is a series of decisions, from minor to significant, and everything in between. Good decision-making is a skill, and like any skill, it can be learned and improved. So, how can you improve your decision-making skills? The chapter outlines four things students need to know; each numbered item will be described further in the chapter: 1. Know, understand, and use the decision-making process. Yes, there is a “method” to making decisions that takes you from identifying problems to evaluating the effectiveness of your decision. It works. Know it. Understand it. Use it. 2. Know when and how to use rational or intuitive......

Words: 5565 - Pages: 23

Premium Essay

The Buissness of Baseball

...Chapter 2 Making Decisions In this chapter, students will explore the importance of decision-making to managers and learn how to make effective decisions. |LEARNING OBJECTIVES | | 1. Describe the eight steps in the decision-making process. 2. Explain the four ways managers make change. 3. Classify decisions and decision-making conditions. 4. Describe different decision-making styles and discuss how biases affect decision making. 5. Identify effective decision-making techniques. |It’s Your Career | | Be a Better Decision Maker Decisions are an essential part of your life, personally and professionally. Each and every day is a series of decisions, from minor to significant, and everything in between. Good decision-making is a skill, and like any skill, it can be learned and improved. So, how can you improve your decision-making skills? The chapter outlines four things students need to know; each numbered item will be described further in the chapter: 1. Know, understand, and use the decision-making process. Yes, there is a “method” to making decisions that takes you from identifying problems to evaluating the effectiveness of your decision. It works. Know it. Understand it. Use it. 2. Know when and how to use rational or intuitive decision-making or both.......

Words: 5566 - Pages: 23

Premium Essay

Group Decision Making

...GROUP DECISION MAKING INTRODUCTION No organisation can survive without effective decision making. Decision making is an essential part of every function of management. According to Peter. F. Drucker, “whatever a manager does, he does through decision making.” The most outstanding quality of a successful manager is his ability to make sound and effective decision. Decision making is a proper blend of thinking, deciding and action. DEFINITION Decision making is a process of selection from a set of alternative course of action which is thought to fulfil the objectives of the decision problem more satisfactorily than other. Managerial decision making process involves establishing of goals, defining tasks, searching for alternatives and developing plans in order to find the best answer to the decision problem. ESSENTIAL ELEMENTS The essential elements in a decision making process include the following; 1) The decision maker 2) The decision problem 3) The environment in which the decision to be made 4) The objectives of the decision maker 5) The alternative courses of action 6) The outcomes expected from various alternatives 7) The final choice of alternative STEPS IN DECISION MAKING The steps in decision making process are: 1) Diagnosing and defining the problem 2) Analysing the problem 3) Collecting the data 4) Developing the alternatives 5) Selecting the best alternative 6) Putting the decision into practise 7)......

Words: 3182 - Pages: 13

Premium Essay

Decision Making and Problem Solving

...Decision Making and Problem Solving: Benefits and Techniques Defining Problem Solving and Decision Making Definition of a Problem: A problem exists when there is a gap between what you expect to happen and what actually happens. Definition of Decision Making: Decision making is selecting a course of action from among available alternatives. The Difference between Decision Making and Problem Solving While both processes are systematic, problem solving involves defining a problem and creating solutions for it. Decision making is selecting a course of action from among available alternatives. Problem solving always involves decision making. However, not all decision making involves solving a problem. For example, a supervisor may have to make decisions about employees, resources, workload, etc. without having a problem to solve. Problem-Solving and Decision-Making Process Problem solving is a process in which we perceive and resolve a gap between a present situation and a desired goal, with the path to the goal blocked by known or unknown obstacles. In general, the situation is one not previously encountered, or where at least a specific solution from past experiences is not known. In contrast, decision making is a selection process where one of two or more possible solutions is chosen to reach a desired goal. The steps in both problem solving and decision making are quite similar. In fact, the terms are sometimes used interchangeably. Steps in Decision......

Words: 2995 - Pages: 12

Premium Essay

Accounting Information

...World Journal of Social Sciences Vol. 1. No. 1. March 2011. Pp. 148 - 164 Significance of Management Accounting Techniques in Decision-making: An Empirical Study on Manufacturing Organizations in Bangladesh Farjana Yeshmin* and Md. Amran Hossan** Management accounting is concerned with gathering and reporting internal financial information to facilitate decision-making process. As management accounting is not required to conform to national accounting standards, it allows business to customize the management accounting techniques as per demand of company. As a process of this customization, some advanced quantitative as well as number of qualitative techniques accompany with the traditional techniques, have been emerged to cater the information need in decision making. This study attempts to measure the significance of management accounting techniques in decision making of the selected manufacturing organizations in Bangladesh. In doing so, a total of 74 manufacturing organizations have been surveyed with a structured questionnaire by using 5 point Likert Scale measurement from different categories of manufacturing organizations. Findings reveal that cash flow statement analysis, ratio analysis, budgetary control, CVP analysis, variance analysis and fund flow analysis have been frequently high-ranking techniques. Secondly, the authors have recognized five factors to calculate the variability in decision-making with the help of rotated component matrix which shows that 75.125...

Words: 6527 - Pages: 27

Premium Essay

Manasci Syllabus

...on the study of quantitative techniques in business decision-making. The course covers linear programming models and its special algorithms; network (PERT/CPM) models; decision-making theories and processes; and decision tree construction and analysis. LEARNING OUTCOMES (LO): On completion of the course, the student is expected to be able to do the following: |ELGA |LEARNING OUTCOME | |Effective communicators |To present in class the application of quantitative techniques to management decision | | |models through case analysis | |Critical and creative thinkers |To develop analytical thinking and proper reasoning in the application of quantitative | | |techniques to management decision models | |  |To acquire the essential skills for the proper use of quantitative techniques in | | |business decision-making | |Technically proficient and competent |To identify the various mathematical tools used in business decision-making ......

Words: 1361 - Pages: 6

Premium Essay

Jose Lucas

...Unit 6 Business Decision Making Assessment Activity Front Sheet This front sheet must be completed by the learner (where appropriate) and included with the work submitted for assessment. Learner Name Assessor Name: Karen Osadiaye Date Issued Hand in Date Submitted on 03.03.15 Qualification Level 5 Edexcel BTEC Higher National in Business (QCF) Unit 6 Business Decision Making – 15 credits Assignment 1 will give learners the opportunity to achieve: Learning Outcome 1 – be able to use a variety of sources for the collection of data, both primary and secondary Learning Outcome 2 – understand a range of techniques to analyse data effectively for business purposes Learning Outcome 3 – be able to produce information in appropriate formats for decision making in an organisational context Learning Outcome 4 – be able to use software-generated information to make decisions in an organisation Criteria reference 1 To achieve the criteria the evidence must show that the learner is able to: a) create a plan for the collection of primary and secondary data for a given business problem b) present the survey methodology and sampling frame used c) design a questionnaire for a given business problem a) create information for decision making by summarising data using representative values b) analyse the results to draw valid conclusions in a business context c) analyse data using measures of dispersion to inform a given business scenario d) explain how quartiles, percentiles and......

Words: 1405 - Pages: 6

Premium Essay

Decision Making Techniques

...Decision Making Techniques: Good decision making is an essential skill for career success generally, and effective leadership particularly. If you can learn to make timely and well-considered decisions, then you can often lead your team to spectacular and well-deserved success. However, if you make poor decisions, your team risks failure and your time as a leader will, most likely, be brutally short. Introduction to Decision Making Techniques All of us have to make decisions every day. Some decisions are relatively straightforward and simple: Is this report ready to send to my boss now? Others are quite complex: Which of these candidates should I select for the job? Simple decisions usually need a simple decision-making process. But difficult decisions typically involve issues like these: * Uncertainty - Many facts may not be known. * Complexity - You have to consider many interrelated factors. * High-risk consequences - The impact of the decision may be significant. * Alternatives - Each has its own set of uncertainties and consequences. * Interpersonal issues - It can be difficult to predict how other people will react. With these difficulties in mind, the best way to make a complex decision is to use an effective process. Clear processes usually lead to consistent, high-quality results, and they can improve the quality of almost everything we do. In this article, we outline a process that will help improve the quality of your decisions...

Words: 8741 - Pages: 35

Premium Essay

Sdlp

...Kaplan University Graduate School of Management SELF DIRECTED LEARNING PLAN Your Name: Tiaira Walls Date: October 21, 2013 Course Title: GB519 Measurement and Decision Making Professional Goal (2-3 years) from now: My professional goal two to three years from now is to graduate with my Master’s degree in Human Resources and hopefully obtain a entry level position in Human Resources or management. Strengths to Leverage Step 1: The most effective and satisfied people align their work with their natural strong points. Identify 3-5 of your key strengths (see Column 1 below); these could be a competency, skill, ability, knowledge area or personal characteristic. Think about how you can leverage those strengths to be effective in your work, achieve your professional goals, and become a leader in your profession. Step 2: At the beginning of each course in your MBA program, answer the following question either using this template or a narrative format. What do you expect to learn in this course that will help you leverage your strengths? (See Column 2 below). Be as specific as you can, e.g., assume that strength is your analytical ability. You might expect to understand more about macroeconomics so that you can analyze how the housing crisis affects other segments of the economy, such as interest rates or unemployment. At the beginning of the course you are not expected to be an expert in all facets of the course learning; however, you......

Words: 1781 - Pages: 8

Premium Essay

Petri

...Introduction to Decision Making Methods János Fülöp Laboratory of Operations Research and Decision Systems, Computer and Automation Institute, Hungarian Academy of Sciences 1. Decision Making Process “Decision making is the study of identifying and choosing alternatives based on the values and preferences of the decision maker. Making a decision implies that there are alternative choices to be considered, and in such a case we want not only to identify as many of these alternatives as possible but to choose the one that best fits with our goals, objectives, desires, values, and so on.” (Harris (1980)) According to Baker et al. (2001), decision making should start with the identification of the decision maker(s) and stakeholder(s) in the decision, reducing the possible disagreement about problem definition, requirements, goals and criteria. Then, a general decision making process can be divided into the following steps: Step 1. Define the problem “This process must, as a minimum, identify root causes, limiting assumptions, system and organizational boundaries and interfaces, and any stakeholder issues. The goal is to express the issue in a clear, one-sentence problem statement that describes both the initial conditions and the desired conditions.” Of course, the one-sentence limit is often exceeded in the practice in case of complex decision problems. The problem statement must however be a concise and unambiguous written material agreed by all decision makers and......

Words: 4222 - Pages: 17

Premium Essay

Integrating Gis

...Research Article Research D Ghosh Article A Loose Coupling Technique for Integrating GIS and Multi-Criteria Decision Making A Loose Coupling Technique for Integrating GIS and Multi-Criteria Decision Making Debasis Ghosh National Informatics Centre Ministry of Communications and Information Technology Calcutta, India Keywords Abstract Spatial decision making is characterized by problems associated with multiple and conflicting alternatives relating to geographical features and their attributes. As such, the search for the best possible alternative from a large set of such alternatives can be a daunting task. The aim of integrating GIS with Multi-Criteria Decision Making (MCDM) is to develop a well-defined process that can scan through such extensive fields of choice to arrive at the best possible solution. Goal Programming is one tool (developed in conjunction with MCDM) that can handle a problem with multiple, conflicting and incommensurable alternatives, and this article explains how the loose coupling technique can integrate MCDM with GIS to assist decision making among competing alternatives. As an example, this methodology has been applied for community development purposes in the Hooghly District of West Bengal, India. 1 Background The inclusion of Multi-Criteria Decision Making (MCDM) in spatial environments provides us with the basis for spatial decision support systems. Spatial multi-criteria decision problems typically involve a set of......

Words: 3647 - Pages: 15

Premium Essay

Application of Qualitative and Quantitave Techniques of Management

...QUALITATIVE AND QUANTITATIVE TECHNIQUES OF MANAGEMENT IN ADMINISTRATIVE/ACADEMIC DECISION-MAKING IN INSTITUTIONS OF HIGHER EDUCATION IN VIRGINIA by Carlos A. Valero Dissertation submitted to the Faculty of the Virginia Polytechnic Institute and State University in partial fulfillment of the requirements for the degree of DOCTOR OF EDUCATION in Educational Administration APPROVED: ______________________ Don G. Creamer, Chairman __________________________________ ____________________________ Karl T. Hereford _________________________ Stephen R. Parson January, 1997 Blacksburg, Virginia David J. Parks ____________________ John W. Dickey APPLICATIONS OF QUALITATIVE AND QUANTITATIVE TECHNIQUES OF MANAGEMENT IN ADMINISTRATIVE/ACADEMIC DECISION-MAKING IN INSTITUTIONS OF HIGHER EDUCATION IN VIRGINIA by Carlos A. Valero Educational Administration Don G. Creamer, Chair Abstract The purpose of this study was to examine the status and extent to which administrators of colleges and universities in the state of Virginia apply qualitative and quantitative techniques of management in planning, directing, reporting, and controlling activities for enhancing their administrative and academic decision-making capability. The study was directed to the top and operative organizational levels in two categories of administrators (nonacademic and academic) to determine the types of managerial techniques used, degrees of familiarity with these techniques, frequency of use,......

Words: 49968 - Pages: 200

Premium Essay

Decisions in Paradise 2

...Running Head: DECISIONS IN PARADISE 2 Decisions in paradise part 2 MGT/350 the university of phoenix Darnell Williams January 30, 2010 Professor Hann So Introduction Decision making is an important process and included various aspects, which in turn assist the organization to effectively analyze various alternatives and implement them in an effective manner (Decision Making, n.d.). The process of decision making is influenced by different factors such as personal behaviour, technological, political, economical and social factors. This process consist different steps such as defining objectives, generation of alternatives, evaluation of alternatives and selection of best alternative, which further helps the organization to successfully compete in the global environment. Decision Making Technique for Establishing Presence in Kava As we know that the company wants to establish its presence in Kava and for this, it needs to adopt a decision making technique so that an appropriate solution for establishing presence in Kava can be determined. For this, the company need to adopt a rational model of managerial decision making as this technique has its roots in the economic theory of the firm. With this decision making technique, the organization will become able in conferring a rational decision regarding its establishment in Kava. ...

Words: 854 - Pages: 4

Free Essay

Tools for Making Decisions

...3 DECISION-MAKING TOOLS DECISION-MAKING TOOLS 1 Basic Tools for Process Improvement What are team Decision-Making Tools? Two tools frequently used by teams to make decisions are Multivoting and Nominal Group Technique. While idea-generating tools such as Brainstorming produce a list of possible alternatives, Multivoting and Nominal Group Technique help to identify the important or popular items or prioritize the items on a list (Viewgraph 1). NOTE: It is important to remember that not all decisions are made in a team situation. Of those decisions that are made by teams, not every one is going to be made using these tools. How does a team select the right tool to use? ! Try Multivoting if you need to: > Reduce a long list of ideas and assign priorities quickly and with a high degree of team agreement > Identify the important items on a list ! Try Nominal Group Technique if you need a more structured approach to: > Generate, clarify, and evaluate a sizable list of ideas, problems, or issues > Prioritize the items on a list 2 DECISION-MAKING TOOLS Basic Tools for Process Improvement Tools for Making Decisions • Multivoting > Reduces long lists of ideas > Identifies important items • Nominal Group Technique > Generates ideas > Prioritizes items DECISION-MAKING TOOLS VIEWGRAPH 1 DECISION-MAKING TOOLS 3 Basic Tools for Process Improvement 4 DECISION-MAKING TOOLS Basic Tools for Process......

Words: 5747 - Pages: 23