...The Decision Making Steps: I work at a major bank based out of Michigan. With the bank running into 15 quarters of losses and recently incurring a huge expense as a part of a lawsuit filed by the US government, the bank is looking for innovative ways to get as much money as possible. The first and most important thing that the team decided to look into was the collection of money from delinquent borrowers. The bank is trying to improve its collections efforts to gain more money from the numerous delinquent borrowers. The collection efforts fall into First Mortgage, Home Equity Line of Credit, Consumer Loans, CD Secured Loans and Overdraft Line of Credit categories. The team decided to use a few Critical thinking methodologies in the process of solving the problem. According to Richard Paul and Linda Elder “Critical thinking is the art of thinking about thinking to make thinking better. It involves three interwoven phases: It analyzes thinking, it evaluates thinking and it improves thinking”. The team first decided to identify the problem at hand. We saw that one of the first problems faced by the banks were the number of times customers missed the payment dates due to lack of knowledge of due dates. There were a few borrowers who could not pay their mortgage due to reasons like job loss, loss of an earning person in the family or a bad personal experience resulting in loss of any disposable income. The collection agents failing to recognize inherent problems in a specific loan...
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...7 Steps in Decision Making Cedric Allen HSC 335 Jeannette Orr May 23, 2016 Introduction Mickey Mantle, better known as “The Commerce Comet” was a well-known baseball players during the 50’s and 60’s. He was known for his on-field superstardom, and his off-field conduct. In 1995, he received a liver transplant. This transplant caused uproar in the ethics community because Mantle, was moved ahead of others on the list. In this paper we will explore the seven steps in decision making that caused Mantel to receive the liver transplant and determine whether the decision was based on ethics. Identify a problem or opportunity When identifying a problem the first step is to recognize the problem and/or opportunities and determine if they are worth going through the process. Once this is determined we must see what impact the decision will make on the customers, and how this problem will be solved or the opportunity taken advantage of. In the case of Mickey Mantle the problem we face is that Mickey liver is failing him and if he does not get a transplant immediately he will die. This problem is no different than the rest of the liver transplant candidates, but not only is Mickey’s liver failing him but he has a plethora of other medical problems. “The current organ distribution method in the United States relies on each transplant center to determine which criteria they will use to fairly allocate organs.42 UNOS encourages transplant centers to consider...
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...Thinking Sequence Decision-Making Steps 1. Felt Difficulty—initial orientation to the topic (generate relevant evidence) a. Status Quo: concisely describe the current situation—facts, stated opinions, etc., reflecting the significant differing points of view. “Every day, almost 3,900 adolescents under 18 years of age try their first cigarette. More than 950 of them will become daily smokers.” (Reference: dosomething.org) b. Desired Condition/s: Side #1: reduce/suppress the percentage of underage smokers Side #2: minimize the presence of 2nd hand smoke Side #3: minimize the pollution of cigarettes c. Barrier/s: Side #1: media and other influences presenting cigarette smoking as cool Side #2: ignorance (lack of knowledge) and protests by cigarette smokers Side #3: ignorance, laziness, and poor enforcement of the law/regulation 2. Problem outcome definitions (to be discovered/defined in completing the following steps) a. Identity of the problem outcome(s), the existing and/or expected harm(s) – harmful effects. Be specific and concise. (1) Is: Cigarette smoking is harmful to the environment, as well as the body, especially a body still in development (2) Is not: Cigarette smoking affects your personal image. (3) Distinctive: Majority of the time cigarette smoking is unknowingly influenced rather than intentionally influenced or forced. b. Location of [stated problem outcome(s), from step 2.a. (1)] ...
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...Perspective Paper MMPBL/500 October 18, 2010 Personal Perspective Paper Decision making is an important aspect in everybody’s day-to-day lives. “Decision-making models are all about making good judgments. There are judgments that are emotional, spur of the moment, horseback or back of envelope – quick decision. There are also the rational informed kind” (Stellar Force, 2010, para. 1). I have used all types of decision-making models in my life; however, I am going to discuss how I have used the five-step decision-making model and a SWOT analysis to help me make different kinds of decisions. Five-Step Decision-Making Model I have already earned my Master’s in Business Administration and in doing so; I have learned large amounts of information about different types of decision-making models. However, one of the decision-making models that I have used most in my educational career is the five-step decision-making model. This model a simple five-step process that is easy to follow. The five steps of this model include “1. State the Problem, 2. Identify Alternatives, 3. Evaluate the Alternatives, 4. Make a Decision, and 5. Implement your Decision” (Stellar Force, 2010, para. 3). The five-step decision-making model uses logic and a normal thought process that should be used most of the time in making decisions, especially when they are important decisions. SWOT Analysis Another decision-making model that I have used most of my educational career is a SWOT analysis. “The...
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...cessful decisions make profit to the company and unsuccessful ones make losses. Therefore, corporate decision making process is the most critical process in any organization. In the 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. In addition, we may make our own private decision or may prefer a collective decision. Usually, decision-making is hard. Majority of corporate decisions involve some level of dissatisfaction or conflict with another party. Let.s have a look at the decision making process in detail. Step 1: Identification of the purpose of the decision: In this step, the problem is thoroughly analysed. There are a couple of questions one should ask when it comes to identifying the purpose of the decision. Step 2: Information gathering: A problem of an organization will have many stakeholders. In addition, there can be dozens of factors involved and affected by the problem. Step 3: Principles for judging the alternatives: In this step, the baseline criteria for judging the alternatives should be setup. When it comes to defining the criteria, organizational goals as well as the corporate culture should be taken it to consideration. Step 4: Brainstorm and analyse the different choices: For this step, brainstorming to list down all the ideas is the best option. Before the idea generation step, it is vital to understand the causes of the...
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...who helped directly or indirectly, for the successful completion of this term paper. TABLE OF CONTENTS Acknowledgement…………………................................ | Page1 | Table of Contents……………........................................ | Page 2 | Introduction……………………………….......................... | Page 3 | Body………………..……………………………….................... | Page 4-16 | Conclusion……………………………................................. | Page 17 | Bibliography..……………………………........................... | Page 18 | INTRODUCTION Decision making can be regarded as an outcome of mental processes leading to the selection of a course of action among several alternatives. Every decision making process produces a final choice. The output can be an action or an opinion of choice. Human performance in decision making terms has been the subject of active research from several perspectives. From a psychological perspective, it is necessary to examine individual decisions in the...
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...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...
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...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. Different...
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...Making Decisions Luis Batrez MGT 230 December 9, 2013 Claudio (Tony) Morales Making Decisions Decisions are part of our daily lives; people make decisions from what type of clothe to wear to making decisions at jobs. A decision made at a job was about going home because of bad weather or stay working through the weather because of the schedule of the construction job. The first thing that came to mind was people safety and what safety rules we needed to follow on company policy on bad weather. The second thing was to determine if the weather was going to get worse or in a few hours is it going to get better. Another thing that came to mind was how bad the project was going to fall behind if the workers went home for the day, or can we finish an important part of the project that needed to complete that day so that other trades would not fall behind. After considering the thought about the job, the most reasonable decision that was made was to work for half a day and concentrate on a specific part of the project and put workers to finish that part by the afternoon of that day. An explanation to the workers about the decision was made and strongly suggested that if the weather got to the point of where we could not work then the workers would go home regardless of the project falling behind. The workers agreed to work and not to forget about their safety during the bad weather. The workers were also told that they will still get paid for eight hours of work if we left around...
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...Decision Making Process Jacqueline L. Gonzalez MGT/230 December 11, 2013 Professor: Richard Dettling Decision Making Process Decision making is a process that consists of six different steps that one should follow in any decision making. The first step is to define the problem, the second step is to identify available alternative solutions to the problem, the third step is to evaluate the identified alternatives, the fourth step is to make the decision, the fifth step is to implement the decision, and the final step is to evaluate the decision. The time in my life that I had to make a personal decision would be when I decided to go back to school at the age of 33. The decisions that I had to make to find the right school took time and preparation. Going through the similarities and differences from the steps can change. Knowing the steps could have helped me from the beginning of my process. The decision process in my decision to go back to school at the age of 33 was a long time in the making. Having three kids doing somewhat okay in their school work, I wanted to show them that anything was possible just as long as you put your mind to it. The main reason I decided to go back to school was from the fact that I am at place in my job. I feel that the company I work for does not value its long time employees; I have been at my place of employment for 12 long years. It was 2011 when I finally said to myself “It is time for a change in my life and it will be for the better of my...
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...Decision-Making-Model: Defining the situation in the decision making process is probably the most significant step. It is vital to have a good understanding and be very clear about the situation and what you want to achieve. Any misinformation about the situation is likely to be amplified in the later stages in decision making. Being cleat about what you want the decision to achieve will also have knock off effects on the later stages of the decision making. It is easy to know what is not wanted, but such framing of the outcome in a negative way does not set a direction to move towards, only what to move away from. Instead, one should state it in a way that they want the decision to achieve. Sometimes in the decision process, you will have a number of alternatives to choose from. These alternatives and the choices that you make will depend on factors such as experience, knowledge, skills and the number of people involved in the alternatives and what one may consider important. The basic steps in the decision making process is: framing, deciding, communicating, implementing and evaluating. Framing has to do with clarifying the purpose and the boundaries of the decision and gathering the information. One also needs to define when the decision needs to be made and communicate to the affected parties who are making the decision and the rationale for it. in the deciding stage, the decision needs to be defined on how the decision will be made, use appropriate tools that...
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...Decision Making Case Study Lauren Williams HCS 514 December 3, 2012 Making a decision is difficult on any level especially one that will affect an entire organization and impact the lives of many. As a manager it is imperative that options and outcomes are thoroughly processed before decisions are made. Unfortunately decision making does not always occur under ideal circumstances and managers often have limited time, resources, and information to make an impacting decision. Under such stressful and limited circumstances it is especially important to utilize all information available. Fortunately, for the managers making those altering decisions there are theories and guidelines to help. One such decision making resource developed by Thomas Rundall and associates is known as the Informed Decision Toolbox (IDT) and is intended to “[provide] tools to help managers effectively perform the six key steps in [the] evidence-informed approach to decision making” (Rundall, 2007, p. 325). This six step process puts emphasis on finding accurate, applicable, and adequate information that can be used to understand the decision that needs to be made. Application of the steps of the IDT when making a decision can have far reaching impacts throughout an organization past the decision itself to create an environment of accountability and access to knowledge that is consistently questioned and discussed. The most practical way to understand the tools within the IDT and how they all intertwine...
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...In my experience some decision making groups have a higher chance of groupthink than others. There are several factors that determine whether or not groupthink is likely to happen in a group. First, the type of personality of each member of the group, if you have one member with a dominant personality while others don’t the chances of groupthink go up considerably, this can be prevented by not accepting a dominant personality in the group or adding other dominant personalities to maintain a balance. Second, the lack of a methodological approach, this can be prevented if each member of the group uses common sense ,logic ,and facts to support his or her point of view. Third, when the group takes a long time to make a decision stress starts to increase among all members,...
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...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 Making...
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...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...
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