...Decision-Making Process April 13, 2015 Decision-Making Process A person must take several things into consideration when making a decision. There is a process that they must go through in order to arrive at their decision. Each of us have our own unique way of arriving at our decisions. My decision making process begins by first recognizing the situation. In order to have a need to make a decision, there has to be some form of a problem or situation where a choice has to be made. Understanding and analyzing this problem or situation is the next step that needs to be made in order to make the decision. After recognizing the situation, it must be analyzed to understand fully what kind of a choice needs to be made. During this process the third step should fall into place, determining the possible choices. It is important to evaluate all of the possible choices during this step in the process. After finding all of the possible choices for the situation at hand, the outcomes and consequences of each choice must be evaluated. This is where each outcome can be processed through to determine what the best possible choice is. I often make a pro’s versus con’s list for each possible choice to try and determine what the best option is. In most scenarios, once the choice is made and implemented there is no way of going back and choosing a different option. This is why working through each option to find the best possible solution is the most important step in my decision...
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...Studies have shown that most people have poorer decision-making skills than they think. Understanding what the decision-making process involves will help them make logical decisions. The first step needed in order to achieve this goal is gaining an understanding the decision-making process. Decision-making allows the identification of as many alternatives as possible for choosing the one that has the highest probability of success based on the values and preferences of the decision maker. Very few decisions are taken with absolute certainty because complete knowledge regarding all possible alternatives is unrealistic; therefore, the decision-making process helps people to reduce the uncertainty about alternatives and select the most logical and reasonable one (Harris, 2008). The most common decision-making styles are democratic, autocratic, collective-participative, and consensus. In the democratic style a decision maker gives up his or her control of a decision to a group. Autocratic style occurs when a decision maker maintains the ownership and control of a decision. Collective-participative style occurs when a decision maker encourages ideas and thoughts from others to make the best decision possible. Consensus style occurs when a decision maker gives up the ownership and control and allows the group to make the decision (Development Center Inc., 1997). Most Favorable Aspects The collective or participative decision making style is a very popular style; it allows issues to be...
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...Making Choices What is it that defines a persons’ life? A persons’ life is purely defined by the choices and decisions that a person makes. A person may believe that they are something on the inside but, in reality their actions are what will be their legacy not their thoughts and feelings. Everything that you decide will have consequences both good and bad. The important thing to realize is that a person is in control of those decisions. What one must decide is to continue on their decision making track or to change it depending on the perceived consequences. This is where one must come to the conclusion that a person is solely responsible for the outcome of every decision that they make. If someone wants good consequences from their decisions then they will make sure that all the elements in order to make those consequences prevail. If they want ill consequences then they will not do anything to prevent those bad elements from becoming. What elements are in a decision making process? Every person goes through the same decision making process in a matter of moments whether they realize it or not. The first step in this process is always asking one’s self the question of ways the decision. Whether a person goes left or right for example. The next step is determining the possible consequences of each possible side of the decision. Understanding whether left or right will lead to good or bad possible consequences is typically the biggest deciding factor in a persons' decision...
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...Section 5 INTRODUCTION TO PROBLEM SOLVING Key Points 1 2 3 Army Decision Making The Seven Problem Solving Steps The Leader’s Role e A good leader must sometimes be stubborn. Armed with the courage of his convictions, he must often fight to defend them. When he has come to a decision after thorough analysis—and when he is sure he is right— he must stick to it even to the point of stubbornness. General of the Army Omar Bradley Tactics and Techniques Track Introduction to Problem Solving n 281 Introduction As an Army leader, you will be involved in problem solving daily. Some problems are simple and only require you to use your intuition, experience, and best judgment. At other times, however, you will face problems that are more complex. These require you to follow a systematic approach to define and analyze the problem, develop and analyze possible solutions, choose the best solution, and implement a plan of action. The amount of time and resources you apply to any given problem depends on its complexity, the amount of time available, and your experience as a leader. In this section, you will learn about the Army problem solving process— a systematic, logical approach to problem solving and decision making designed to help leaders make better decisions. As a junior officer, you may not face a decision on the scale of that facing BG John Buford on 30 June 1863. But using this systematic approach to problem solving can help you make decisions as solid as...
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...Decision Making Process MGT230 Decision Making Process I have made quite a few very involved decisions in the last several months. Four months ago I decided to move out of my home state to an entirely new area of the country. Four weeks after that, I decided to start a business that has kept me quite occupied since. For myself, I try to apply the steps of the decision making process to everything in my life. I have a reputation for overthinking everything before making a move. The greater the possible negative consequences of a given action sequence, the more I think about it. The Process In making the move across the country, I first came to the conclusion that it would be best for the furtherance of my education, business prospects, and personal life to do so. All of these things were determined to face a positive change if I relocated. Once it was conceptually a good decision, I had to semantically decide the finer points of the move; the when, where, and how of the issue. After evaluating all of the possible variables and alternatives, I came to conclusions and took action to make the move possible. After making the decision to move, where to do move, and when, I began implementing my decisions and going that direction. The move itself was the easy part, once the foundation had been built upon such deliberate thought, planning, and evaluation of options. No stone was initially left unturned, and therefore no surprises occurred in the process of the move. In fact, it...
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...Self-assessment of decision-making style ______________________________________________________________________________ Based on the five basic decision-making styles I do not think that I abide to one style. I believe I use the “thinker” and “controller” approach to decision making. Thinkers are known to be the toughest to persuade. They are impressed with arguments that are supported by data and when making decisions they need as much information as possible. Thinkers are adverse to risk and like to take their time when making a decision. “Controllers” are similar to “thinkers” in many ways in that they hate uncertainty and tend to focus on facts. I use both the “thinker” and “controller” style however; I use the “thinker” approach more often. When it comes to making important decisions I want to know as much information as possible and I need to know all the risks that could happen. Also, I do not work well when there is uncertainty or ambiguity. I like to know all the risks and benefits upfront before I make my decision however I never make unilateral decisions. I always like to talk through and weigh my options as well as listen to other perspectives. The best way for someone with less authority than me to approach me about a particular topic would be to explain why this topic is of interest and who it affects. For example, if this request is coming from a staff member in my department, I would need to have as much information as possible about the topic...
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...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...
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...Making the Right Decision Charlene McCorkle MGT/230 University of Phoenix Richard Rogers July 23, 2012 Making the Right Decision Making the right decision is an intricate process especially in the field of business. In the field of business the decision making process consist of six steps which are discussed in the preceding sections. Following this I will explain my own method of decision making as well as how the decision making process compares to my own. Decision Making Process Step One: Identify and Diagnose the Problem Step one of the decision making process is to determine what the problem is and why the problem has come about, this is an essential aspect of remedying the appropriate solution (Bateman & Snell , 2011) . Step 2: Generating Alternative Solutions Step two is determining which solution has the best possible outcome. After the problem is identified a resolution to the problem is chosen based on solutions that have already been implemented before (ready made) or solutions that have been customize to fit the particular problem (custom made) Bateman & Snell , 2011. Step 3: Evaluating Alternatives Step three is determining which solution is the best. This is achieved by examining all aspects of the problem (Bateman & Snell, 2011). An essential aspect of evaluating alternatives is to determine what the potential outcomes of each alternative may be which affects which alternative is decided upon. Step 4: Making the Choice ...
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...Quantitative Methods. In this lesson, we will discuss the concept of decision | | | |analysis, a valuable technique for decision making process. | | | | | | | |Please go to next slide. | |2 |Objectives |When you complete this lesson, you will be able to: | | | |Analyze decision-making problems electronically. | | | | | | | |To meet this outcome we will cover the following supporting topics: | | | |Components of decision making; | | | |Decision making without probabilities; | | | |Decision making with probabilities; and | | | |Decision analysis with additional information...
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...them, there would be no business. I take pride in my work and I make sure I put my clients first while following a code of ethics learned in life over many years. Six months into working for this company I made a discovery. The owners are stealing thousands of dollars from their clients and the staff is trained to lie and go along with it. I did not know it was happening until it was time to audit myself and do a mid-year review in the office I was running. I started quality controlling my accounts to prepare an accurate review to be approved by the owners. As I combed through these accounts, I noticed many unsigned contracts, as well as some accounts with no contracts at all. This means, the company is taking money illegally and making the client think they owe for services that were never done in...
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...well-defined outcomes to create a fail-safe business plan. -Failures might occur during the experimental process which is important aspects of learning and understanding the pattern. They business might tried to avoid these failures by strictly controlling the experiment in which might restrain the chances for informative patterns to emerge. 4. Chaotic context In chaotic situation, the relationships between cause and effect are impossible to determine. There are no possible patterns due to the environment changes more frequently. In this domain, leader must first act to establish order and then transforming the situation from chaos to complex context where stability is sensed and pattern can emerge. This context requires decisive and fast reactions. One technique proposed is to manage chaos and keep doing things innovatively by appointing two separate teams to increase the chance of solving the crisis innovatively. Communication of direct top-down is irrelevant because there is no time or room to ask for input. Possible challenges: -Different leaders have different management...
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...below. According to Parboteeah and Cullen, (2013), Lead is a harmful substance that has several health problems. Some of the challenges caused by lead are neurological damage, hearing problems, delayed mental and physical development and learning disabilities when ingested by children. Young children are more vulnerable to the harmful effects caused by lead because they mouth and share many objects that they come across. The cost of replacing the toy (whistle) and conform to the guidelines laid by the government is projected to be $100,000. There are three possible alternatives that our company can embrace to address the whistle problem. The first option that the company can take to address the whistle problem is to ship the toys as planned after two weeks. The toys will be transported with the lead amount exceeding the amount that is dictated by the government of the United States. It is possible that the even if the toys are considered unsafe by the government of the United States, they can go unnoticed and this will be advantageous to the company because the company will be able to save the $100,000 required to replace the toys. If a replacement is required, the company will do so after a request by the receiver. However, if realized, the company will face significant legal issues because the whistles do not meet the...
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...|Decision-Making Analysis[1] | The Components of a Decision Problem 2 Decision Making under Uncertainty 3 Maximax Procedure 3 Maximin procedure 4 Equal Likelihood Procedure 5 Minimax Regret Procedure 5 Decision Making under Risk 6 Maximizing Expected Gain 6 Minimizing Expected Regret 7 The Expected Value of Perfect Information 8 Summary 17 Discussion Questions 18 Solved Problems 18 Problems 24 Key Terms 31 |The Components of a Decision Problem | The three basic components of a decision problem are the decision alternatives; the possible environments, conditions, or states of nature within which a decision is to be implemented; and the outcomes or payoffs that will result from each possible combination of alternatives and states of nature. The decision alternatives are those actions from among which the decision maker must choose. That is, they are the aspects of the decision situation over which the decision maker has direct control. The states of nature are those aspects of the decision situation over which the decision maker does not have direct control. They certainly include things over which there is no control, such as the weather, the general state of the economy, or actions taken by the national government. They may also include things which can be influenced to some extent but not completely. The market response to a new product (which is partly determined by...
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...BUSINESS DECISION MAKING Introduction: 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 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 us have a look at the decision making process in detail. Steps of Decision Making Process: Following are the important steps of the decision making process. Each step maybe supported by different tools and techniques. Step 1: Identification of the purpose of the decision: In this step, the problem is thoroughly analyzed. There are a couple of questions one should ask when it comes to identifying the purpose of the decision. What exactly is the problem? Why the problem should be solved? Who are the affected parties of the problem? Does the problem have a deadline or a specific time-line...
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...administration is shortened. Efficient service provision requires having the right services delivered to the right people, and delivered fast when the people need it most. These perks would not be present without IT, which serves part of the realization of company’s good governance. (Magno & Serafica, 2006) Good Governance is the manner in which power is exercised in the management of a country’s economic and social resources for development. The essence of good governance was described as predictable, open and enlightened policy, together with a bureaucracy imbued with a professional ethos and an executive arm of the policy-making bodies accountable for its actions (The World Bank Group, 2005). IT promotes good governance in three basic ways: (1) by increasing transparency, information, and accountability; (2) by facilitating accurate decision-making and public participation; and (3) by enhancing the efficient delivery of public goods and services. The use of IT could enable the organization, as well as the public, to inform their rights and privileges. Background of the Study Coreware Technologies Inc. is a group of IT professionals with expertise in online real-time transaction processing and banking operations, decided to put-up a company that will provide cost-effective, reliable and secure solutions in the area of financial transaction processing using current and matured web and mobile technology. With the current lifestyle prevalent nowadays, people tend to...
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