Show BUSINES 269 Principles Of Management City Colleges of Chicago-Harold Washington College A set of eight steps that includes identifying a problem, selecting a solution,and evaluating the effectiveness of the solution. Steps in the Decision-making process
What Defines a Decision Problem? Step 1 = identification of a problem or adiscrepancy between an existing and a desired state of affairs. Problem: A discrepancy between an existing and a desired state of affairs. Amanager who mistakenly solves the wrong problem perfectly is just likely toperform poorly as the manager who fails to identify the right problem and does nothing. What is Relevant in the Decision-Making Process? Step 2 = Identification of the decision criteria. Decision criteria: Factors that are relevant in a decision. What is NOT identified is as important as what is. If a decision maker does not identify a particular factor in the second step, it's treated as irrelevant. How Does the Decision Maker Weigh the Criteria and Analyze Alternatives? Step 3 = allocate weights to the items listed in step 2 in order to give them their relative priority in the decision. Step 4 = List the alternatives that could succeed in resolving the problem. Simply a list of alternatives. Step 5 = Critically analyze each alternative by evaluating and appraising it against the criteria. What Determines the Best Choice? Step 6 = Choosing the best alternative from among those assessed. What Happens in Decision Implementation? Step 7 = Implementation of the Alternative Decision Implementation: Putting a decision into action. Includes conveying the decision to those affected and getting their commitment to it. What is the Last Step in the Decision Process? Step 8 = Managers appraise the result of the decision to see whether it has corrected the problem. Judgmental shortcuts or 'rules of thumb' used to simplify decision making. Decision-Making Errors & Biases
When decision makers fixate on initial information as a starting pint and then,once set, fail to adequately adjust for subsequent information. When decision makers try to create meaning out of random events. Decision makers forget that current choices cant correct the past. They incorrectly fixate on past expenditures of time, money, or effort in assessing choices rather than on future consequences. Instead of ignoring sunk costs, they cant forget them. Three approaches managers can use to make decisions
Describes choices that are consistent and value-maximizing within specified constraints. Making decisions that are rational within the limits of a manager's ability to process information. Accepting solutions that are "good enough" Managers cant possibly analyze all information on all alternatives. Most decisions that managers make don't fit the assumptions of perfect rationality. An increased commitment to a previous decision despite evidence that it may have been a poor decision. Intuitive decision Making Making decisions on the basis of experience, feelings, and accumulated judgment. "unconscious reasoning"
A repetitive decision that can be handled using a routine approach. A series of interrelated, sequential steps used to respond to a structured problem. An explicit statement that tells employees what can or cannot be done. A guideline in making decisions. A unique and nonrecurring decision that requires a custom-made solution. What Decision-Making Conditions Do Managers Face?
A situation in which a decision maker can make accurate decisions because all outcomes are known. A situation in which a decision maker is able to estimate the likelihood of certain outcomes. A situation in which a decision maker has neither certainty nor reasonable probability estimates available. What are the Advantages of Group Decision Making?
What are the Disadvantages of Group Decision Making?
When a group of experts extensive pressure on an individual to withhold his or her different views in order to appear to be in agreement.
How Can You Improve Group Decision making?
An idea-generating process that encourages alternatives while withholding criticism. a decision-making technique in which group members are physical present but operate independently. a type of nominal group technique in which participants are linked by computer. the ability to produce novel and useful ideas. Includes four elements:
What includes conveying a decision to those affected and getting their commitment to it?Implementation is conveying a decision to those affected by it and getting their commitment to it.
What are the steps involved in decisionStep 1: Identify the decision. You realize that you need to make a decision. ... . Step 2: Gather relevant information. ... . Step 3: Identify the alternatives. ... . Step 4: Weigh the evidence. ... . Step 5: Choose among alternatives. ... . Step 6: Take action. ... . Step 7: Review your decision & its consequences.. Which of the following is the step in the decisionThe correct answer is evaluating the decision's effectiveness. The last step in the process of decision-making is Evaluating or Monitoring the decision's effectiveness. Monitoring is required to determine the effectiveness of the implemented decisions.
What are the 4 types of decisionThe four categories of decision making. 1] Making routine choices and judgments. When you go shopping in a supermarket or a department store, you typically pick from the products before you. ... . 2] Influencing outcomes. ... . 3] Placing competitive bets. ... . 4] Making strategic decisions. ... . The constraint of decision making research.. |
Which step in the decision making process involves conveying the decision to those affected?
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