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Decision Making 4860
Decision Making 4860
Decision Making
Sir, why is my
coursework marks so low?
I deserve higher marks.
Hehehe!
Which Mobile Phone should I buy?
What are the
things you
consider before
making a
decision?
What should I wear for class (or work) today?
1. What is
Decision Making? 2. Barriers to Good
Decision Making
3. Decision
Making Process
4. Decision Making
Tools
"No sensible decision can be made any longer
without taking into account not only the world as
it is, but the world as it will be. . ."
- Isaac Asimov
6.1 What is Decision Making?
Decision making is the cognitive process leading to the
selection of a course of action among alternatives.
Every decision making process produces a final choice.
choice It
can be an action or an opinion.
opinion
It begins when we need to do something but we do not know
what. Therefore, decision making is a reasoning process
which can be rational or irrational, and can be based on
explicit assumptions or tacit assumptions.
Examples:
Shopping, deciding what to eat, What to wear, when to
sleep, etc..
Source: http://en.wikipedia.org/wiki/Decision_making
“Successful leaders have the courage to take
action while others hesitate.”
- John C. Maxwell
6.2 Barriers to Good Decision Making
For an explanation of the logical processes behind some of these barriers refer to
Module 4 (Fallacies)
Fallacies and Module 1 (Section - Barriers to Critical
Critical Thinking).
Thinking
“ Making good decisions is a crucial skill at
every level. ”
- Peter Drucker
6.3 Decision Making Process
Steps Tips
1. Define the decision clearly. A lot of decision making goes wrong at the starting
point.
the more specific your definition of the decision is to
made, the clearer will be your analysis and the likelihood
of success.
2. Consider all the possible choices. Successful decision makers explore all of the possible
choices of the situation.
In fact many of the less obvious choices turn out to be
the most effective ones.
3. Gather all relevant information In many cases, we may lack sufficient information to
make an informed decision.
and evaluate all the pros and cons Analyze the advantages and disadvantages of each
of each possible choice. choice
4. Select the choice that seems to Synthesize all what you learned in previous steps and
make a conclusion that you believe to be your “best”
best meet the needs of the choice.
situation.
5. Implement a plan of action and Once you have selected your best choice, you need to
develop and implement a specific and concrete plan of
then monitor the results, making action.
necessary adjustments. As you begin taking the steps in your plan, you will
discover that adjustments need to be made.
“Because I'm thinking in a broader way, I feel
like I am able to make better decisions.”
- Takafumi Horie
6.4 Decision Making Tools
Opportunities Threats
6.4.1 SWOT Analysis
Source: http://en.wikipedia.org/wiki/SWOT_Analysis
6.4.1 SWOT Analysis – Strategic Use
Orienting SWOTs to An Objective - If SWOT analysis does not start
with defining a desired end state or objective, it runs the risk of being
useless.
If a clear objective has been identified, SWOT analysis can be used to
help in the pursuit of that objective. In this case, SWOTs are:
Strengths Weaknesses
Attributes of the organization Attributes of the organization
that are helpful to achieving the that are harmful to achieving
objective. the objective.
Opportunities Threats
External conditions that are External conditions that are
helpful to achieving the objective. harmful to achieving the
objective.
Source: http://en.wikipedia.org/wiki/SWOT_Analysis
6.4.1 SWOT Analysis – Creative Use
Creative Use of SWOTs – If the objective seems
attainable, the SWOTs are used as inputs to the creative
generation of possible strategies, by asking (usually in
groups) and answering each of the following four questions,
many times:
Strengths Weaknesses
How can we Use each How can we Stop each Weakness?
Strength?
Opportunities Threats
How can we Exploit each How can we Defend against
Opportunity? each Threat?
Source: http://en.wikipedia.org/wiki/SWOT_Analysis
6.4.1 SWOT Analysis – Internal and External
Factors
The aim of any SWOT analysis is to identify the key internal
and external factors that are important to achieving the
objective. SWOT analysis groups key pieces of information
into two main categories:
Strengths
Internal Factors
Organization
Weaknesses
Opportunities
External Factors
External Environment
Threats
Source: http://en.wikipedia.org/wiki/SWOT_Analysis
6.4.1 SWOT Analysis – Errors to Be Avoided
6.2 Barriers to Good Hasty, Narrow, Scattered and Fuzzy decision making.
Decision Making
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