A PRESENTATION ON DECISION MAKING

Presented By: Siddhartha Kamat-251075 Gourav Kapoor-251076 Vaibhav Kapoor-251077 Rohit Kaushik-251079

Managerial Skills Workshops

Contents of the Presentation       Managerial Decision Making Types of Decision Making Model of Decision Making Decision Making Process How to make Decisions better? Examples of Decision Making with Small Cases .

  . and making decisions about goals and courses of action. Decisions in response to opportunities: managers respond to ways to improve organizational performance. Decisions in response to threats: occurs when managers are impacted by adverse events to the organization.Managerial Decision Making  Decision making: the process by which managers respond to opportunities and threats by analyzing options.

and judgment.Types of Decision Making  Programmed Decisions: routine. almost automatic process. Non-programmed Decisions: unusual situations that have not been often addressed.  No rules to follow since the decision is new. Example: Deciding to reorder office supplies.  Managers have made decision many times before.  There are rules or guidelines to follow. Example: Should the firm invest in a new technology?  .  These decisions are made based on information. and a manger’s intuition.

Types of Decision Making .

The Classic Decision Making Model .

   Analyze the consequences.  .Decision Making Process  Define the Problem. Make a choice. Clarify your objectives. Identify alternatives.

Start by writing down your initial assessment of the problem. 2.  What triggered this problem (as I’ve assessed it)?  Why am I even thinking about solving this problem?  What is the connection between the trigger and the problem? .Step 1:Define the Problem 1. Dissect the problem.

Dissect the problem. 7. Test your objectives to see if they capture your interests. Clarify what you mean by each objective. 6. Convert your concerns into specific. Start by writing down your initial assessment of the problem. concrete objectives.Step 2:Clarify Your Objective 1. 5.  What triggered this problem?  Why am I even thinking about solving this problem?  What is the connection between the trigger and the problem? . 2. Write down all the concerns you hope to address through your decision. 3. 4. Separate ends from means to establish your fundamental objectives.

4. Generate as many alternatives as you can yourself. by checking with other people. 2. “how?” Know when to stop. Expand your search. including experts. Look at each of your objectives and ask. 3.Step 3: Identify the Alternatives 1. .

Step 4: Analyze the Consequences 1.  Process Analysis  Solving problems by thinking through the process involved from beginning to end. bird's-eye view of the consequences of pursuing each alternative. . imagining. Organize your remaining alternatives into a table (matrix) that provides a concise. Mentally put yourself into the future. at each step. 3. Eliminate any clearly inferior alternatives. 2. what actually would happen.

Step 5: Make a Decision  Analyses are useless unless the right choice is made. simply review the consequences of each alternative.  Under perfect conditions.  In practice. and choose the alternative that maximizes benefits. . making a decision—even a relatively simple one like choosing a computer—usually can’t be done so accurately or rationally.

Get experience. Force yourself to recognize the facts when you see them (maintain your objectivity).  Use Your Intuition A cognitive process whereby a person instinctively makes a decision based on his or her accumulated knowledge and experience.How to make the decision better? 1.      Increase Your Knowledge Ask questions. 2. . Use consultants. Do your research.

How to make the decision better? 3. Make Sure the Timing Is Right . and taking into consideration the relative importance of each of your objectives.  Knowing when to quit is sometimes the smartest thing a manager can do. 5. Weigh the Pros and Cons  Quantify realities by sizing up your options. Don’t Overstress the Finality of Your Decision  Remember that few decisions are forever. 4.

Cases  Case on a UK Construction Company-W. S. Ltd  Decision Related to Business Expansion Overseas.  Case on SPCL  Decision Related to Staffing and Cost Cuts. . Try Pvt.

Thank You! .

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