DEPARTMENT OF BUSINESS &

INDUSTRIAL MANAGEMENT

NAME ROLL NO

• BAGDE MONALISA • 02
• PATEL UTSAV • 14
CONTENT

 Define decision making

 How to make better decision ?

 Factors for effective decisions

 Common mistakes made in decision making

 Types of decisions

 Personal life decision

 Professional life Decision

 Process of decision
WHAT IS DECISION MAKING?
- Decision Making is the act of
choosing one alternative from among
a set of alternatives.
DEFINATION
- The process of examining your
possibilities options comparing them
and choosing a course of action.
IN EVERY SITUATION YOU HAVE TO
CHOOSE.
HOW TO MAKE BETTER DECISION ?

 Increase your knowledge

 Use your intuition

 Weigh the pros and cons

 Stick to your decision

 Make sure the timing is right

FACTORS OF EFFECTIVE DECISIONS

Priority

Acceptab
Perception ility

factors

Risk &
Demand
Resources

Goals &
valus
COMMON MISTAKES MADE IN
DECISION MAKING

 Not taking enough time

 Lacking peace

 Not considering priorities

 Forgetting how to say “no”

 Procrastinating
 TYPES OF
DECISIONS

PROFESSIONAL
PERSONAL
LIFE
LIFE DECISONS
DECISIONS
PERSONAL LIFE DECISION
Decisions which are Decisions which are
easy to make difficult to make

 What to eat in  What career to

breakfast? choose?
 What to wear for  What partner to
work? marry?
 How to go to College?  Changing a job
PROFESSIONAL LIFE DECISION MAKING
PROCESS
PROBLEM
IDENTIFI
CATION

IDENTIFY
ING
RESULT
ALTERNA
TIVES

EVALUAT
ING
ACTION
ALTERNA
TIVES
CHOICE
OF
ALTERNA
TIVE
 PROBLEM IDENTIFICATION:
- Identification of problem is real beginning of decision
making process. Managers must precisely and
carefully analyze the problem

 IDENTIFYING ALTERNATIVES:
- A Problem can be solved in several ways. Managers
must realize that their alternatives may be limited by
legal, moral and ethical norms, available technology,
economic consideration.
 EVALUATING ALTERNATIVES:
- Each alternative must pass successfully
through three stages before it may be
worthy of consideration as a solution.
i. Feasibility
ii. Satisfactory
iii. Affordability

 CHOICE OF ALTERNATIVE:
- Choosing the best alternative is the real
test of decision making. Optimization is
the goal. Finding multiple acceptable
alternatives may be possible.
 ACTION:

- Once the alternative is selected, put it into action.

Implementation of a decision requires the
communication to subordinates, getting
acceptance of subordinates over the matters
involved in the decision, and getting their support
for putting the decision into action.

 RESULT:

- Manager must evaluate the effectiveness of their

decisions – did the chosen alternative serve it’s
original purpose?
If the implemented alternative appears not to be
working manager adopt the another previously
indentified alternative or start the process all over
again.
THANK
YOU