INTEGRATED BUSINESS COURSE

DECISION
MAKING
GROUP 6
MEMBERS:

ESPERANZA ESTADILLA GUASCH IBANADA

What is Decision Making?
Decision making is the process of
making choices by identifying a
decision, gathering information, and
assessing alternative resolutions.
Decision Making in Business Context
In a business context, it is a set of steps taken
by managers in an enterprise to determine the
planned path for business initiatives and to set
specific actions in motion. Ideally, business
decisions are based on an analysis of
objective facts, aided by the use of business
intelligence (BI) and analytics tools.
 Decision Making Methodologies
There are many different decision making
methodologies, but most share at least five steps in
common:

01 02 03 04 05

Identify a business Seek information Evaluate the Implement the Monitor the situation,
about different alternatives and decision in business gather data about the
problem
possible decisions choose one of them. operations. decision's impact and
and their likely make changes if
effect. necessary
 Steps in Decision Making
A lot of time is consumed while decisions are taken. In a
management setting, decision cannot be taken abruptly. It
should follow the steps such as

1 Defining the problem

4
Choosing best
possible option

Gathering information and

2 collecting data 5 Plan and execute

Developing and weighing the options

3 6 Take follow up action
 IMPORTANCE

Decision making is the key skill in the workplace and very important
for leaders. It is also important every day in your personal life. Some
decisions are simple and are almost automatic while others can be very
difficult. Wrong decisions can bring consequences that one is forced to
live with for a long time. We spend an inordinate amount of time and
energy making choices and weighing out options in every day
situations. There are often trade-offs and compromises
Thank You!