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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 .

Decisions in response to opportunities: managers respond to ways to improve organizational performance.   . and making decisions about goals and courses of action. 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.

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

Types of Decision Making .

The Classic Decision Making Model .

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

Dissect the problem. Start by writing down your initial assessment of the problem.  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? . 2.Step 1:Define the Problem 1.

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

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

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

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

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

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

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

Thank You! .