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Problem Solving and Decision Making - II.pptx

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Problem Solving and Decision Making - II.pptx

  1. 1. Nurturing Brilliance, Transforming Generations FOUNDATION FOR EXCELLENCE 28 YEARS OF EXCELLENCE MENTORSHIP PROGRAM
  2. 2. Session II Time of Session (1-1.5 hours) MENTORSHIP PROGRAM Problem-Solving and Decision-Making Topics covered in the session Introduction of Topic Selecting the best alternative using Decision- making matrix Tips on planning and reviewing
  3. 3. ONTENT 3 Objectives ● Understand the nuances of planning and on-time monitoring ● Understand the techniques to select the best alternative - Decision-making matrix Pre-reading for Mentee / Assignments Due Mentee to go through the case study and come prepared for the session. Imagine that your HOD has put you in charge of taking on a new outsourced canteen food supplier. You've already identified several different suppliers, and you now need to decide which one to use. You could decide to go with the low-cost option. But you don't want to make your decision on cost alone – many other important factors need to be considered. How would you go about making your decision? CONTENT
  4. 4. 4 Action Item Time Recap of previous session on Problem Solving and Decision Making 5 min 1 Review Assignment and provide feedback 15 min 2 Discuss the following (content provided) Introduction - Decision-making matrix 5 min 3 Understanding the matrix in relation to the case study, application of matrix concept to case study 10 min 5 Activity on Case study on creating action plan 10 min 6 Session Wrap-up: reflect on what You Did You Learnt You found interesting Questions about content 10 min 8 Session Feedback Post Session SESSION FLOW
  5. 5. 5 Recall DISCO: In our previous sessions we learnt how to “Define the problem”andalso how to “Identify alternatives”. We are now going to explore the “S” of DISCO - “Selecting the best alternative” or in other words Decision Making. Step 3 – Selecting the Best Alternative STEP 3 – SELECTING BEST ALTERNATIVE
  6. 6. 6 Decision making is part of everyone’s life and all of us have to make decisions every moment. Right from choosing what to wear to what to eat to where we live and work and extending to whom we marry, decisions are an integral part of our lives. A lot of time is consumed while decisions are taken. In a management setting, decision cannot be taken abruptly. Following steps are normally followed: 1. Defining the problem 2. Gathering information and collectingdata 3. Developing and weighing the options 4. Choosing best possible option 5. Plan and execute 6. Take follow up action Decision making should be based on a systematic evaluationof the alternatives.An important part of this process involves determining the possible outcomes of the various alternatives. The choice process is mostly rational, but very skilled decision makers rely on intuition as well, especially for complex problems. DECISION MAKING
  7. 7. 7 Step 1: List all of your options as the row labels on the table, and list the factors that you need to consider as the column headings. Step 2: Next, work your way down the columns of your table, scoring each option for each of the factors in your decision. Score each option from 0 (poor) to 5 (very good). Step 3: The next step is to work out the relative importance of the factors in your decision. Show these as numbers from, say, 0 to 5, where 0 means that the factor is absolutely unimportant in the final decision, and 5 means that it is very important. Step 4: Now multiply each of your scores from step 2 by the values for the relative importance of the factor that you calculated in step 3. This will give you weighted scores for each option/factorcombination. Step 5: Finally, add up these weighted scores for each of your options. The option that scores the highest wins! DECISION MAKING MATRIX
  8. 8. 8 Discuss how to use the Decision-Making Matrix and utilise it to rework the assignment regarding vendor selection for your college canteen. ACTIVITY 1 CASE STUDY TIME: 15 MINS
  9. 9. 9 Let’sLook AtApplyingThisToOurCaseStudy (Assignmentfrom previous session) Youneedtofindanewsupplier foryour canteenfoodandifyouhavefouroptions. Factors that you could consider are - Cost - Quality - Location - Reliability - Payment options APPLICATION
  10. 10. 10 Step 1/ 2: List all suppliers/vendors as rows and the factors as columns as follows and score each option from 0 (poor) to 5 (very good). Factors Cost Quality Location Reliability Payment options Total Weights: Supplier 1 1 0 0 1 3 Supplier 2 0 3 2 2 1 Supplier 3 2 2 1 3 0 Supplier 2 3 3 3 0 DECISION MAKING MATRIX STEP 1 & 2
  11. 11. 11 Step 3: Decide the relative weights for each of the factors Factors Cost Quality Location Reliability Payment options Total Weights: 4 5 1 2 3 Supplier 1 1 0 0 1 3 Supplier 2 0 3 2 2 1 Supplier 3 2 2 1 3 0 Supplier 2 3 3 3 0 DECISION MAKING MATRIX STEP 3
  12. 12. 12 Step 4: Multiply these by the scores already entered, and total them Factors Cost Quality Location Reliability Payment options Total Weights: 4 5 1 2 3 Supplier 1 1 0 0 1 3 15 Supplier 2 0 3 2 2 1 24 Supplier 3 2 2 1 3 0 25 Supplier 2 3 3 3 0 32 Step 5: Supplier 4 scores the highest and will be your best choice for vendor. DECISION MAKING MATRIX STEP 4 & 5 Refer to notes below
  13. 13. 13 Step 4 – Creating an Action plan An action plan is a document that lists what steps must be taken in order to achieve a specific goal. A plan is like a map. When following a plan, you can always see how much you have progressed towards your project goal and how far you are from your destination. Knowing where you are is essential for making good decisions on where to go or what to do next. Here is how you can create an action plan 1. Make Sure Your Goals AreSMART. a. S - Specific b. M - Measurable c. A - Attainable d. R - Relevant e. T - Timely 2. Work Backwards to Set Milestones 3. Decide What Actions Are Required to Reach These Milestones 4. Put Your Actions Into a Schedule - create time lines 5. Monitor progress. STEP 4 – CREATING A PLAN
  14. 14. 14 Mentor to narrate the following scenario to the mentee: You and a group of seven other friends intend going for a trek to the Himalayas this year. How would you go about planning for the same? Once you have arrived at the best alternative using the decision- making matrix, planning towards using the alternative involves similar steps. Trek To Himalayas ACTIVITY 2 Refer to notes below
  15. 15. 15 Imagine that your marks in the final exams last year were not satisfactory. You defined the problem using the 5 why technique and identified your computer skills being weak. You identify multiple alternatives like self-study, online courses, joining some evening classes for the sameetc. While selecting the best alternative using decision-making matrix, you arrive at the alternative of attending evening classes with some IT training centres in the city. Please create an action plan for the same. Case Study (10 Mins) ACTIVITY 3
  16. 16. 16 Step 5 – On Time Monitoring As an Action Plan for a solution to a problem is being implemented it is important to monitor its progress. Monitoring requires reflection. Monitoring the plan helps to ensure that the solution is being implemented as expected. In order to monitor the plan the following questions should be asked: 1. Has each step been implemented correctly? 2. Has each step been implemented on time? 3. Hastheexpectedoutcomematerializedfromthecompletionofeachstep? Based on the answers to the above questions the following questions may need to be considered: 1. Is more time required? 2. Are more resources required? 3. Was the plan realistic? 4. What action needs to be taken? 5. Does the plan need to change? STEP 5 – ON TIME MONITORING
  17. 17. 17 1. https://www.mindtools.com/pages/article/newTED_03.htm 2. https://www.youtube.com/watch?time_continue=4&v=xO7xJ1sTyPI 3. https://www.thebalance.com/how-to-create-an-action-plan-to- achieve-your-goals-17 94129 RESOURCES
  18. 18. No. 840, 5th Main, Indiranagar 1st Stage, Bengaluru, India 560 038 FoundationForExcellence (080) 2520 1925 www.ffe.org THANK YOU

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