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Decision making process

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Decision making process

  1. 1. Decision Making Process By Ponmuthu S & Daniel R
  2. 2. What is a Decision? Choice between two or more alternatives If you only have one alternative, you do not have a decision.
  3. 3. Decision Making “Decision-making involves the selection of a course of action from among two or more possible alternatives in order to arrive at a solution for a given problem”. Decision making process is a consultative affair done by a comity of professionals to drive better functioning of any organization
  4. 4. Decision Making Process
  5. 5. Decision Making Process The step by step method for taking decisions A decision maker should follow these steps before taking decisions
  6. 6. Define the Problem Gather facts and develop alternatives Evaluate Alternatives Select the best alternative. Implement the chosen Alternative Follow up and evaluate the chosen alternative. The Decision Making Process
  7. 7. Identify The Problem Problem : A discrepancy between an existing and desired state of affairs Characteristics : A problem becomes a problem when a manager becomes aware of it there is a pressure to solve the problem the manager must have the authority, information, or resources needed to solve the problem.
  8. 8. Decision criteria are factors that are important ( relevant) to resolving the problem. Costs that will be incurred (investment required).  Risks likely to be encountered ( chance of failure).  Outcomes that are desired ( growth of the firm). Identify The Decision Criteria
  9. 9. Decision criteria are not of equal importance: Assigning a weight to each item.  Places the items in the correct priority order of their importance in the decision making process. Allocating Weights to the Criteria
  10. 10. Generate Alternative Solutions A problem can be solved by different alternative solutions Develop alternative solutions Think on all the alternative possible solutions
  11. 11. Evaluate And Choose Among Alternative Solutions Feasibility Acceptability Costs Ethics Quantitative or qualitative approaches Forecast the result
  12. 12. Choosing the best alternative  The alternative with the highest total weight is chosen. The best alternative is the one that produces the most advantages and the fewest serious disadvantages. Sometimes, the optimal solution is a combination of several alternatives. Selecting The Alternative
  13. 13. Implement And Monitor The Chosen Solution Reveals its effectiveness and significance in achieving the desired goals Depends on careful planning and sensitivity To ensure that the alternative put into action is moving towards the objectives Confirms that the organization goals have been achieved.
  14. 14. 1 • Define the Problem,objectives & goals 2 • Identify The Decision Criteria 3 • Allocating Weights to the Criteria 4 • Gather facts and develop alternatives 5 • Evaluate Alternatives 6 • Select the best alternative 7 • Implementing the Alternative 8 • Evaluate the decision’s effectiveness
  15. 15. Decision Making Process Always continuous & dynamics It is not only a process and also a practice A good decision maker will be the good manager Be a best decision maker.., Be a best manager
  16. 16. Thank You
  17. 17. ????