Decision Making final

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Decision Making:

Decision Making Farrukh Waseem Mirza

Preamble::

Preamble: Decisions are a part and parcel of our life. Various type of decision. Personal or professional. Our decision has the ability to affect not only us, but others around us

Slide 3:

Adult life is full of decisions

Slide 4:

Adult life is full of decisions

Slide 5:

Adult life is full of decisions

Which Mobile Phone should I buy? :

Which Mobile Phone should I buy? What are the things you consider before making a decision?

What should I wear for class (or work) today?:

What should I wear for class (or work) today? What are the things you consider before making a decision?

Decision Making:

Decision Making 3. Decision Making Process Decision Making 4. Decision Making Tools What is Decision Making? 2. Barriers to Good Decision Making

Slide 9:

What is Decision Making? The process of examining your possibilities options, comparing them, and choosing a course of action "No sensible decision can be made any longer without taking into account not only the world as it is, but the world as it will be. . ." - Isaac Asimov

Related Quotes:

Related Quotes “Be sure you are right -- then go ahead.” Davy Crocket. “ Doing what's right isn't hard -- Knowing what's right is.” Lyndon B. Johnson. “ Mine own applause is the only applause which matters.” Cicero. “ Once you've made your mark, watch out for erasers!” Will Rogers.

What is Decision Making?:

What is Decision Making? Decision making is the cognitive process leading to the selection of a course of action among alternatives. Every decision making process produces a final choice . It can be an action or an opinion . It begins when we need to do something but we do not know what. Therefore, decision making is a reasoning process which can be rational or irrational, and can be based on explicit assumptions or tacit assumptions. Examples: Shopping, deciding what to eat, What to wear, when to sleep, etc.. Source: http://en.wikipedia.org/wiki/Decision_making

Slide 12:

Barriers to Good Decision Making “Successful leaders have the courage to take action while others hesitate.” - John C. Maxwell

Barriers to Good Decision Making:

Barriers to Good Decision Making Hasty - Making quick decisions without having much thought. Narrow - Decision making is based on very limited information. Scattered - Our thoughts in making decisions are disconnected or disorganized. Fuzzy - Sometimes, the lack of clarity on important aspects of a decision causes us to overlook certain important considerations.

Six C's of Decision Making:

Six C's of Decision Making C onstruct a clear picture of precisely what must be decided. Compile a list of requirements that must be met. C ollect information on alternatives that meet the requirements.

Six C's of Decision Making:

Six C's of Decision Making C ompare alternatives that meet the requirements. C onsider the " what might go wrong " factor with each alternative. C ommit to a decision and follow through with it.

Slide 16:

Decision Making Process “ Making good decisions is a crucial skill at every level. ” - Peter Drucker

Decision Making Process:

Decision Making Process Steps Tips Define the decision clearly. A lot of decision making goes wrong at the starting point. the more specific your definition of the decision is to made, the clearer will be your analysis and the likelihood of success. Consider all the possible choices. Successful decision makers explore all of the possible choices of the situation. In fact many of the less obvious choices turn out to be the most effective ones. Gather all relevant information and evaluate all the pros and cons of each possible choice. In many cases, we may lack sufficient information to make an informed decision. Analyze the advantages and disadvantages of each choice Select the choice that seems to best meet the needs of the situation. Synthesize all what you learned in previous steps and make a conclusion that you believe to be your “best” choice. Implement a plan of action and then monitor the results, making necessary adjustments. Once you have selected your best choice, you need to develop and implement a specific and concrete plan of action. As you begin taking the steps in your plan, you will discover that adjustments need to be made.

Slide 18:

Decision Making Tools “Because I'm thinking in a broader way, I feel like I am able to make better decisions.” - Takafumi Horie

Decision Making Tools:

Decision Making Tools Tools to facilitate better decisions: SWOT ANALYSIS SIX THINKING HATS DECISION MATRIX FORCE FIELD ANALYSIS MIND MAPPING More  MyCoted + Mind Tools + Creativity Web I can study these tools on my own. Click!

Slide 20:

S trengths W eaknesses O pportunities T hreats SWOT Analysis

SWOT Analysis:

SWOT Analysis SWOT analysis is a great technique for identifying your S trengths and W eaknesses and study any O pportunities and T hreats you face. It is also a powerful strategic planning tool used to evaluate a project or in a business venture or in any other situation of an organization or individual requiring a decision in pursuit of an objective. It involves monitoring the marketing environment internal and external to the organization or individual. Source: http://en.wikipedia.org/wiki/SWOT_Analysis

SWOT Analysis – Strategic Use:

SWOT Analysis – Strategic Use Orienting SWOTs to An Objective - If SWOT analysis does not start with defining a desired end state or objective, it runs the risk of being useless. If a clear objective has been identified, SWOT analysis can be used to help in the pursuit of that objective. In this case, SWOTs are: S trengths Attributes of the organization that are helpful to achieving the objective. W eaknesses Attributes of the organization that are harmful to achieving the objective. O pportunities External conditions that are helpful to achieving the objective. T hreats External conditions that are harmful to achieving the objective. Source: http://en.wikipedia.org/wiki/SWOT_Analysis

SWOT Analysis – Creative Use:

SWOT Analysis – Creative Use Creative Use of SWOTs – If the objective seems attainable, the SWOTs are used as inputs to the creative generation of possible strategies, by asking (usually in groups) and answering each of the following four questions, many times: S trengths How can we U se each Strength? W eaknesses How can we S top each Weakness? O pportunities How can we E xploit each Opportunity? T hreats How can we D efend against each Threat? Source: http://en.wikipedia.org/wiki/SWOT_Analysis

SWOT Analysis – Internal and External Factors:

SWOT Analysis – Internal and External Factors The aim of any SWOT analysis is to identify the key internal and external factors that are important to achieving the objective. SWOT analysis groups key pieces of information into two main categories: Source: http://en.wikipedia.org/wiki/SWOT_Analysis Internal Factors  Organization External Factors  External Environment S trengths W eaknesses O pportunities T hreats

SWOT Analysis – Errors to Be Avoided:

SWOT Analysis – Errors to Be Avoided Conducting a SWOT analysis before defining and agreeing upon an objective (a desired end state). SWOTs should not exist in the abstract. They can exist only with reference to an objective. Opportunities external to the company are often confused with strengths internal to the company. They should be kept separate. SWOTs are sometimes confused with possible strategies. SWOTs are descriptions of conditions, while possible strategies define actions. Source: http://en.wikipedia.org/wiki/SWOT_Analysis

Group Activity:

Group Activity Break into groups of 4 – 6. Identify a potential product/service to invest in (e.g. buying a car), or business project/venture to pursue. Do a SWOT analysis to identify the key internal and external factors that are important to consider (refer to the template). Assess the findings, and make a decision. Example: Imagine you want to assess whether to study at IPH or not. Do a SWOT analysis, assess and then make a decision.  5 min Identify a potential product/service/project/venture to invest or pursue. 15 min Do a SWOT analysis, assess, and then make a decision. 5 min Document your SWOT analysis findings in the template provided. 15 min Group presentation & discussion.

6 Thinking Hats:

6 Thinking Hats

1. Blue Hat:

1. Blue Hat Hat worn by people chairing meetings. Pays attention to the process and directs the other hats to pitch in

2. White Hat:

2. White Hat focus on the data available. look at the information you have, and see look for gaps in your knowledge, and either try to fill them or take account of them.

3. Green Hat:

3. Green Hat stands for creativity. This is where you can develop creative solutions to a problem. freewheeling way of thinking, in which there is little criticism of ideas.

4. Red Hat:

4. Red Hat looks at problems using intuition, gut reaction, and emotion. tries to think how other people will react emotionally. tries to understand the responses of people who do not fully know your reasoning.

5. Yellow Hat:

5. Yellow Hat the optimistic viewpoint that helps you to see all the benefits of the decision and the value in it. helps you to keep going when everything looks gloomy and difficult.

6. Black Hat:

6. Black Hat looks at all the bad points of the decision. tries to see why it might not work. highlights the weak points in a plan.

Summary:

Summary 6.1 What is Decision Making? Decision making is the cognitive process leading to the selection of a course of action among alternatives. 6.2 Barriers to Good Decision Making Hasty, Narrow, Scattered and Fuzzy decision making. 6.3 Decision Making Process Define the decision clearly. Consider all the possible choices. Gather all relevant information and evaluate all the pros and cons of each possible choice. Select the choice that seems to best meet the needs of the situation. Implement a plan of action and then monitor the results, making necessary adjustments. 6.4 Decision Making Tools SWOT Analysis Six Thinking Hats Decision Matrix Etc.

Any Questions? :

Any Questions?

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