decision making ppt

Decision making : 

Decision making Presented by sunil dixit

Manegerial decision making : 

Manegerial decision making An essence to problem solving The selection of a course of action amongst all possible alternatives. Decision making is a key to effective management It is a part of planning Every manager does require decision making

Managerial decision making : 

Managerial decision making Decision in response to opportunity : improve organizational performance Decision in response to threat : analyzing option

Organizational decision making : 

Organizational decision making “ The process of responding to a problem by searching for and selecting a solution or course of action that will create value for organizational stakeholders”.

Definition : : 

Definition : “ Decision making is the selection of an alternative from two or more alternatives to determine an opinion or a course of action”. -George R. Terry

Decision making activity : 

Decision making activity Premising Identifying alternative Evaluate alternative in terms of the goal Choosing alternative

The decision making process : 

The decision making process Define the problem Evaluate alternative Implement chosen alternative Gather fact & Develop alternative Chose best alternative Follow up & evaluate

Verification needs : 

Verification needs

Decision Making Steps : 

Decision Making Steps Step 1 - Recognize The Need For A Decision Managers must first realize that a decision must be made. Sparked by an event such as environmental changes Step 2 - Generate Alternatives Managers must develop feasible alternative courses of action. If good alternatives are missed, the resulting decision is poor. It is hard to develop creative alternatives, so managers need to look for new ideas. Some choice must exist in order to make effective decisions. When there is no choice, there really is no decision to be made

Decision making step : 

Decision making step Step 3 - Evaluate the Alternatives: what are the advantages and disadvantages of each alternative? Legal Ethical Economical Flexible Reliable practical

Decision making step : 

Decision making step Step 4 - Choose Among Alternatives: managers rank alternatives and decide. all information needs to be considered. would be straightforward Step 5 - Implement the Chosen Alternative: managers must now carry out the alternative Step 6 - Evaluate the Decision (Learn from Feedback): managers should consider what went right and wrong with the decision and learn for the future

Slide 12: 

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