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MGT 212 Lecture 5 Slides PDF

The document discusses types of decision making, the decision making process, and factors that influence decision making. It outlines the steps in decision making as problem identification, developing alternatives, evaluating alternatives, choosing an alternative, implementation, and feedback. It also discusses individual decision making styles and factors like values, personality, and risk propensity. Group decision making techniques are explored like brainstorming, the Delphi technique, and the nominal group technique.

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Musfiqur Rahman Apu
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100 views5 pages

MGT 212 Lecture 5 Slides PDF

The document discusses types of decision making, the decision making process, and factors that influence decision making. It outlines the steps in decision making as problem identification, developing alternatives, evaluating alternatives, choosing an alternative, implementation, and feedback. It also discusses individual decision making styles and factors like values, personality, and risk propensity. Group decision making techniques are explored like brainstorming, the Delphi technique, and the nominal group technique.

Uploaded by

Musfiqur Rahman Apu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Lecture 5 Managers as Decision Makers

-Types of decision-making
-Programmed
-This repetitive and routine response to the
problem
-Every org has some sort of programmed
decision
-Non-programmed
-Unstructured problem that are unique
-Problems that never happened before

-Process of decision making


-Decision making style will depend on
-Nature of the problem
-Available time/resources
-Strategic nature
-Nature of outcomes
-Decision paralysis:
-Emphasize heavily on how the decision is
de rather what is being ecided.
-Decision making steps
-Starts with problem identification
-Developing alternatives
-Evaluating alternatives
-Choosing an alternative
-Implementation
-Feed back
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-Problem identification
-Signals of problems are:
-Deviation from past performance
-Deviation from plan:
-When results failed to meet the objective
-Outside criticism:
-Actions taken by outsiders

-Perceptual problem:
-Individual perception that protect/defend
rom unpleasant realities
-Defining problems by solutions:
-Jumping into conclusion/quick fixing
-Identifying symptoms as problems:
-Symptoms are hints that a problem might
occur/its not a problem

-Developing alternatives:
-These are potential solutions to the problems
-All potential outcomes have to be considered

-Evaluating alternatives
-Here all alternatives are evaluated and
compared against
-Risk:
-It’s the chance of loss because all possible
outcomes and probabilities of happening are
unknown.
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-Certainty:
-Decision maker knows with certainty the
consequence of every alternative.

-Uncertainty:

-Optimistic decision-making:

-Pessimistic decision-making:
-Believes no matter what the worst outcome will
occur

-Choosing an alternative

-Maximizing vs. satisfying dilemma

-Implementation
-All decisions are worthless if they are not
implemented

-Control and evaluation


-Periodic measurement of achievement
-Objectives must be measurable

-Individual decision making


-Values:
-Guidelines acquired early in life
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-Personality:
-How they view themselves/how they
understand themselves
-Propensity of risk:
-People vary in their degree of taking risks
-Potential for dissonance:
-Its about cognitive dissonance

-Group decision-making
-More and more decisions are made in a group
-Individual decision making vs. group decisions
making
-Saves time/takes time

-Brainstorming:
-Group members are encouraged to contribute
their thoughts
-The idea is to generate NOT evaluate

-Delphi technique:
-Solicitation and comparison of anonymous
judgment

-Nominal group technique:


-Bring people together but do not allow them to
communicate verbally
-7-10 people seats around a table but they don’t
talk rather THEY WRITE IDEAS
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