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Decision Making

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19 views9 pages

Decision Making

Uploaded by

swapnendusarkar2024
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Meghnad Saha Institute of Technology

Topic: Decision Making

Student name : Ripam Das

Makaut Roll: 14200321018


• Decision Making -Decision making is the process of making
choices by identifying a decision, gathering information, and
assessing alternative resolutions.
• Decision making is simply the process of making a choice. But
decision making often isn’t easy and can be particularly
complex in an organizational context.
• Importance and Necessity of Decision Making :
• Step wise approach- Decision-making is not a random process. Before
taking crucial decisions that can have a long-term impact on individual as
well as organizational goals and performance, it is important to avoid
various challenges.
• Impact analysis- By using the correct approaches and ethical decision-
making processes, we can evaluate the impact of different choices. For
instance, it is important to know whether a decision is long-term or
temporary. We can assess the impact that a decision might have on
people in the organization and whether they will feel happy about it or
not.
• Future forecasting- The importance of decision making is amply seen in its
ability to allow future forecasting. When we make a decision through a
systematic process, we can calculate the likely impact of the decision on a
business’s future growth.
• Achieving objectives-
Rational decisions help the organisation to achieve all its objectives
quickly. This is because rational decisions are made after analysing
and evaluating all the alternatives.
• Facilitate innovations-Rational decisions facilitate innovation. This
is because it helps to develop new ideas, new products, new
process, etc. This results in innovation. Innovation gives a
competitive advantage to the organisation.
• Increases efficiency- Rational decisions help to increase efficiency.
Efficiency is the relation between returns and cost. If the returns
are high and the cost is low, then there is efficiency and vice versa.
Rational decisions result in higher returns at low cost.
• Process and practical way of Decision Making: There are main
seven steps of an ideal Decision-Making.These are as
followed-

• Identify the decesion: First of all we've to identify the


decision,that for this particular problem we've to make a strong
decision.
• Gather relevant informations: then we've to gather some
relevant informations about the problem and decide how to
overcome the problem.
• Identify the alternatives: As we collect information, we will
probably identify several possible paths of action, or
alternatives.
• Weigh the
evidence:
Draw on your information and emotions to imagine what it would be like if you carried out
each of the alternatives to the end. Evaluate whether the need identified in Step 1 would
be met or resolved through the use of each alternative. As you go through this difficult
internal process, you’ll begin to favor certain alternatives: those that seem to have a
higher potential for reaching your goal. Finally, place the alternatives in a priority order,
based upon your own value system.
• Choose among alternatives:Once we have weighed all the evidence, we are
ready to select the alternative that seems to be best one for us. We may even
choose a combination of alternatives.
• Take action: We're now ready to take some positive actions by beginning
to implement the alternative we chose.
• Review your decision and its consequences: In this final step, consider the results
of our decision and evaluate whether or not it has resolved the need you
identified in 1st step. If the decision has not met the identified need, we may
want to repeat certain steps of the process to make a new decision.
Conclusion:

In conclusion, decision-making is a very valuable skill that can be


developed with more practice. By understanding the decision-making
process you can track yourself. Effective decision-making is essential for
personal and organizational success
References:
1. Decision-Making & Problem-Solving Strategies Book by John Adair.
2. https://www.umassd.edu/fycm/decision-making/process/#:~:text=Decision
%20making%20is%20the%20process,information%2C%20and%20assessing
%20alternative%20resolutions
.
3. https://en.wikipedia.org/wiki/Decision-making
Thank You

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