Decision Making Process - 2237 Words

DECISION-MAKING PROCESS: Decision-making process is a six step process. The stages can be summarized as: (1) identifying and diagnosing the problem, (2) generating alternative solutions, (3) evaluating alternatives, (4) choosing the best alternative, (5) implementing the decisions, and (6) evaluating the results. Identifying and diagnosing the problem The first stage of decision-making is identifying and diagnosing a problem or opportunity. An opportunity is a special type of problem that required committing resources in order to improve company performance. A problem occurs when performance is below expected or desired levels of performance. Typical problems include: †¢ A high level of employee turnover. †¢ A reduction in firm profits. †¢Ã¢â‚¬ ¦show more content†¦High acceptance, low quality decisions involve fairness issues, such as, who will work the overtime hours? Who gets the office with the window? The important point in such decisions is not who gets to work overtime, but how people feel about the outcome and if they are willing to accept it. The most difficult decisions require high quality and high acceptance. The decision to close an automobile assembly plant and lay off employees is an example. Decision quality requires a reduction of labor costs, but acceptance requires the support of the labor unions so that it will not call a strike to protest layoff, resulting in even greater losses to the firm. The decision maker must find ways to balance conflicting goals in this type of problem. Choosing the Best Alternative The next stage of decision-making is the selection of the best alternative by either optimizing or satisfying. Optimizing involves selecting the best alternative form among multiple criteria. For example, assume the decision criteria used to select an individual to fill a vacancy consists of technical job knowledge , previous work experience, and leadership skills. Further, assume that it will take six months to be able to generate a large enough applicant pool to be able to find the best person to fill the job. The optimizing solution is available when the benefits of reaching the solution outweigh the costs. However, most of the time, theShow MoreRelatedDecision Making Process1454 Words   |  6 PagesYou are a senior manager of â€Å"X† Ltd. You have to take a major decision. Discuss what decision you are making and all the factors you are going to consider. How you are going to make the decision? | | Unilever today is a trusted name in both Bangladesh and other parts of the world. Listening to the people, who buy our products, helped us to grow into one of the world s most successful consumer goods companies. In fact, 150 million times a day, someone somewhere chooses a Unilever product. In theRead MoreThe Decision-Making Process2267 Words   |  10 PagesTraditional Decision-Making Process 1 Making Rational Decisions 2 Problem Definition-Rational 3 Identify Decision Criteria-Rational 3 Weight the Criteria-Rational 3 Generate the Alternatives-Rational 4 Evaluate the Alternatives-Rational 4 Select the Optimal Solution-Rational 4 Making â€Å"Good Enough† Decisions 4 Making Intuitive Decisions 4 Making Creative Decisions 5 Global Decision Making 5 Ethical Decision Making 5 Key Aspects of the Management Process 6 Decision-Making in Today’s ChangingRead MoreThe Process Of Decision Making1910 Words   |  8 PagesThe process of decision making can be easily understood as selecting one course of action over other courses actions available. There are also steps that are involved in making decisions. These steps include: (1) pinpointing the problem; (2) identifying the cause; (3) setting objectives; (4) formulating alternative courses of action; (5) evaluating alternatives against organizational objectives; (6) choosing the best course of action; and (7) implementing and evaluating the decision (Holzer and SchwesterRead MoreThe Rational Decision Making Process1630 Words   |  7 PagesA rational decision implies that a qualitative and considered thought process was undertaken in order to reach an optimal outcome. Although there are defined rules that add structure to the rational decision making process (Tripathi PNP 2007; Williams, McWilliams 2013), according to contingency theory and with respect to the rationality paradigm, there are limits to which an optimal outcome is realised (Morgan 1986, p. 167; Schoonhoven 1981, p. 352). External factors such as government, customersRead MoreThe Decision Making Process Criteria1064 Words   |  5 Pages if the following leadership decision-making process criteria would have been followed many children would not have been exposed to molestation. The Freeh report (2012) made more than 100 recommendations for change to be instituted by PSU including restructuring governance; administration and general counsel structure, policies and procedures. Additionally, the university culture needs to transform stressing values and ethics-based decision making. A process adjustment is required for complianceRead MoreThe Military Decision Making Process Essay1406 Words   |  6 PagesThe Military Decision Making Process (MDMP) is an analytical and deliberate process that commanders follow using seven steps that includes the receipt of the mission, mission analysis, course of action development, course of action analysis, course of action comparison, course of action approval and orders production. The MDMP gives leaders a thorough process to follow that provides clarity and synchronization for operations even under time-constrained environments. We need an Army that is trainedRead MoreThe Organizational Process of Decision-Making1688 Words   |  7 Pagestraffic control system, occupations where fails and accidents are predictable because of their complexity and risks. A recurring theme in HRO literature is decision-making, as the consistent high quality of this organizational process in uncertain situations differentiates HRO from other or ganizations: In other words, constantly making good decision results in high quality and reliable operations. Herbert Simon, who was one of the first authors to shift the attention from organizations as rational machinesRead MoreRational Decision Making Process2753 Words   |  12 PagesCONTENT Abstract 1.0 Introduction 1.1 Steps to Problem Solving Process 2.0 Defining Problems 2.1 Problem Statement 3.0 Identifying Decision Criteria 4.0 Allocating Weights to Each Criteria 5.0 Developing/Generating Alternatives 6.0 Evaluating Alternatives 6.1 Potential Solution Evaluation Checklist: 6.2 When should you evaluate potential solutions? 6.3 Criterion – weight matrix 7.0 Selecting the Optimal Decision/Alternatives 7.1 Selection of alternatives 7.2 Pros and ConsRead MoreThe Ethical Decision Making Process2474 Words   |  10 Pages Ethical Decision Making Process Ayva Rodriguez Felician College NURS 380 Elizabeth Stallings RN, MA, DMH January 22, 2015 Abstract Nurses often encountered various ethical dilemmas in the practice setting. Both virtue ethics and caring ethics support good ethical decision making for nurses (Park, 2012, p. 149) but these are inadequate to assist in solving an ethical dilemma (Park, 2012, p. 149). For that reason an ethical decision making tool is helpful for the nurses or clinicians to comeRead MoreThe Military Decision Making Process Essay2496 Words   |  10 Pagesin the Army when it comes to military decision making, problem solving, and planning. The intent is to better understand and explore different ways to apply this concepts. As Non-commissioned Officers we serve as advisors to our Commanders and leaders. It is imperative that we are involved and able to assist in the planning process of our unit’s operations. We need to have a complete understanding of the seven steps in the Military Decision Making Process (MDMP) and the eight steps in the Troop