Characteristics of decision making ppt. CHARACTERISTICS & STRATEGIES OF DECISION MAKING 2019-02-10

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Decision

characteristics of decision making ppt

Managers have selective attention, various biases and focus on some dimensions of the problem while ignoring others. Were those criteria fair, relevant and known to all who participating in the decision making process? In case the intuition of the decision-maker is wrong then decision will also be incorrect. Are we over-analyzing smaller problems and decisions that should perhaps be delegated? Even though some managers work better under pressures, most often an adequate time period is required to look objectively at the problem and make an intelligent decision. Slide 12: This is Evaluate Alternatives slide with three arrows and text boxes to state your alternatives. These are routines that deal with frequently occurring situations, such as requests for leaves of absence by employees. Slide 7: This slide states the Purpose Of The Decision with arrow and target imagery. For example, alternative Toyota ranks an 8 on the criterion of economy, while alternative Buick ranks a 6 on the same criterion.

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10 Qualities of Good Decision Making

characteristics of decision making ppt

Slide 8: This is Identifying The Purpose slide with target imagery and text boxes to state. Traditionally they have been handled by techniques such as judgment, intuition, and creativity. Once he decided to attack Russia, there was no going back even when he realized that the decision was not the right one. There are others who are more willing to take calculated risks if the potential rewards are larger and there is some chance of success. Perhaps inventory was shipped using costly overnight express when less-expensive ground shipping would have worked as well. They search for all alternatives that maximizes the desired results. It is much better to have too many bad alternatives on your list than not enough good ones.

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Factors Affecting Decision

characteristics of decision making ppt

For example, a decision regarding adding a new product, purchase of new machinery, opening a new branch, appointment of a new chief executive are all non- programmed decisions and require separate attention for each decision. In order to identify the best alternative, it is necessary to evaluate all available alternatives. Relevant items are future costs and revenues expected to differ among the alternative decisions under consideration. It is important to realize that even with all seven of these characteristics in place, good decisions can still lead to bad outcomes because of uncertainty. In America, on the contrary, the decision-making style is generally individualistic with the help of decision models and quantitative techniques. Although the detailed analysis may be more descriptive of the entirety of the two alternatives, it can become unnecessarily burdensome. The insurance proceeds were more than enough to put Dillaway back in operation.


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Factors Affecting Decision

characteristics of decision making ppt

Intuition: Decision-making by intuition is characterized by inner feeling of the person. The managers must be very quick in deciding. Managers must be mindful of the impacts of decisions on production capacity, customers, employees, and other qualitative factors. Some people cannot admit that they were wrong and they continue with their decisions even ignoring evidence which indicates that a change is necessary. These stages explain how decision making should take place logically. A decision made today usually impacts future decision opportunities and available choices.

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8 important Characteristics of Decision Making

characteristics of decision making ppt

Time constraints: As the complexity of the personal habits of the decision maker and the complexity of the decision variables increase, so does the time required to make a rational decision. They are not biased in recognizing problems. The information has become a major tool in managerial decision-making. Operational decisions are technical decisions which help execution of strategic decisions. This may not be necessarily true as the individual might not wish to take the risk, since the chances of the decision being wrong are 40 percent. If decision premises do not come true, then decision itself may be wrong.

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Strategic Decisions

characteristics of decision making ppt

The decisions must be implemented whole heartedly to get the best results. Perception and human judgment are indispensable and no technique can replace them. These decisions shape lives and determine futures, some of them in very significant ways. Decision Making Styles And Characteristics In Management PowerPoint Presentation Slides Incorporate decision-making process PowerPoint presentation slides to solve the business problems by weighing and evaluating the alternatives. A decision results into the commitment of resources and reputation of the organisa­tion.

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7 Characteristics of a Good Decision

characteristics of decision making ppt

Slide 21: This slide showcases Evaluation of Results with arrow and target imagery. . This readymade decision making styles and characteristics In management has slides on decision-making process, contingency plan, evaluation of alternatives, analyse results and more. Committed implementation Finally, a good decision must be accompanied by a commitment to implement it. Slide 26: This slide shows Magnifier With Tools and Bar Graph with imagery.

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Decision Making: Meaning and Characteristics

characteristics of decision making ppt

Subsequently, the program itself specifies procedures to follow when similar circumstances arise. So often a problem or situation is incorrectly stated. The decision-maker has his own preferences, influences, psychological make-up and these things play a vital role in taking a decision. After completing my post graduation I thought to start a website where I can share management related concepts with rest of the people. I am a mother of a lovely kid, and an avid fan technology, computing and management related topics.

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10 Qualities of Good Decision Making

characteristics of decision making ppt

Decision-making is the end product because it is preceded by discussions and deliberations. In this way, they learn how to deal with extraordinary, unexpected, and unique problems. The Maximin orientation is good when the consequences of a failed decision are particularly harmful or undesirable. Some people prefer excitement to calmness, certainty to risk, efficiency to esthetics, quality to quantity, and so on. Social and Cultural Influences The social and group norms exert considerable influence on the style of the decision-maker. Modern Approaches to Decision-making under Uncertainty : There are several modern techniques to improve the quality of decision-making under conditions of uncertainty. People make thousands of decisions every day.

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