Case Study Otb

Topics: Decision making, Risk, Decision making software Pages: 3 (718 words) Published: May 14, 2013
Q. Decision making is described in video as a series of steps. Do u agree with the six steps as outlined in the video? What additional procedures might be added to the process.

A decision is a choice made from two or more alternatives. Making the right decision at the right time is a very important task that managers have to perform. These decisions basically are solutions to structural and unstructured problems faced by the company. Decision making is defined as a process of choosing among alternative courses of action. This process always takes under different conditions and risks. The six steps of decision making as follows: 1. Identifying the problem;

2. Generate alternate solutions ;
3. Evaluate the alternatives;
4. Select the best alternative;
5. Implement the decision; and
6. Evaluate the decision.

Personally I agree with the six steps outline in the video, as it is important to first identify the main problem. A problem is an obstacle that makes achieving a desired goal or purpose difficult. Problem identification is subjective; what one manager considers a problem might not be considered a problem by another manager. That’s why identifying the problem is very important but not easy. The 2nd step is in the decision-making process involves the manager to list sensible solutions that could solve the problem. At this stage the decision maker needs to be creative and innovative when coming up with alternatives. He/she should come up with as many alternatives as possible. After the alternatives have been identified and listed, the decision maker must evaluate and analyse each one of them. The decision maker should access the effectiveness of each of the identified solutions on how it will best solve the problem. After the alternatives have been evaluated properly, the next step in the decision-making process is choosing the best alternative that would solve a given problem. Once its been selected, it should be implemented in a way...
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