Management-Decision-Making

Good Essays
INTRODUCTION
Much of what managers and supervisors do is solve problems and make decisions. New managers and supervisors, in particular, often make solve problems and decisions by reacting to them. They are "under the gun", stressed and very short for time. Consequently, when they encounter a new problem or decision they must make, they react with a decision that seemed to work before. It's easy with this approach to get stuck in a circle of solving the same problem over and over again. Therefore, as a new manager or supervisor, get used to an organized approach to problem solving and decision making. Not all problems can be solved and decisions made by the following, rather rational approach. However, the following basic guidelines will get you started.

I-

What is decision making?
1) 2) Some Definitions Kinds of Decisions a- Decisions whether b- Decisions which c- Contingent decisions

3)

The Decision Environment
Approaches to Decision Making a- Authoritarian b- Group

4)

5)

Some Decision Making Strategies a- Optimizing b- Satisficing c- Maximax d- Maximin

II-

Decision Making Procedure and techniques

1) Basic

guidelines

to

decision

making

and

problem

solving 2) Decision making techniques a- Pareto Analysis b- Paired Comparison Analysis c- Grid Analysis d- PMI e- Force Field Analysis f- Six Thinking Hats g- Starbursting h- Stepladder Technique i- Cost/Benefit Analysis j- Decision Trees

III-

Risking
1) 2) 3) 4) General Comments on Risk Taking The Orthodox Theory of Risk Evaluation Advice on Risking Risk Management Strategies

I-

What is decision making?
1)Some Definitions

A good place to start is with some standard definitions of decision making. Decision making is the study of identifying and choosing alternatives based on the values and preferences of the decision maker. Making a decision implies that there are alternative choices to be considered, and in such a case we want not only to

You May Also Find These Documents Helpful

  • Good Essays

    Management Decision Making Final Exam: August 2013 1) Research discussed in class shows that interviews are not nearly as predictive (e.g., about future performance at your firm) as most managers believe. Nevertheless, almost all firms spend a great deal of time and money conducting interviews every year. a. With this result in mind, focus on one or two major biases that may influence the interviewing process in your firm, and propose a revised interviewing process that minimizes and…

    • 708 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Frederick Winslow Taylor known as the father of scientific management has had a major impact on the way businesses operate today. Born March 20, 1856 in Philadelphia, Pennsylvania, Taylor, who had problems with his eyes and could not attend college. Instead, he went to work as a laborer in a machine shop. He later worked at Midvale Steel Works and became a manager in addition to attending night school to get a mechanical engineering degree. He saw the inefficiency and waste at his job and decided…

    • 433 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Cases for Management Decision Making CA-1  suggested uses of cases Case CASE 1 Greetings Inc.: Job Order Costing CASE 2 Greetings Inc.: Activity-Based Costing CASE 3 Greetings Inc.: Transfer Pricing Issues CASE 4 Greetings Inc.: Capital Budgeting CASE 5 Auburn Circular Club Pro Rodeo Roundup CASE 6 Sweats Galore CASE 7 Armstrong Helmet Company Overview This case is the first in a series of four cases that presents a business situation in which a traditional retailer decides…

    • 11463 Words
    • 46 Pages
    Powerful Essays
  • Better Essays

    work however, in today’s world IT professionals are now moving into higher level management positions which require them to perform many other tasks which may not be directly related to the their profession. Therefore, a stereotypical role of an accountant was once considered a “number person” but today’s era demands accounting professional to own and use interactive and communication skills to help with the decision making process across all areas of a business. In a managerial accounting world all…

    • 2109 Words
    • 9 Pages
    Better Essays
  • Better Essays

    Decision Making

    • 3633 Words
    • 15 Pages

    1. What is Decision Making? Decision-making is an essential aspect of modern management. It is a primary function of management. A manager's major job is sound/rational decision-making. He takes hundreds of decisions consciously and subconsciously. Decision-making is the key part of manager's activities. Decisions are important as they determine both managerial and organizational actions. A decision may be defined as "a course of action which is consciously chosen from among a set of alternatives…

    • 3633 Words
    • 15 Pages
    Better Essays
  • Good Essays

    Decision Making

    • 747 Words
    • 3 Pages

    Decision-Making Decision-Making Decision-making introduction Excellent decision-making is an essential tool used for management and leadership within an organization. It is important that an organization learns to make appropriate and well-considered decisions; in return the manager will lead the team to spectacular and well deserved success. However, poor decisions made can lead to failure. Decision-making is essential to organizations across the globe, especially the health care…

    • 747 Words
    • 3 Pages
    Good Essays
  • Better Essays

    Decision Making

    • 965 Words
    • 4 Pages

    The Decision Making Process Of Leaders Tony D. Bridgewater Webster Universitry The Decision Making Process Of Leaders Introduction We human being daily make the decision and when it comes to business organization, the process of decision making become more complicated , and it involves the stakes of different groups. Therefore, the decision making process needs to be free from errors. The basic structure of decision making involves the identification of purpose and then to…

    • 965 Words
    • 4 Pages
    Better Essays
  • Powerful Essays

    Decision Making

    • 3469 Words
    • 14 Pages

    students are encouraged to get to answers to fundamental questions through discussions and finally making their own decision; as opposed to the fundamental “do as told” style. Well I think that basically comes down to the fact that history has shown us that there are multiple ways to achieve an objective and the only limit is our imagination. We need to learn how to make good decisions. Good decision-making brings about a better life. It gives you some control over your life. In fact, many frustrations…

    • 3469 Words
    • 14 Pages
    Powerful Essays
  • Best Essays

    decision making

    • 2323 Words
    • 7 Pages

    Introduction An appropriate decision making has played a major role in the success of any business management. The success of the business and projects is depending on the decision making of the management and leadership. Making good decisions is fundamental to obtain a good performance in organisation. There are some decision that make huge consequences that can change the role in the organisations and can changes the process of operation of the companies, the choices that the organisations daily…

    • 2323 Words
    • 7 Pages
    Best Essays
  • Better Essays

    Decision Making

    • 14337 Words
    • 58 Pages

    Academy of Management Journal 2012, Vol. 55, No. 1, 13–33. http://dx.doi.org/10.5465/amj.2009.0873 CONTEMPLATION AND CONVERSATION: SUBTLE INFLUENCES ON MORAL DECISION MAKING BRIAN C. GUNIA Johns Hopkins University LONG WANG City University of Hong Kong LI HUANG INSEAD JIUNWEN WANG J. KEITH MURNIGHAN Northwestern University This research investigated the role of contemplation, conversation (conceptualized as social contemplation), and explanation in right-wrong decisions. Several theories suggest…

    • 14337 Words
    • 58 Pages
    Better Essays