Decision making is an important process that managers have to face in any particular organization. It is the process where decision makers have to make a choice from various options based on their believed (Al - Tarawneh 2012). Several decision processes and model is being used in every decision making. In this paper, the fluid decision process and rational decision model are being discussed with reference with 2 organizations from tigerair Mandala and CapitaLand. Decision making can be categorized into individual decision making and group decision making.
Decision making process involves the following steps: 1. Define the problem - The first step in decision making is to find out the correct problem. The accurate definition of the problem affects all the steps that follow. If the problem is inaccurately defined, every step in the decision-making process will be based on an incorrect starting point. We should find out what is causing the trouble and what will be its possible solution.
Steps in decision making process Managers make decisions throughout their working day, be it unimportant matters, daily tasks, project expenditures. Some decisions are more complex and require consideration of the problem, formulation and analysis of alternative solutions. There are 4 steps in a systematic decision making process. First, the manager must recognise and define the problem or opportunity. An effective manager will know when to delegate the decision to others and to set priorities.
It ultimately depends upon the situation. If there is an emergency and a decision needs to be made quickly, individual decision making might be preferred. However, if one person does not have all the information and skills needed to make a decision, if implementing the decision will be difficult without the involvement of those who will be affected by the decision, and if time urgency is more modest, then group decision making may be more effective. When time is of the essence, a good decision is one that's made quickly. That doesn't usually happen with full team decision making.
This paper offers a decision-making procedure for solving complex problems step by step. It presents the decision analysis process for both public and private decision making, using different decision criteria, different types of information and information of varying quality. It describes the elements in the analysis of decision alternatives and choices, as well as the goals and objectives that guide decision making. The key issues related to a decision-maker’s preference regarding alternatives, criteria for choice and choice modes, together with the risk assessment tools, are also presented. 1.
WORKPLACE DECISION MAKING- MY REFLECTION 'S Dealing with ambiguity comes naturally to us humans, and it starts with learning our first language as an infant. The effective decision making is an iterative learning process acquired by relying on experiences from our own past reflexes and also learning from those of others. The past couple of years presented an interesting mix of challenges in my workplace, including complex projects with tight deadlines, budget cuts and building out teams at short notice later. One such project involved automation of calculations for economic risk capital, which is a loss buffer maintained by banks. This the project involved principal component analysis to isolate the key risk measures in interest rates and create scenarios for Monte-Carlo simulation of losses incurred by the bank under severe market conditions.
INTRODUCTION We have understood the basic concept of decision making, its process and types in the last chapter. We have become aware that decision making is a routine exercise for managers. Decision making process is not simple. Except for routine decisions, lot of work needs to be undertaken before arriving at a decision including external and internal environmental scanning and SWOT analysis of the organization. The decisions are taken by individuals as well as groups.
There are 5 steps to a consumer decision making process a need or a want is recognized, search process, comparison, product selection/service selection and evaluation of decision. Figure 1.2.2: Process of Consumer Decision Making Problem Recognition Mostly, the decision making starts with some sort of problem. The consumer develops a need or a want that they want to be satisfied. Consumer feel like something is missing and needs to address it to get back to feeling normal. If you can determine when your target demographic develops these wants or needs, it would be an ideal time to advertise to them.
What is the meaning of decision making ? in some resources they define the decision making as " The thought process of selecting a logical choice from the available options. When trying to make a good decision, a person must weight the positives and negatives of each option, and consider all the alternatives. For effective decision making, a person must be able to forecast the outcome of each option as well, and based on all these items, determine which option is the best for that particular situation." From this define we can see that the decision making meaning its all about choose an option among different options with studying all of them and decide which one of these options is the right option.
Making a decision as described by Harris, implies that there are alternative choices to be considered, and in such a case we do not only wish to identify as many of these alternatives as possible but we want to choose the one that best fits with our goals, objectives, desires, values, and so on(Harris, 2012). The study of decision-making has been central to the consumer behaviour literature since the early 1950s (Marcevova, 2011). The process of decision making is one of the most complex mechanisms of human thinking as various factors and courses of action are intervened in it, with different results (María et al, 2007). (Brockman & Russell, 2009) also agrees to the above statement as he notes; Making decisions can be complex because of the large amount of factors that influence the decision making process. Orasanu and Connolly (1993) define this process as a series of cognitive operations that is performed consciously, which include the elements from the environment in a specific time and place.