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The document discusses decision making in business management. It outlines the steps in the decision making process as identifying the problem, identifying alternatives, evaluating alternatives, making a decision, and implementing the decision. It also discusses characteristics of operations decisions, such as being a process of choosing between alternative courses of action and always relating to the environment. Finally, it describes decision making under uncertainty and recommends techniques like gathering information, evaluating alternatives based on consequences, determining the best alternative, and evaluating outcomes.

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Sev Marzan
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34 views

Production

The document discusses decision making in business management. It outlines the steps in the decision making process as identifying the problem, identifying alternatives, evaluating alternatives, making a decision, and implementing the decision. It also discusses characteristics of operations decisions, such as being a process of choosing between alternative courses of action and always relating to the environment. Finally, it describes decision making under uncertainty and recommends techniques like gathering information, evaluating alternatives based on consequences, determining the best alternative, and evaluating outcomes.

Uploaded by

Sev Marzan
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Marzan, Severino L BSBA-HRD IV

Q.What is importance of Decision Making? A. The fate of any business venture is decided by the decision making ability of the business leadership, at the helm. They are the ones who captain and steer the ship to its destination. Profiting in a business is all about making the most of a window of opportunity that appears in a market place. Timing is of essence in business. Quick decisions on the spot, need to be made by business managers to take advantage of opportunities when they present themselves. Q. Outline the steps in the decision making process A. Decision Making Process State the Problem The first and arguably the most important step in the decision making model in five steps is to identifying the problem. Identify Alternatives Sometimes your only alternatives are to do it or don't do it. Most of the time you will have several feasible alternatives. It is worth doing research to ensure you have as many good alternatives as possible. Evaluate the Alternatives This is where the analysis begins. Make a Decision You have evaluated your alternatives. Two or more of your high ranked alternatives may be very close in the evaluations. Implement your Decision A decision has no value unless you implement it. If you are not good with implementation, then find someone that is. Q. Discuss the characteristics of operations decision. A. It is a process of choosing a course of action from among the alternative courses of action. It is a human process involving to a great extent the application of intellectual abilities. It is the end process preceded by deliberation and reasoning. It is always related to the environment. A manager may take one decision in a particular set of circumstances and another in a different set of circumstances. It involves a time dimension and a time lag. It always has a purpose. Keeping this in view, there may just be a decision not to decide. It involves all actions like defining the problem and probing and analyzing the various alternatives, which take place before a final choice is made.

Q. Describe the different environments under which operations decisions are made. A. Across the world, environmental decisions are constantly being taken. Their settings vary, as do the people and groups involved. Environmental decisions occur within neighborhoods, small businesses, corporate boardrooms, and in the offices of local, state and national governments. They involve different people with different backgrounds. Q. Describe and use techniques that apply to decision making under uncertainty. A. A significant part of decision making skills is in knowing and practicing good decision making techniques. One of the most practical decision making techniques can be summarized in those simple decision making steps: y y y y y y y y Identify the purpose of your decision. What is exactly the problem to be solved? Why it should be solved? Gather information. What factors does the problem involve? Identify the principles to judge the alternatives. What standards and judgement criteria should the solution meet? Brainstorm and list different possible choices. Generate ideas for possible solutions. See more on extending your options for your decisions on my brainstorming tips page. Evaluate each choice in terms of its consequences. Use your standards and judgement criteria to determine the cons and pros of each alternative. Determine the best alternative. This is much easier after you go through the above preparation steps. Put the decision into action. Transform your decision into specific plan of action steps. Execute your plan. Evaluate the outcome of your decision and action steps. What lessons can be learnt? This is an important step for further development of your decision making skills and judgment.

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