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Speech about decision making
Types of decision making systems
Conclusion the importance of decision making
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One common activity to all managers is making decisions, this process of choosing a course of action among different alternatives. Whom to hire? Where to expand? Should we grow? All decisions do not have the same weight but each of them has a unique set of factors which need to be evaluated. Then how to make the right decision? Decision-making is a field of great interest in areas such as psychology, management, neuroscience, robotics and even economics, and there are countless models and software for simulating the human mind. Even though the decision-making process depends on the importance of the decision, it exists also many theories regarding these daily activities. Among them, some catch our attention such as the rational decision making …show more content…
To resolve a problem and implement a rational decision-making process, the gap between the current and the desired state must be enough to motivate the decision makers to exert the energy necessary to solve the problem. After identifying a problem, this one needs to be defined then. This can be a difficult step as individuals often identify symptoms of a problem but sometimes fail to identify the actual cause if the issue. People often make decisions too quickly and without considering all available …show more content…
Specific standards need to be set to guide our decision-making process.
The third step consists of weighting these criteria. Each is unlikely to have the same level of importance. To weight them, the decision maker can either use an absolute comparison or relative comparison. (Williams, Champion & Hall, 2011). The absolute comparison is used to compare items point by point. A ranking system with a scale from 1 to 10 can be used to evaluate the significance of the criteria. The relative comparison involves comparing each criterion with another to obtain an understanding of which are the most important.
The next step is generating alternatives. as many as possible should be listed without evaluating them. The more possible options are generated, the better the likelihood to come up with an effective solution to our
Step 3: Take into consideration factors that relate to the situation and generate alternatives for resolving the dilemma.
The process of making a decision previously held two paths, rational and irrational, with rational having the mind at work to think about what were the choices and irrational with no really engagement. Anything beyond that process of thought was not taken until the topic of System 1 and System 2 along with effects of “Relativity” were expressed in Thinking Fast and Slow, by Kahnemna and Predictably Irrational by Ariely, respectfully. Along with the other readings, the process of our decision making were no longer solely based on two very simplified and underdeveloped ideas, but as series of network and systems of decisions the minds functions through.
In order to address the above components, five decision making steps have to be put in place, these are; being attentive, being intelligent, being reasonable, being responsible, and being reflective. The first step, being attentive, involves evaluating the whole situation and coming up with the data and information about the problem at hand. In so doing the following questions are viewed; what facts to bear in mind, what direction to take so as to get the expected solution, and what is the main issue to work on. In the second step, being intelligent, the information is clearly studied to determine whether the collected data is revealing the correct details concerning the problem. Determine the stakeholde...
To make critically thought out and ethically sound decisions, you should evaluate, analyze, and then implement the solution.
The next step is to choose the criteria that we are going to take into consideration. In my opinion, the most important criteria are the following (their order does not indicate their importance):
Make the decision through the integration of ideas and data, and negotiation and prioritization of ideas
Individuals make economic decision based on a variety of reasons. The rational is based on each individual’s need or desire for a commodity. People go through several decision-making processes before making the final decision and are often not conscious of the process. Obviously, decision- making covers a wide area, involving virtually the whole of human action. Often people are not conscious of the process.
An employee does an unsatisfactory job on an assigned project. Explain the attribution process that this person's manager will use to form judgments about this employee's job performance.
Humans are constantly making decisions during their daily life. According to Huffington Post, an average person makes around 35,000 decisions per day. From choosing which shirt to wear to important life decisions that have long-lasting effects, the decision-making process is very complex. There are mainly two types of decision-making methods. The first method is using intuition, which is taking a decision with one’s “gut” feeling or what it seems to be right without thinking about it logically. The second way of taking a decision is through reason, which carefully analyzing all the data and using logic to conclude to a decision, which is the go-to method when taking important lifelong decisions. Different areas of the brain are responsible
Making decisions is really much more complicated than it seems. When I make decisions, my Id, Ego, and Superego decide my fate. Unfortunately for me, my Id wins far too often, as I often do not study enough. Other personality traits, such as my tendency to over-think and analyze too many things, also play a role. This can influence my other behaviors by making me seem cold and distant with others because I’m too busy thinking. My self-concept is also important.
Making decisions is an important part of our everyday life. Decisions define actions and lead to the achievement of goals. However, these depend on the effectiveness of the decision-making process. An effective decision is free from biases, uncertainties, and is deeply dependent on information and critical thinking. Poor decisions lead to the inability to achieve set objectives and could lead to losses, if finance is a factor. Therefore, it is important to contemplate about quality and ways to achieve it in decision-making, which is the focus of this paper. The purpose is to look into the needs of decision-making, including what one should do and what one should not do.
Rational decision making is one of the most common problem solving methods and can be used to solve almost all problems. Rational decision making and problem solving processes can be explained in a logical manner. Effective leaders use rational decision making processes to identify the problem, think up solutions, evaluate alternatives along with select a solution, implement and evaluate the final solution. In rational decision making leaders analyze the problem to achieve the most efficient choice through different possible alternatives from different scenarios before making a selection.
Decision making is one of the most important aspects in life and work because of its strong link to success and effectiveness. Actually, successful people achieve their goals in life and work through effective and efficient decision making. The decision making process is usually guided by an individual’s beliefs, values, and attitudes as well concepts. While a person can use various concepts in making decisions, they should be very careful to select a concept that is effective and contributes to huge success. Nonetheless, these concepts exist to help an individual become a better decision maker in the world around him/her.
The concept of potential problem analysis, which is also known as potential opportunity analysis, is one of the stages in the Kepner-Tregoe approach for the problem-solving process. This concept was introduced to help in analyzing the consequences of a decision in order to identify what could potentially go wrong and to create initiatives that could address the problems or issues once they actually emerge. Generally, the potential problem analysis technique is developed to offer a comprehensive evaluation of a created idea or action so as to predict any probability for something going wrong. Therefore, this concept or procedure helps an individual to expected problems before they take place and to develop necessary measures that could be implemented to prevent the probable problem from taking place or lessen its effect.
Step 6, evaluation and selection of a supplier: the evaluation stage of the process could involve the p...