Managing Decision Making

Managing Decision Making PowerPoint PPT Presentation


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Learning Objectives. After studying this chapter, you should be able to:Define decision making and discuss types of decisions and decision-making conditions.Discuss rational perspectives on decision making, including the steps in rational decision making.Describe the behavioral aspects of decisio

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Managing Decision Making

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1. Managing Decision Making Chapter 4

2. Learning Objectives After studying this chapter, you should be able to: Define decision making and discuss types of decisions and decision-making conditions. Discuss rational perspectives on decision making, including the steps in rational decision making. Describe the behavioral aspects of decision making. Discuss group and team decision making, including the advantages and disadvantages of group and team decision making and how it can be more effectively managed.

3. Outline The Nature of Decision Making Decision Making Defined Types of Decisions Decision-Making Conditions Rational Perspectives on Decision Making The Classical Model of Decision Making Steps in Rational Decision Making Behavioral Aspects of Decision Making The Administrative Model Political Forces in Decision Making

4. Outline Behavioral Aspects of Decision Making (cont’d) Intuition and Escalation of Commitment Risk Propensity and Decision Making Ethics and Decision Making Group and Team Decision Making in Organizations Forms of Group and Team Decision Making Advantages of Group and Team Decision Making Disadvantages of Group and Team Decision Making Managing Group and Team Decision-Making Processes

5. The Nature of Decision Making Decision Making The act of choosing one alternative from among a set of alternatives. The Decision-Making Process Recognizing and defining the nature of a decision situation, identifying alternatives, choosing the “best” alternative, and putting it into practice. An effective decision is one that optimizes some set of factors, such as profits, sales, employee welfare, and market share. Managers make decisions about both problems and opportunities.

6. Types of Decisions Programmed Decision A decision that is a fairly structured or recurs with some frequency (or both). Example: Starting your car in the morning. Nonprogrammed Decision A decision that is relatively unstructured and occurs much less often than a programmed decision. Example: Choosing a vacation destination.

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