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Decision making
1.
6-1 Copyright ©
2011 Pearson Education The Decision-Making Process 1. Define decision. 2. Describe the eight steps in the decision-making process.
2.
6-2 Copyright ©
2011 Pearson Education Decision Making Decision • Making a choice from two or more alternatives. It is a process, not just a simple act of choosing among alternatives The Decision-Making Process • Identifying a problem and decision criteria and allocating weights to the criteria. • Developing, analyzing, and selecting an alternative that can resolve the problem. • Implementing the selected alternative. • Evaluating the decision’s effectiveness.
3.
6-3 Copyright ©
2011 Pearson Education The Situation • Sarah is a sales manager whose reps need new laptops because their old ones are outdated and inadequate for doing their job. To make it simple, assume that it is not economical to add memory to the old computers and it is the company’s policy to purchase, not lease.
4.
6-4 Copyright ©
2011 Pearson Education Exhibit 6–1 The Decision- Making Process
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6-5 Copyright ©
2011 Pearson Education Step 1: Identifying the Problem
6.
6-6 Copyright ©
2011 Pearson Education Decision criteria are factors that are important (relevant) to resolving the problem such as: • Costs that will be incurred (investments required) • Risks likely to be encountered (chance of failure) • Outcomes that are desired (growth of the firm) Step 2: Identifying Decision Criteria
7.
6-7 Copyright ©
2011 Pearson Education Decision criteria are not of equal importance: • Assigning a weight to each item places the items in the correct priority order of their importance in the decision- making process. • Every decision maker has criteria that guide his or her decisions. Step 3: Allocating Weights to the Criteria
8.
6-8 Copyright ©
2011 Pearson Education Criterion Weight Memory and Storage 10 Battery life 8 Carrying Weight 6 Warranty 4 Display Quality 3 Exhibit 6–2 Criteria and Weights for Computer Replacement Decision
9.
6-9 Copyright ©
2011 Pearson Education Identifying viable alternatives • Alternatives are listed (without evaluation) that can resolve the problem. • This is the step where a decision maker needs to be creative. Step 4: Developing Alternatives
10.
6-10 Copyright ©
2011 Pearson Education Appraising each alternative’s strengths and weaknesses • An alternative’s appraisal is based on its ability to resolve the issues identified in steps 2 and 3. ○ There are times when a decision maker might not have to do this step. If one alternative scored highest on every criterion, you would not need to consider the weights because that alternative would already be the top choice. Step 5: Analyzing Alternatives
11.
6-11 Copyright ©
2011 Pearson Education Exhibit 6–3 Assessed Values of Laptop Computers Using Decision Criteria
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6-12 Copyright ©
2011 Pearson Education Choosing the best alternative • The alternative with the highest total weight is chosen. Step 6: Selecting an Alternative
13.
6-13 Copyright ©
2011 Pearson Education Exhibit 6–4 Evaluation of Laptop Alternatives Against Weighted Criteria
14.
6-14 Copyright ©
2011 Pearson Education Putting the chosen alternative into action • Conveying the decision to and gaining commitment from those who will carry out the decision. – you put the decision into action by communicating it to those affected and getting their commitment to it. We know that if the people who must implement a decision participate in the process, they are more likely to support it than if you just tell them what to do. – managers may need to do during implementation is reassess the environment for any changes, especially with a long-term decision. Step 7: Implementing the Alternative
15.
6-15 Copyright ©
2011 Pearson Education The soundness of the decision is judged by its outcomes • How effectively was the problem resolved by outcomes resulting from the chosen alternatives? • If the problem was not resolved, what went wrong? Step 8: Evaluating the Decision’s Effectiveness
16.
6-16 Copyright ©
2011 Pearson Education Making Effective Decisions Factors Perception Priority Acceptability Risk Resources Goals Values Demands Style Judgement
17.
6-17 Copyright ©
2011 Pearson Education Six C’s of Decision Making 1. Construct 2. Compile 3. Collect 4. Compare 5. Consider 6. Commit
18.
6-18 Copyright ©
2011 Pearson Education Six C’s of Decision Making 1. Construct a clear picture of precisely what must be decided. 2. Compile a list of requirements that must be met 3. Collect information on alternatives that meet the requirements 4. Compare alternatives that meet the requirements 5. Consider the “What might go wrong” factor with each alternative 6. Commit to a decision and follow through with it
19.
6-19 Copyright ©
2011 Pearson Education Managers Making Decisions • Decision making is part of all four managerial functions (next slide). In fact, that is why we say that decision making is the essence of management. • that is why managers when they plan, organize, lead, and control‒ are called‒ decision makers.
20.
6-20 Copyright ©
2011 Pearson Education Exhibit 6–5 Decisions in the Management Functions
21.
6-21 Copyright ©
2011 Pearson Education • The fact that almost everything a manager does involves making decisions does not mean that decisions are always time-consuming, complex, or evident to an outside observer. Most decision making is routine. Every day of the year, you make a decision. • Managers also make dozens of these routine decisions every day - for example, which employee will work what shift next week, what information should be included in a report, or how to resolve a customer’s complaint. • Keep in mind that even though a decision seems easy or has been faced by a manager a number of times before, it still is a decision.
22.
6-22 Copyright ©
2011 Pearson Education Making Decisions Rationality Rationality is the quality or state of being reasonable, based on facts or reason • Managers make consistent, value-maximizing choices with specified constraints. • Assumptions are that decision makers: Are perfectly rational, fully objective, and logical. Have carefully defined the problem and identified all viable alternatives. Have a clear and specific goal. Will select the alternative that maximizes outcomes in the organization’s interests rather than in their personal interests.
23.
6-23 Copyright ©
2011 Pearson Education The Role of Intuition Intuitive decision making • Making decisions on the basis of experience, feelings, and accumulated judgment.
24.
6-24 Copyright ©
2011 Pearson Education Exhibit 6–6 What Is Intuition? Source: Based on L. A. Burke and M. K. Miller, “Taking the Mystery Out of Intuitive Decision Making,” Academy of Management Executive, October 1999, pp. 91–99.
25.
6-25 Copyright ©
2011 Pearson Education Types Of Decisions and Decision-Making Conditions 1. Explain the two types of problems and decisions. 2. Contrast the three decision-making conditions.
26.
6-26 Copyright ©
2011 Pearson Education Types of Problems and Decisions • Managers face different types of problems and decisions as they do their jobs. • Depending on the nature of the problem, a manager can make one of two different types of decisions: – Structured Problems – Unstructured Problems
27.
6-27 Copyright ©
2011 Pearson Education Types of Problems and Decisions Structured Problems Some problems are straightforward. •Involve goals that are clear •Are familiar (have occurred before) •Are easily and completely defined information about the problem is‒ available and complete Programmed Decision •A repetitive decision that can be handled by a routine approach.
28.
6-28 Copyright ©
2011 Pearson Education • With this type of decision the “develop-the-alternatives” stage of the decision-making process either does not exist or is given little attention. • once the structured problem is defined, the solution is usually self- evident or at least reduced to a few alternatives that are familiar and have proved successful in the past. • Manager relies on one of three types of programmed decisions: Procedure. Rule policy.
29.
6-29 Copyright ©
2011 Pearson Education Problems and Decisions Unstructured Problems • Problems that are new or unusual and for which information is ambiguous or incomplete. • Problems that will require new and unique solutions. Nonprogrammed Decisions • Decisions that are unique and nonrecurring. • Decisions that generate unique responses.
30.
6-30 Copyright ©
2011 Pearson Education Exhibit 6–7 Programmed Versus Nonprogrammed Decisions
31.
6-31 Copyright ©
2011 Pearson Education • Few managerial decisions in the real world are either fully programmed or nonprogrammed. Most fall somewhere in between.
32.
6-32 Copyright ©
2011 Pearson Education Decision-Making Conditions managers may face three different conditions in making decisions, : • certainty, • Risk • uncertainty.
33.
6-33 Copyright ©
2011 Pearson Education Decision-Making Conditions Certainty • A situation in which a manager can make an accurate decision because the outcome of every alternative choice is known. Risk • A situation in which the manager is able to estimate the likelihood (probability) of outcomes that result from the choice of particular alternatives. – managers have historical data from past personal experiences or secondary information that lets them assign probabilities to different alternatives
34.
6-34 Copyright ©
2011 Pearson Education Decision Making Conditions Uncertainty • Limited information prevents estimation of outcome probabilities for alternatives associated with the problem and may force managers to rely on intuition.
35.
6-35 Copyright ©
2011 Pearson Education Decision-Making Styles 1. Describe two decision-making styles. 2. Discuss the twelve decision-making biases. 3. Explain the managerial decision-making model. 4. Describe decision-making practices in the Arab context.
36.
6-36 Copyright ©
2011 Pearson Education Decision-Making Styles Linear thinking style • A person’s preference for using external data and facts and processing this information through rational, logical thinking. Nonlinear thinking style • A person’s preference for internal sources of information and processing this information with internal insights, feelings and hunch
37.
6-37 Copyright ©
2011 Pearson Education • Managers need to recognize that their employees may use different decisionmaking styles. • Some employees may take their time weighing alternatives and relying on how they feel about it, while others may rely on external data before logically making a decision. • This does not make one person’s approach better than the other. It just means that their decision-making styles are different.
38.
6-38 Copyright ©
2011 Pearson Education Exhibit 6–11 Common Decision-Making Errors and Biases
39.
6-39 Copyright ©
2011 Pearson Education Decision-Making Biases and Errors Heuristics • Using “rules of thumb” to simplify decision making. Overconfidence Bias • Holding unrealistically positive views of oneself and one’s performance. Immediate Gratification Bias • Choosing alternatives that offer immediate rewards and avoid immediate costs.
40.
6-40 Copyright ©
2011 Pearson Education Decision-Making Biases and Errors (cont’d) Anchoring Effect • Fixating on initial information and ignoring subsequent information. Selective Perception Bias • Selecting, organizing and interpreting events based on the decision maker’s biased perceptions. Confirmation Bias • Seeking out information that reaffirms past choices and discounting contradictory information.
41.
6-41 Copyright ©
2011 Pearson Education Decision-Making Biases and Errors (cont’d) Framing Bias • Selecting and highlighting certain aspects of a situation while ignoring other aspects. Availability Bias • Losing decision-making objectivity by focusing on the most recent events. Representation Bias • Drawing analogies and seeing identical situations when none exist. Randomness Bias • Creating unfounded meaning out of random events.
42.
6-42 Copyright ©
2011 Pearson Education Decision-Making Biases and Errors (cont’d) Sunk Costs Errors • Forgetting that current actions cannot influence past events and relate only to future consequences. Self-Serving Bias • Taking quick credit for successes and blaming outside factors for failures. Hindsight Bias A psychological phenomenon in which past events seem to be more prominent than they appeared . Hindsight bias can lead an individual to believe that an event was more predictable than it actually was, and can result in an oversimplification in cause and effect..
43.
6-43 Copyright ©
2011 Pearson Education • Managers avoid the negative effects of these decision errors and biases by being aware of them and then not using them. • Managers should also pay attention to how they make decisions and try to identify the heuristics they typically use and critically evaluate how appropriate those are. • Managers might want to ask those around them to help identify weaknesses in their decision-making style and try to improve on
44.
6-44 Copyright ©
2011 Pearson Education Decision Making for Today’s World Guidelines for making effective decisions: 1. Understand cultural differences. In some cases, there is no best way to make decisions. The best way may depend on the values, attitudes, and beliefs that prevail in a specific culture. 2. Know when it’s time to stop. Good decision makers are not afraid to change their minds. They do not become attached to one course of thinking.
45.
6-45 Copyright ©
2011 Pearson Education Decision Making for Today’s World (cont’d) 3.Use an effective decision-making process. This process has six characteristics: It focuses on what is important. It is logical and consistent. It acknowledges both subjective and objective thinking and blends analytical with intuitive thinking. It requires only as much information and analysis as is necessary to resolve a particular dilemma. It encourages and guides the gathering of relevant information and informed opinion. It is straightforward, reliable, easy to use, and flexible.
Notas del editor
Reps: ممثلين
Vague: غامض
Pessimistic: متشائم
Heuristics: الاستدلال Gratification: اشباع، ارضاء
Anchoring:
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