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Effective Decision-Making Strategies in Management

Learn the step-by-step process of decision-making in management, exploring approaches, impact factors, and tools. Understand managerial styles, group decision-making, and quantitative tools for optimal results.

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Effective Decision-Making Strategies in Management

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  1. CHAPTER 7 MAKING DECISIONS

  2. MANAGEMENT IN ACTION: DECISION-MAKING • Defined as • process of • identifying problems/opportunities • developing alternative solutions • choosing a preferred alternative • implementing the preferred alternative • Decision-making Approaches • programmed and nonprogrammed

  3. SEVEN-STEP DECISION-MAKING PROCESS • Define the Problem/Opportunity • treat the problem not the symptom • gap analysis/force field analysis/SWOT analysis • Identify Limiting Factors • Develop Potential Alternatives

  4. SEVEN-STEP DECISION-MAKING PROCESS • Analyze the Alternatives • Select the Best Alternative • Implement the Alternative(s) Chosen • Establish a Control and Evaluation System

  5. ENVIRONMENTAL IMPACTS ON DECISION-MAKING • Degree of Uncertainty • Imperfect Resources • Internal Environment • superiors/subordinates • organizational systems • External environment

  6. MANAGERIAL STYLE AND DECISION-MAKING • Personal decision-making approaches • rational/logical approach • nonrational /intuitive approach • predisposed decision model • Prioritization and timing of decisions • Tunnel Vision and overcommitment to previous decisions • Creativity/Involvement of all constituencies

  7. GROUP DECISION MAKING • Brainstorming • Nominal Group Technique • Delphi Method • Advantages and Disadvantages of group decisions

  8. QUANTITATIVE DECISION-MAKING TOOLS • Decision trees • Payback analysis • Simulations

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