Decision Making Essay

Decision Making Essay-33
At this stage, the constraints within which the problem must be solved are also defined.Now decision- makers must determine if the problem requires a programmed or a non-programmed decision.

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Decision-makers may analyze the symptoms of the problems for clues or rely on their own intuition or judgement to generate alternative solutions.

Each alternative is assessed in terms of its Strengths and weaknesses, costs and benefits as well as possible negative consequences keeping in mind predetermined decision criteria.

In other words, the expected value of each alternative is determined and the alternative with the largest expected values is selected.

Again, the choice of alternative depends on decision-makers’ education, judgement, experiences, logical analysis etc.

Everybody may have different important decisions to make in their lives, and those decisions will always affect one's fate directly or indirectly.

After a decision is made, no one can ever change the result, or blame others if something goes wrong.If a programmed decision is required, an appropriate decision rule 0s invoked and a choice is made from the available alternatives.The next step in making a non-programmed decision is to generate alternatives.It assumes that the organization is economically based and managed by decision-makers who are absolutely objective and have complete information.The steps of rational decision-making approach are as follows: At the outset, a goal for a particular situation is stated. However, it is advisable because it can be used as a standard in determining whether there is a decision to be made later on.I have also built up my self confidence through making decisions.The most important decision that I have ever made would be the decision to the question that was raised by my dad. Reliable information is an absolute necessity here.Inaccurate information can lead to wrong decisions.Information on the different approaches to decision-making are given below: There are several approaches to decision-making which offer insight into the process by which managers arrive at their decisions.Rational approach is appealing as it is logical and economical.

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