...We use our decision making skills to solve problems by selecting one course of action from several possible alternatives. Decision making skills are also a key component of time management skills. Decision making can be hard. Almost any decision involves some conflicts or dissatisfaction. The difficult part is to pick one solution where the positive outcome can outweigh possible losses. Avoiding decisions often seems easier. Yet, making your own decisions and accepting the consequences is the only way to stay in control of your time, your success, and your life. If you want to learn more on how to make a decision, here are some decision making tips to get you started. A significant part of decision making skills is in knowing and practicing good decision making techniques. One of the most practical decision making techniques can be summarized in those simple decision making steps: 1. Identify the purpose of your decision. What is exactly the problem to be solved? Why it should be solved? 2. Gather information. What factors does the problem involve? 3. Identify the principles to judge the alternatives. What standards and judgement criteria should the solution meet? 4. Brainstorm and list different possible choices. Generate ideas for possible solutions. See more on extending your options for your decisions on my brainstorming tips page. 5. Evaluate each choice in terms of its consequences. Use your standards and judgement criteria to determine the cons and...
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...Making Decisions with the Japanese Ringi Technique Abstract Commitment to and support for decisions made in American companies are often nonexistent. This is due to the high amount of conflict which prohibits consensus decision making. In contrast Japanese companies have developed a system known as ringiseido which allows consensus to be reached while avoiding conflict. This paper explains the differences in the cultures of America and Japan and how these differences have affected the way decisions are made. Making Decisions with the Japanese Ringi Technique Imagine living in a culture where your peers are considered part of your group and you strive to benefit the group as a whole and conflict is avoided as it would disrupt the harmony of your group. For many Americans this may sound impossible. For instance, how would anything be accomplished, how would decisions be made, and most of all how would this benefit us individually? There are several cultures that do strive to avoid conflict. In this paper I will discuss Japan’s treatment of conflict and decision making through its use of a technique known as ringiseido. As many of us know, Americans are not afraid of conflict, some of us may be uncomfortable with it but in general we feel that it is unavoidable. In fact, “conflict is seen as inevitable, and the ideal way to view conflict is as an opportunity to promote communication, stimulate ideas, increase understanding, and to bring about positive and creative...
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...Decisions in Paradise Introduction There are different decision-making styles organizations choose to use when working on the most effective solution. When an organization chooses a decision-making technique, the organization must determine what style would work best. There is a process Innovative Services will use when coming to the solution. The purpose of this paper is to identify how to choose the proper technique, apply the technique, and analyze the steps toward the most effective decision-making style for Innovative Services in Kava. Choosing a Decision-Making Technique For Kava, Innovative Services must choose a decision-making technique, a technique that will show growth in the Kava community. The technique must clarify and define the issues, gather information, and analyze the pros and cons. The decision-making technique must give direction toward the goals with the most probability for success. There are restrictions to resources. With the resources available, the costs, and people involved, the decision-making process must positively affect those involved not only for the decision-making process but to implement the changes made. Applying the Decision-Making Technique Innovative Services is determined to help Kava. To establish a greater presence in Kava, Innovative Services would benefit by using the rational decision-making technique. The greater presence could come in different forms. It is up to Innovative Services to determine what is good for the company...
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...Identification When making decisions toward a problem, a manager is responsible for coming up with a solution or solutions to solve the problem. There may be the same situation that may occur in but not every individual will choose the same solution to solve the problem. Based on the Thinking Critically Simulation an individual is to assume a role of a manager and find ways to come up with solutions to solve the problem. The four people on Team X took the simulation will result in four different ways of using the tools and techniques to solve the problems. For Team X to complete the simulation members had to record their information on three documents that would help them come up with a valid solution to solve the problems that was mention in the simulation. Allowing each individual to discuss what she thought of the simulation, discusses how the tools and techniques used and how changing an individual’s way of thinking will prove that not everyone think alike and that there is not right solution. The simulation is designed to test Team X’s problem formulation and decision implementation skills. Terria’s impression of the simulation was that it allowed an individual to see what problems managers have when trying to manage a business and how they will come up with a decision. She believed that this allowed the individual to be put in a management position and come up with a good solution to solve the problems that the business is having and after making a decision the individual...
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...Decision Making and Problem Solving: Benefits and Techniques Defining Problem Solving and Decision Making Definition of a Problem: A problem exists when there is a gap between what you expect to happen and what actually happens. Definition of Decision Making: Decision making is selecting a course of action from among available alternatives. The Difference between Decision Making and Problem Solving While both processes are systematic, problem solving involves defining a problem and creating solutions for it. Decision making is selecting a course of action from among available alternatives. Problem solving always involves decision making. However, not all decision making involves solving a problem. For example, a supervisor may have to make decisions about employees, resources, workload, etc. without having a problem to solve. Problem-Solving and Decision-Making Process Problem solving is a process in which we perceive and resolve a gap between a present situation and a desired goal, with the path to the goal blocked by known or unknown obstacles. In general, the situation is one not previously encountered, or where at least a specific solution from past experiences is not known. In contrast, decision making is a selection process where one of two or more possible solutions is chosen to reach a desired goal. The steps in both problem solving and decision making are quite similar. In fact, the terms are sometimes used interchangeably. Steps in Decision Making...
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...Running Head: DECISIONS IN PARADISE 2 Decisions in paradise part 2 MGT/350 the university of phoenix Darnell Williams January 30, 2010 Professor Hann So Introduction Decision making is an important process and included various aspects, which in turn assist the organization to effectively analyze various alternatives and implement them in an effective manner (Decision Making, n.d.). The process of decision making is influenced by different factors such as personal behaviour, technological, political, economical and social factors. This process consist different steps such as defining objectives, generation of alternatives, evaluation of alternatives and selection of best alternative, which further helps the organization to successfully compete in the global environment. Decision Making Technique for Establishing Presence in Kava As we know that the company wants to establish its presence in Kava and for this, it needs to adopt a decision making technique so that an appropriate solution for establishing presence in Kava can be determined. For this, the company need to adopt a rational model of managerial decision making as this technique has its roots in the economic theory of the firm. With this decision making technique, the organization will become able in conferring a rational decision regarding its establishment in Kava. ...
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...accounting techniques, which one do you prefer as the best to be applied? Explain your answer! First of all, I think it is necessary to observe the five techniques that can be applied in public sector accounting in order to decide which one is the best to be applied. 1. Budget Accounting. This technique presents the budgeted amount and the actual amount recorded in pairs (double entry). 2. Commitment Accounting. This accounting technique recognizes transactions and records them at the time the order was issued. This can be used in conjunction with cash accounting and accrual accounting. 3. Fund Accounting. The technique is performed with the concept of fund. It treats a working unit as an accounting entity and budget entity which stands alone. 4. Cash Accounting. In this technique, revenues are recorded when cash is received, and expenses are recorded when cash is removed. 5. Accrual Accounting. This technique differentiates between cash revenues and rights to earn cash, and cash expenditures and obligations to pay cash. In my opinion, accrual accounting technique is the best technique to use for public sector organizations. In this technique, revenues and expenses are recognized when earned or incurred, regardless of whether cash is received or spent. The use of the accrual basis in the public sector is one of the characteristics of modern financial management practices that aim to provide more transparent information and improve the quality of decision making within...
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...COSTING TECHNIQUES IN HOSPITALITY INDUSTRY IN NIGERIA? (CASE STUDY OF YANKARI MASS TRANSIT CORPORATION) By Nwankwo Stephen c. TABLE OF CONTENTS 1.0 INTRODUCTION 1.1 Background of the assignment 1.2 Purpose/objectives of the assignment 1.3 Definition of the term 1.4 Historical background of the case study ABSTRACT The aim of the assignment is to find out the importance of using costing techniques such as operating costing, standard costing, direct costing, absorption costing etc. in one of the sub-sector of Nigerian economy(hospitality). And also to identify the techniques adopted by the hospitality industry and it’s important to the organization. INTRODUCTION 1.1 BACKGROUND OF THE ASSIGNMENT The hospitality industry is a broad category of fields within the service industry that include lodging, transportation, and additional fields within the tourism industry. Since the introduction of money, people have been concerned with cost. They think of how to manage money. Costing system was first recognized in manufacturing industries with the aim of finding the cost of production or cost of a product, presently, the system is used very widely in other establishments such as transport companies, schools, governmental organizations, hospitals, banks, etc. these examples includes both profit making and non-profit making organizations. The profit making organizations...
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...Using learned knowledge to diagnose the correct problem, while using techniques and other tools to solve the underlining issues. First this simulation applies the decision making techniques and evaluation tools in solving the problems that arise in this business model. Second this simulation teaches mangers in developing the techniques; that will assist them in making decision that will generate a more predictable outcome. Third this simulation will take in account the decision making steps and use the decision making worksheets to evaluate the findings in the simulation. Finally, the assignment will assist future managers on the basic process of managing developing techniques and decision making skills in becoming a better leader and manager that uses critically thinking in making business decisions. The first phase of the simulation the team was designated for the most challenging assignment that Linda James had to offer. Our team took charge of a company with numerous issues. Some issues the company was facing included: declining sales, employee attrition, legal action, inventory, product mix, variable pay, and Wide Area Network (WAN) problems. Aware of the background of this company and knowing the symptoms Credenhill is experiencing, our team identified and evaluated the issues then separated the issues on the matrix. The issues were separated in terms of criticality and urgency. The evaluation technique our team used with the simulation was importance weighing. After reading...
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...Thinking Critically Simulation Thinking Critically Simulation Several problem evaluation tools and techniques were encountered in the simulation. As each team member completed the simulation, each was able to understand the differences of the tools and techniques that were used, and how they were applied. Discussed here are how these techniques assisted with the evaluations of decision-making processes and outcomes. Further, each team member was able to understand the outcomes that were reached from the simulations, and how the changes of those decision-making techniques offer better results. Many problem evaluation tools and techniques are applied to the Critical Thinking Simulation. The simulation provides a variety of information gathered from both market research and employee interviews. In addition, the founder of Credenhill Industries, Linda James, provides advice and recommendations to assist in the decision-making process. Another problem evaluation tool found within the simulation is the Urgency-Criticality Matrix. An Urgency-Criticality (UC) Matrix is a tool that helps in the decision-making process to sort or sift through current issues and problems. The UC Matrix assists in prioritizing and sorting possible solutions according to the urgency and criticality of each situation. Urgent problems require immediate attention and critical problems are the activities necessary to achieve the objective. The UC Matrix facilitates in classifying...
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...Unit 6 Business Decision Making Assessment Activity Front Sheet This front sheet must be completed by the learner (where appropriate) and included with the work submitted for assessment. Learner Name Assessor Name: Karen Osadiaye Date Issued Hand in Date Submitted on 03.03.15 Qualification Level 5 Edexcel BTEC Higher National in Business (QCF) Unit 6 Business Decision Making – 15 credits Assignment 1 will give learners the opportunity to achieve: Learning Outcome 1 – be able to use a variety of sources for the collection of data, both primary and secondary Learning Outcome 2 – understand a range of techniques to analyse data effectively for business purposes Learning Outcome 3 – be able to produce information in appropriate formats for decision making in an organisational context Learning Outcome 4 – be able to use software-generated information to make decisions in an organisation Criteria reference 1 To achieve the criteria the evidence must show that the learner is able to: a) create a plan for the collection of primary and secondary data for a given business problem b) present the survey methodology and sampling frame used c) design a questionnaire for a given business problem a) create information for decision making by summarising data using representative values b) analyse the results to draw valid conclusions in a business context c) analyse data using measures of dispersion to inform a given business scenario d) explain how quartiles, percentiles and the...
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...Significance and Limitations of Rational Decision-making Managers as Decision-makers The Rational Model Non-rational Models Decision-making Process Types of Managerial Decisions Programmed Decisions Non-programmed Decisions Decision-making Under Certainty, Uncertainty and Risk Management Information System vs Decision Support System The Systems Approach to Decision-making Group Decision-making Forms of Group Decision-making Decision-making Techniques Summary Decision-making describes the process by which a course of action is selected to deal with a specific problem. The success of an organization depends greatly on the decisions of managers. There are two major types of models used by managers to make decisions - (1) rational model and (2) non-rational models. In the rational model, managers engage in rational decision-making processes. At the time of decision-making, they possess as well as understand all the information that is relevant to their decision. In contrast, non-rational models of managerial decision-making suggest that limitations of information-gathering and information-processing make it difficult for managers to make optimal decisions. The three non-rational models of decision-making discussed in the chapter are: satisficing, incremental, and garbage-can models. Any decision-making process contains seven basic steps: (1) identifying the problem; (2) identifying resources and constraints, (3) generating alternative...
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...Rational decision making is an important process that needs to be evaluated in order to expand business operations in Kava. This type of decision-making making process will assist the organization in effectively analyzing the various business alternatives and effective implementation techniques. The decision-making process is influenced by several factors such as economic factors, political factors and social factors. The process of rational decision-making consists of different steps such as defining the objectives, implementation and formulating alternatives. Decision Making Technique for Establishing Presence in Kava In order for the organization to establish an increased and profitable business on Kava, the organization will need to establish a rational model of managerial decision-making. With this decision-making technique, the organization will be able to formulate rational decisions, gather and analyze all the relevant information, facts and data needed to make the final decision whether or not to establish a business in Kava. This technique will also make the management aware of different possible implementation plans, alternative plans of action, solutions and measurable results. The organization is an established and solid company. They have the capability to finance the expansion. The reputation of the corporate image makes it a desirable employer and will be able to hire local employees and develop a competitive edge over its competitors. The...
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...who helped directly or indirectly, for the successful completion of this term paper. TABLE OF CONTENTS Acknowledgement…………………................................ | Page1 | Table of Contents……………........................................ | Page 2 | Introduction……………………………….......................... | Page 3 | Body………………..……………………………….................... | Page 4-16 | Conclusion……………………………................................. | Page 17 | Bibliography..……………………………........................... | Page 18 | INTRODUCTION Decision making can be regarded as an outcome of mental processes leading to the selection of a course of action among several alternatives. Every decision making process produces a final choice. The output can be an action or an opinion of choice. Human performance in decision making terms has been the subject of active research from several perspectives. From a psychological perspective, it is necessary to examine individual decisions in the...
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...Chapter 2 Making Decisions In this chapter, students will explore the importance of decision-making to managers and learn how to make effective decisions. |LEARNING OBJECTIVES | | 1. Describe the eight steps in the decision-making process. 2. Explain the four ways managers make change. 3. Classify decisions and decision-making conditions. 4. Describe different decision-making styles and discuss how biases affect decision making. 5. Identify effective decision-making techniques. |It’s Your Career | | Be a Better Decision Maker Decisions are an essential part of your life, personally and professionally. Each and every day is a series of decisions, from minor to significant, and everything in between. Good decision-making is a skill, and like any skill, it can be learned and improved. So, how can you improve your decision-making skills? The chapter outlines four things students need to know; each numbered item will be described further in the chapter: 1. Know, understand, and use the decision-making process. Yes, there is a “method” to making decisions that takes you from identifying problems to evaluating the effectiveness of your decision. It works. Know it. Understand it. Use it. 2. Know when and how to use rational or intuitive decision-making...
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